• Suriname is poised for significant oil wealth, with production expected to start in 2028.
• President Chan Santokhi emphasizes direct benefits for citizens through "Royalties for Everyone."
• The parliamentary elections determine who will lead the nation during this transformative period.
• Fourteen political parties are competing for control, with no single party forecasted to hold a clear lead.
• The total expected output is 220,000 barrels per day post-production commencement.

Suriname, the smallest country in South America, is preparing for a significant inflow of wealth from newly discovered oil reserves as voters participate in crucial parliamentary elections. These elections will determine which parties hold power to manage the country's anticipated oil production beginning in 2028, projected to yield around US$10 billion over the next two decades. President Chan Santokhi, seeking another term, stated, "It will be a huge amount of income for the country," highlighting the potential for transformative economic growth for the nation’s 600,000 residents, nearly 20% of whom currently live in poverty, according to SCMP and India Times.

The Gran Morgu oil project, led by the French company TotalEnergies, is projected to produce 220,000 barrels per day, marking a major shift from the current output of about 5,000 to 6,000 barrels. This move is expected to solidify Suriname’s economic status while allowing it to compete with neighboring Guyana. The government has established a fund called "Royalties for Everyone," designed to distribute the forthcoming oil revenues directly to eligible citizens. Santokhi articulated that this initiative aims to ensure everyone can benefit, stating that "we are now able … to do more for our people," according to Al Jazeera and SCMP.

On election day, the competitive political landscape sees 14 parties vying for the votes, including Santokhi's centrist Progressive Reform Party and the leftist National Democratic Party, historically linked to previous leaders. Despite no clear favorite emerging from the early polling, negotiations to form a coalition government are anticipated. The new parliament will then select a president and vice president, who are expected to navigate a complex economic landscape shaped by oil wealth, challenging existing issues of debt and inflation, according to India Times and SCMP.

While excitement surrounds the potential economic shift, there are concerns regarding whether the benefits will be equitably shared among all residents, particularly in rural and Indigenous communities. Experts advocate for transparency in the allocation of oil revenues to avoid the pitfalls of the "Dutch disease," as seen in other resource-rich countries. Overall, this election marks a pivotal moment as Suriname looks to leverage its oil discoveries for national development and growth, as mentioned in reports by India Times, Al Jazeera, and SCMP.