National Economy
The South American country of the Republic of Suriname is bordered by Guyana, Brazil, French Guiana, and the Atlantic Ocean. The population of Surinam is approximately 602,000 people[1].
In 2022, Suriname’s economy was ranked 160th in the world in gross domestic product (GDP)[2]. The country’s economy[3] is dependent on the export of gold, rough wood, refined petroleum, excavation machinery, and rice,
Environmental Policies
In 2016, Suriname signed the Paris Climate Agreement[4], committing to introduce renewable energy to coastal and interior villages that rely on fossil fuels.
In 2016, Suriname enacted the Electricity Act, a program designed to develop new renewable energy projects across the country.
Power Generation Capabilities
In 2020, 98.2 % of the people in Surinam had access to electricity[5].In 2021, utilities[6] used renewable energy (50.5%) and refined petroleum (49.5 %) to generate electricity in Suriname. Hydropower is the dominant type of renewable energy used to generate electricity in Suriname.
Recent renewable energy developments in Suriname include:
- Floating Solar Project – The government of Suriname is continuing to evaluate a 25MW floating solar project for the Afobaka hydroelectric dam, approximately 75 miles south of the nation’s capital, Paramaribo.
- 5 MW Solar Project – The government of Suriname is continuing work on the installation of photovoltaic solar panels in seven villages in upper region of the Suriname River, approximately 75 miles southeast of Paramaribo.
- 6 MW Solar + 1.14 MWh Energy Storage Project – People’s Republic of China solar company, SINOSOAR is continuing work on a solar project at a site approximately 75 miles west of Paramaribo.
- 350 kW Mini-Hydropower Project – In February 2017, the government of Suriname commissioned the Gran Olo hydroelectric power planton the Tapanahony River in eastern Suriname.
Conclusions
Commercial oil was first discovered off the coast of Suriname in 2020,[7] by American company, Apache Oil. In 2022, Suriname produced[8] approximately 15,900 Barrels of Oil Per Day (BOPD).
Oil is now a significant component of Suriname’s economy. In 2021, Suriname exported U.S. $85 Million in refined petroleum.
On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.
Suriname has significant undeveloped renewable energy resources, including hydropower, solar, onshore wind, offshore wined, and biomass. The country’s renewable energy resources could easily replace the diesel-fueled power plants that generate electricity in Suriname.
The rise in the price of crude oil is providing Suriname with the funding to new develop reliable, renewable energy projects for power.
Jack Kerfoot
Website – “Our Energy Conundrum”
www.jack kerfoot.com
Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio and television stations from New York City to Los Angeles on numerous energy related topics.
[1] Suriname Population (2023) – June 24, 2023, www.worldometers.info
[2] Gross Domestic Product By Country 2022 – Worldometer
[3] The Observatory of Economic Complexity (OEC) – Suriname
[4] Carbon Brief – “2015: Tracking Country Climate Pledges”
[5] The World Bank Group, Access to Electricity (% of Population) – Suriname
[6] Our World In Data, Suriname: Energy Country Profile by Hanna Ritchie and Max Roser
[7] “Suriname’s Oil Boom Hits a $10 Billion Snag” by Matthew Smith, January 2023
[8] Crude Oil Production in Suriname by Statistica, January 25, 2023