This work plan covers from 2019 to 2020.
Suriname is a country of approximately 560.000 inhabitants, with a long history in the extractive sector. Gold mining started in the 18th Century and the oil sector has been developed since 1920. abundant natural resources, primarily gold and crude oil. Currently the country’s economy is dominated by the extractive industry. Oil and gold account for approximately 85% of the country’s exports and 27% of its government revenues. This means that the economy of Suriname is highly vulnerable to mineral price volatility. For example, during the past few years, the worldwide drop in international commodity prices and the cessation of alumina mining in Suriname, have significantly reduced the government revenues and national income.
Suriname had only onshore production oil to date. The State-owned enterprise Staatsolie is the predominant company in the country’s oil sector: they explore, drill, produce, refine, market, sell and transport petroleum in Suriname. Until 2016 Staatsolie had been mainly active in onshore production, and ever since has been the contracting party for IOCs on behalf of the government for offshore exploration. Apache Suriname Corporation LLC (Apache) and Total have recently made the first-ever offshore discovery for Suriname.
In terms of mining, Suriname had a prosperous bauxite industry for decades. However, the main company shut its aluminium smelter in 1999 and in 2015, alumina production in the refinery was stopped. Currently, the gold industry has surpassed the bauxite/alumina industry in Suriname. Gold is an essential export good for the country and made up approximately three-quarters of its exports by value in 2017. The Artisanal and Small-scale gold Mining (ASM) plays an important role in Suriname: in 2014, ASM gold production represented 65.4% of total gold production in the country.
Suriname's economic prospects for the medium-term depend on its commitment to responsible monetary and fiscal policies and on the introduction of structural reforms to liberalize markets and promote competition. The ministries responsible for the extractive sector in the country are the Ministry of Finance and the Ministry of Natural resources. The Ministry of Finance is responsible for the government budget and collection of direct and indirect taxes and other levies relating to the sector. The Ministry of Natural Resources oversees and stimulates the natural resources sector. In terms of revenues, these are allocated centrally: meaning that there is no direct earmarking to specific project or sub-national budgets.
This is the 2018 Annual Progress Report for the Suriname Extractive Industries Transparency Initiative (SEITI). The report provides a snapshot of the activities of our Multi-Stakeholder Group (MSG) and EITI Secretariat in 2018.
The following is Suriname's EITI Report for the fiscal year of 2017.
This is Suriname 2016 EITI Report published on 25 April 2019