🇸🇷 Simons and Rusland elected as president and vice president of Suriname

Happy Monday!

This week Simons and Rusland have officially been elected as the president and vice president of Suriname, oil and gas exploration advances, and SEOB warns of Suriname’s economic conditions

DNA elects Simons as president and Rusland as VP

• Jennifer Geerlings-Simons was elected as the first female president of Suriname, with Gregory Rusland elected as vice president during an extraordinary session of the National Assembly.

• Their candidacies were validated by the election commission, and the election met legal requirements with sufficient Assembly attendance.

• Simons' election is seen as historic, coinciding with Suriname’s upcoming 50th Independence Day, and marks a significant milestone for gender equality in the country.

• Bronto Somohardjo (PL) highlighted the importance of substance over titles, stressing that history will judge Simons and Rusland by their actions.

• Ronnie Brunswijk (ABOP) called the event a milestone, celebrating the values of dedication and perseverance that led to Simons' presidency.

• Other party leaders, including those from the NPS and VHP, voiced strong support, with the VHP stating it purposely avoided nominating rivals to honor the significance of the moment.

President says goodbye: 'Leaders serve, the people rule'

• Outgoing President Chan Santokhi ended his term with a message emphasizing humility, service, and unity, stating that "power is temporary... but service to the people is eternal."

• He officially handed over the presidency to Jennifer Geerlings-Simons, the first female president of Suriname, and congratulated her and Vice President Gregory Rusland.

• Santokhi reflected on a challenging term marked by economic crises, the Covid-19 pandemic, and political tensions, acknowledging both successes and failures.

• Achievements mentioned included Suriname's economic recovery, the 'Royalty's for Everyone' program with over 60,000 registrations, and restored international credibility.

• He urged national unity, calling for dialogue and solidarity across political and cultural lines, stating that progress depends on collective effort.

• Santokhi expressed deep gratitude to parliament, public servants, security forces, and ordinary citizens for their contributions to the nation.

• He delivered a personal message to the people and youth, encouraging involvement, perseverance, and the importance of education and public service.

• The speech ended with a prayerful hope for Suriname's future — a nation of safety, inclusion, servant leadership, and pride: “Sranan, mi lobi yu.”

TotalEnergies: Baja discovery integrated into GranMorgu project

• TotalEnergies will exploit the Baja oil discovery in Block 53 using infrastructure from the GranMorgu project in adjacent Block 58, reinforcing its offshore position in Suriname.

• The company recently acquired a 25% stake in Block 53 from CEPSA, joining APA Corporation (45%) and Petronas (30%) as stakeholders.

• The Baja-1 well encountered 34 meters of net light oil in the Campanian layer, with a high gas-to-oil ratio, and is located just 11.5 km from Krabdagu in Block 58.

• TotalEnergies aims to integrate Baja into GranMorgu’s development, which focuses on low-cost, low-emission production, leveraging shared infrastructure for efficiency.

• The GranMorgu project reached its Final Investment Decision in October 2024 and is now 20% complete; the FPSO system’s hull was delivered in February 2025.

• TotalEnergies has identified additional drilling locations to sustain GranMorgu's production plateau for over a decade.

Petronas to start drilling campaign in Block 52 

• Petronas is launching a new exploration campaign in Block 52, starting July 6, to drill three wells – Caiman-1, Kiskadee-1, and Roystonea-2 – using the Noble Developer platform.

• These wells target promising geological zones like the 'Golden Lane' and aim to confirm and expand on previous discoveries, including Roystonea-1.

• The drilling campaign, expected to last 260–290 days, will be supported through Surinamese ports, local suppliers, and helicopter transport from Paramaribo.

• Additional exploration activity is scheduled in 2025 with three more wells: Macaw-1 (TotalEnergies, Block 64), Korikori-1 (Chevron, Block 5), and Araku Deep-1 (Shell, Block 65).

SEOB warns of pressure on SRD and government budget

• The Suriname Economic Oversight Board (SEOB) reports early signs of economic stabilization but warns of persistent structural weaknesses, including a weakening SRD, high government spending, and a growing budget deficit.

• Inflation has decreased to 6.0% in May 2025, offering limited relief, but the SRD's depreciation and rising import costs continue to strain household purchasing power.

• Economic growth remains low at 0.5% year-on-year by the end of 2024, concentrated in transport and trade sectors, with minimal job creation and income improvement.

• Government finances are severely imbalanced, with January 2025 seeing a deficit of SRD 10.8 billion due to a massive capital injection into the Central Bank and spending far outpacing revenue.

• Total government debt rose to 108.6% of GDP, worsened by the SRD’s devaluation, limiting the government’s ability to invest in development.

• The money supply has surged due to government transactions, creating excess liquidity and additional pressure on the SRD, despite Central Bank efforts to contain it.

• While the banking sector is recovering—with lower non-performing loans and high solvency—lending rates remain steep at 14.6%, restricting credit access.

• SEOB urges structural reforms: reducing deficits, improving tax collection, enforcing the Procurement Act, aligning fiscal and monetary policy, supporting productive credit, boosting exports, and resuming the IMF program.