WILLEMSTAD - The Isla refinery in Curaçao is unlikely to play a significant role in Suriname’s burgeoning oil industry, according to experts speaking at a webinar organized on Wednesday by the Caribbean Policy Consortium (CPC) and the Risk Advisory Group. The refinery, one of the largest in the region but currently non-operational, faces limited prospects as Suriname begins to explore major opportunities in its oil and gas sector.
During the webinar, Curaçaoan participants Anthon Casperson, Guido Rojer, and Alex Rosaria suggested that instead of focusing solely on the oil industry, Curaçao should look toward diversifying its economy. “We could better utilize our expertise in the international financial sector,” they stated, emphasizing the need to reduce reliance on the Netherlands and foster stronger partnerships with Caribbean and regional neighbors.
Suriname's Carbon-Negative Status Offers Lessons
Suriname stands out as one of the few countries in the world that is carbon-negative, meaning its production processes remove more CO₂ from the atmosphere than they emit. Webinar participants noted that Curaçao could learn from Suriname’s steps toward environmental sustainability, especially as Curaçao faces increasing climate challenges.
Diverging Energy Paths
Curaçao and Suriname are currently on different trajectories in their energy transitions. While Curaçao's refinery remains idle, Suriname is on the verge of capitalizing on substantial oil and gas reserves. However, concerns were raised during the webinar about Suriname’s lack of a detailed plan for managing the anticipated influx of oil revenues.
Experts warned that without careful planning, Suriname could face challenges similar to those seen in other oil-rich nations like Nigeria and Venezuela, where the promise of oil wealth has led to economic instability and missed opportunities for broader development.
The conversation highlighted the importance of regional cooperation and strategic investments as both Curaçao and Suriname navigate the future of their energy sectors and broader economies.