Suriname, a small South American country, is planning to share revenues from newly discovered oil and gas fields off its coast. President Chan Santokhi has introduced an initiative called Royalties for Everyone (RVI) to ensure that all Surinamese citizens benefit from the estimated $10 billion wealth generated over the next 10 to 20 years from Block 58, an offshore drilling project that discovered oil reserves from 2019 to 2023. Under the RVI scheme, every Surinamese resident will receive a savings note worth US$750 with an annual interest of 7 percent, to be paid out in the future from the royalty income of Block 58. Oil and gas production is expected to commence in 2028, with TotalEnergies and Apache Corporation operating the project. Suriname’s neighbor, Guyana, has also announced a similar initiative to distribute oil wealth to its citizens. Both countries have seen significant oil discoveries in recent years, leading to potential economic transformation. Other countries like Mongolia and Botswana have also used wealth from natural resources to benefit their citizens through various funds and initiatives.
