🛢️ Staatsolie announces $1.8 billion investment in Block 58

Happy Monday!

This week we cover Staatsolie’s $1.8b investment into Block 58, potential corruption at the Ministry of Education, and lack of transparency at the ministry of Agriculture

Suriname: $1.8 billion for share in Block 58 project

• Staatsolie will invest US$1.8 billion in its first offshore oil project, potentially taking up to a 20% stake in the Block 58 field.

• The company is exploring various financing options, including cash reserves, bonds, loans, and partnerships.

• Staatsolie expects government revenues from Block 58 to range between $16 billion and $26 billion over 20 years.

• TotalEnergies and APA Corporation are leading a $9 billion development at the Sapakara South and Krabdagu fields, containing an estimated 700 million barrels of oil.

• The offshore development will involve drilling 30 wells over 2.5 years, with first oil expected in 2028.

Minister Ori cuts staff, continues 'friends and family' policy

• NDP parliamentarian Melvin Bouva questioned whether Minister Henry Ori of Education, Science, and Culture (OWC) hired his younger brother to monitor school buildings in Suriname.

• Research by news website Waterkant confirmed that Minister Ori did hire his younger brother for this role within the ministry.

• Bouva also claimed that the minister assigned positions to friends from a football club, while simultaneously cutting staff.

• Minister Ori announced in April that 500 employees had already been removed from OWC, and 1,032 "ghost officials" were identified for removal to save costs.

• Ori mentioned that the restructuring would save money, which would be used to improve the education system, but said that changes are limited due to accommodated staff and new salaries.

• Bouva called on Minister Ori to respond in parliament regarding the hiring of his brother, instead of issuing a press release.

• Bouva criticized the press release from MinOWC as substandard, calling it "rubbish" and demanded that Ori address the issue in the National Assembly.

• Bouva expressed frustration with the press release, which suggested that he frequently launches attacks on third parties, and asked whether his role of monitoring the government was being criticized.

• VHP faction leader Asiskumar Gajadien supported Bouva, urging Minister Ori to respond in parliament to clear any doubts.

• Parliamentary Speaker Marinus Bee noted that the government would address the questions after the treatment of the New Civil Code, but the meeting was adjourned after the law was passed.

Jogi: Transparency needed in the provision of urea by LVV

• Assembly member Mahinder Jogi emphasizes the need for transparency in the provision of urea to paddy farmers in Nickerie.

• President previously promised financial compensation, not fertilizer, but now 300 farmers will receive 750 tons of urea.

• Errors were found in the Ministry of Agriculture’s list, including incorrect paddy area data, duplicate names, and non-farmers listed.

• Jogi questions whether these errors were corrected before urea vouchers were distributed to farmers.

• Jogi raises concerns about the lack of clarity on the registration process and whether proper procedures, including public tendering, were followed.

• He finds it concerning that Minister Parmanand Sewdien is unaware of the price of urea, which costs SRD 1,000 to SRD 1,400 per bag, and questions what the State is paying.

• Jogi suggests other entrepreneurs could potentially supply fertilizer, questioning why alternatives were not considered.

• He calls for an investigation into the registration errors and seeks clarification on whether the fertilizer costs will be deducted from the promised SRD 70 million in compensation.