Suriname, a country of approximately 560,000 inhabitants, has a long history of developing extractive resources.
Suriname’s national oil company, Staatsolie, plays a dominant role in the country’s oil sector and was mainly active in onshore production until 2016. Since then, Staatsolie has been the contracting party on behalf of the government for offshore exploration agreements with international oil companies.
Suriname’s mining sector, historically driven by bauxite production, is mainly dominated by gold, which accounted for nearly three-quarters of the country’s exports in 2017. Artisanal and small-scale gold mining also plays an important role in Suriname.
EITI Suriname aims to use the EITI platform to mainstream EITI reporting in government systems, disseminate key information on the sector, strengthen beneficial ownership disclosure and expand EITI reporting to also include construction materials.
Staatsolie and the Staatsolie Hydrocarbon Institute (SHI) are committed to EITI implementation in Suriname. This has led to the publication of the model production-sharing contract (PSC) used as the basis for Staatsolie’s engagements with international oil companies (IOCs).
The MSG has contributed valuable input towards the development of legislation aimed at reforming existing mining laws. This legislative effort may incorporate provisions for the collection and disclosure of beneficial ownership information, further enhancing transparency within the sector.
The relocation of the MSG from the Bauxite Institute to the Ministry of Natural Resources, along with the government's commitment to providing sufficient resources and personnel for the national secretariat, has breathed new life into the MSG. This strategic move has positioned the group to serve as a potent catalyst for advancing EITI implementation within the nation.
Extractive sector data
Production and exports
Revenue collection
Revenue distribution
Top paying companies
Extractive sector management
Tax and legal framework
Mining rights applications are processed by the Geological Mining Service (GMD) and approved by the Ministry of Natural Resources, according to the Mining Decree. The disclosure of license data from 2018 to 2020 was made through EITI reporting, and there are ongoing efforts to reestablish a public online register for the mining sector.
Staatsolie, the regulator of Suriname's petroleum industry, awards oil and gas licenses through an "open door invitation" bidding system for international oil companies. These licenses take the form of production sharing contracts (PSCs). EITI reporting provides evaluation criteria for offshore bidding rounds. However, the Ministry of Natural Resources does not maintain a register for hydrocarbon concessions granted to Staatsolie, and the oil license register maintained by Staatsolie is not publicly available. Some contracts, including the model PSC, are accessible through resourceontracts.org.
Licenses and contracts
Suriname currently lacks a comprehensive legal framework pertaining to the collection and dissemination of beneficial ownership data within its extractive industries. The Mining Decree (1986) mandates companies and individuals seeking mining licenses to register legal ownership details and pertinent information regarding natural persons with the Geological Mining Department. However, this decree lacks provisions for public disclosure, confining access solely to relevant government authorities. The extent and specifics of beneficial ownership data collected in practice remain ambiguous. There exists no equivalent legislation governing the oil and gas sector. The 2018-2020 EITI displays mostly legal ownership information. Efforts within the Surinamese Parliament to address gaps have been ongoing, with discussions revolving around a potential Mining Law aimed at enhancing data collection and disclosure procedures.
Beneficial ownership
Suriname does not have a legal framework mandating the disclosure of beneficial ownership. The 2017 EITI Report includes beneficial ownership information for several companies, including RGM, NS, NV1, Kosmos Energy Suriname, Petronas Suriname and Tullow Oil Suriname, however the data is not comprehensive. Information on the beneficial owners of small and medium-scale mining operations is not available.
EITI Suriname agreed a definition of beneficial ownership which will underpin beneficial ownership disclosures in its forthcoming EITI Report.
Revenue distribution
All extractive revenues flow to the central government, and subnational payments are not applicable in Suriname.
EITI implementation
Governance
EITI Suriname is administered by the Suriname Multi-Stakeholder Group (MSG), which is hosted by the Ministry of Natural Resources. The MSG is chaired by the Minister of Natural Resources, Mr. David Abiamofo.
Suriname was found to have made meaningful progress in implementing the 2016 EITI Standard in March 2021, following its first Validation. The Validation identified 19 corrective actions to be addressed by the country’s next Validation, which commenced in October 2023.