Suriname's hydrocarbon wealth is a key national asset, with all oil and gas resources within its territory, belonging to the state. Staatsolie plays a central role in managing these resources, holding exclusive rights to explore, extract, and develop them under the nation's legal framework.
All hydrocarbon resources existing within the territory of the Republic of Suriname, including the maritime areas of the territorial sea, the exclusive economic zone and the continental shelf, are the property of the Republic of Suriname.
Hydrocarbons include natural resources such as oil and gas that are found beneath the earth's surface or under the sea. The territorial sea is the area of sea extending up to 12 nautical miles from the coastline, while the exclusive economic zone extends 200 nautical miles from the coastline, where Suriname has special rights to explore and exploit marine resources. Additionally the continental shelf refers to the submerged land that extends from the coastline to the deep sea, where additional hydrocarbon resources may be found.
Being a vertically integrated company means that Staatsolie manages multiple stages of production, from exploration and extraction to refining and distribution of hydrocarbon resources. The company has been granted the exclusive concession rights for all hydrocarbons in Suriname. This exclusive right is established under the:
These exclusive rights are important legal frameworks that regulate the mining and production of oil and gas in Suriname. These rights not only empower Staatsolie to manage Suriname's hydrocarbon resources but also play a crucial role in the country's economy. By regulating and overseeing these resources, Staatsolie aims to ensure that the development of hydrocarbon resources benefits the nation and its citizens while promoting sustainable practices.
The diagram below provides, among other things, a summary of the current legal regime regarding the exploration and exploitation of petroleum (oil and gas) in Suriname. The diagram consists of four legal instruments: the Constitution, the Mining Decree, the Petroleum Law, and the model Production Sharing Contract (PSC). These legal instruments outline how petroleum resources are owned, managed and allocated for the benefit of Suriname’s economic development. In addition to the diagram, six additional laws relevant to the petroleum sector are presented, addressing specific aspects such as taxation, royalties, environmental protection and maritime zones.
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