New York Times. (2021, January 20). Suriname Could Be Latest Big Oil Find as Industry Cuts Costs. Retrieved July 28, 2021, from https://www.nytimes.com/2021/01/20/business/energy-environment/suriname-oil-discovery.html

 

Major oil companies have a newfound interest in Suriname, a small untapped underdeveloped country asking for nearly half the cut of revenue from oil companies than most anywhere else. In hopes to boost the economy Suriname is offering 5-10 more years than anywhere else in their agreements, mixed with the low cost for the barrels of oil, companies are jumping to drill in hopes of success like neighboring Brazil has created recently. Experts predicted at least three billion to four billion barrels of reserves within Suriname mixed with a jump in inflation, president Chan Santokhi hopes that this can lift his country from poverty. And with discoveries popping up at alarming speed the interest in to drill and scavenge Suriname is growing rapidly. 

I think that what Suriname is doing is extremely beneficial for the oil and petroleum world. They will be allowing for oil petroleum to be sold and bought at lower cost which will benefit the consumers and sellers. On top of benefiting the consumers, suriname will be helping out their own economy and helping a developing country develop. And by giving the companies extra time on their contracts it will allow for companies to be able to invest more money and supplies into this area resulting in better production and success therefore helping the oil and petroleum crisis that is spreading. I think that it is great that for once a government is able to help itself and others without greed, as many people will benefit from this. The undeveloped area of Suriname will help fund the final peak of oil consumption before the world changes almost fully to new renewable energy. And therefore bring a smoother transition from oil and petroleum to clean energy.