Major oil companies are expanding exploration into new offshore frontiers, such as Guyana and Namibia, as they prioritize energy security and profitability over previous green energy commitments. While several European firms initially pledged to reduce fossil fuel production, rising global demand and geopolitical instability have prompted a strategic shift back toward oil and gas. Proponents argue these projects are necessary to maintain a stable energy supply, though environmental critics warn that new developments are inconsistent with international climate goals and the transition to a low-carbon economy.
ExxonMobil has led a massive expansion in Guyana, turning the country into one of the world’s fastest-growing oil producers.
Major energy firms like BP and Shell have recently adjusted their targets to focus more on oil and gas production to maximize shareholder returns.
The 2022 energy crisis following the invasion of Ukraine highlighted the ongoing global dependence on fossil fuels for national security and economic stability.
Exploration in new “frontier” regions is increasingly attractive to companies due to lower production costs and the high potential for significant new discoveries.
Industry leaders maintain that continued investment is required to offset the natural decline of existing oil fields and prevent sharp increases in energy prices.
Climate scientists and the International Energy Agency have indicated that new long-lead oil and gas projects are incompatible with limiting global warming to 1.5 degrees Celsius.
The Financial Times is a British daily business newspaper printed in broadsheet and also published digitally that focuses on business and economic current affairs.
The Financial Times is a British daily broadsheet and digital newspaper globally recognized for its authoritative coverage of business, economics, and international political affairs. Currently owned by the Japanese holding company Nikkei, the FT is easily identified in print by its distinctive salmon-pink paper. It targets an audience of global business leaders, policymakers, and financial professionals, relying heavily on a successful premium digital subscription model.
48 COMMENTS
I'm sure they'll make some money for a while. I'm VERY skeptical that the regular people will see that money.
The writing is on the wall for oil. It's pretty obvious after the war with Iran. The world wants and must pivot to renewables. Not because they care about the climate. It's cheaper and more secure to use solar, wind, and batteries at home. Than risk shipping your energy from some far-flung location like Suriname.
Hmmm what is a better choice for your nation? Such a tough one. Put up some windmills and batteries, or depend on a random country like Suriname for your country's industries.
😂🤣😂🤣😂🤣😂 then they're going to turn back tide and time – by the time any new frontier discoveries could be ready for production, the market will be DEAD, EXTINCT!!! Such stupidity!
We must all electrify and move away from fossil fuels fast before more wars and more conflict on scarcity. Sun and wind and waves and thermal is plenty for all. Move to the future not past, away from cowboys . We have AI and Solar and batteries, stop fossil fuels. Stop neo colonialism and destruction of the ocean and spills and extractive society. Does not matter who does it, the culture is colonial and neo colonial. White or non white people doing it, see equador. Get inspired from equador not oil. Stop getting inspiration from colonial culture for growth, it will hurt everyone and also locals mostly as always and only make rich people richer and poison everyone.
What usually happens is once the crisis is over the Saudis will crush prices and make those hard-to-get oil (deep sea, Canadian tar sands, but NOT US shale) completely uneconomic. That is until the likes of Suriname join the OPEC cartel, and start following the cartel rules.
As long as the oil flows, the Saudis have by far the lowest costs. They'll use their low costs to drive the higher cost producers out of business.
Whatever you do, Suriname, dont follow European mindsets on social justice and climate change policies. You'll be poorer for it, with a society at war with itself because bureaucrats and NGOs dictate policies from their ivory towers.
This is short-sighteded. Energy transition is underway, 30 percent of EU is renewable. Imitate that instead, chase those goals instead. Oil is a curse, Norway is not the success story people think it is, far from it.
and what is the percentage the country earned from oil compared to the oil companies… I am in Jamaica and oil expiration is going on how does this world benefit the local man????
Please make sure to make good reforms, squash corruption, invest in infrastructure and high quality education alined to the job market. I wish the best for that country in every area.
The classic American lie is to convince underdeveloped nations that American multi-nationals benefit national economies. In reality, this almost always results in worsened conditions for the general populace, but immense profits for the politicians involved and corps. It is delusional to assume it can be otherwise when your country is being gutted for someone else's gain.
As Suriname gets rich from oil they'll will likely end up chopping the forests anyway to make way for other human-industrial development across the country.
I hope they do it right and invest oil profits on their people and institutions, build a robust public transportation system, health system and don't ruin the landscape with malls, fast food chains and car dealerships for mile after mile.
Most long term supply contracts in the Middle East simply must trade at a discount, due to significant instability and inability to guarantee supply. I invested in Woodside because it is an Australian Company that has invested heavily in increasing Australian Nat Gas supply, but also in Louisiana Nat Gas, and Mexican off-shore crude. Less happy about Mexican investment due to high societal corruption and weaker rule of law. But, none of its production locations are subject to foreign interference and Australia and the U.S. have strong stable democracies that have strong rule of law.
You cannot say that about a lot of these “frontier” places.
Surinam can look at successful resource economies such as Norway and Botswana and learn the lesson of saving the bounty for the future. Because the future is bleak for oil & gas!
I've lived in Brunei for almost ten years, the population is similar with vast untouched rain forest. The country has vast amounts of oil and gas and the people have truly prospered even with the sultan and his family taking almost all the wealth for themselves. Suriname must invest in its people and infrastructure and it should turn out ok. Just look at the Scandinavian.
Your biggest issue is that you are asserting that countries extract oil and depending on it for income have suffered. That is completely wrong, the problem is not with oil dependency not with resource curses, the issue is with the underlying culture of that place.
There are many courses who have huge oil income and are very much dependent on oil but are prosperous because they know how to use the oil wealth.
What propaganda. The companies goal is to "produce cheap, low emission oil". I applaud the low emission initiative, but if anyone believes this company is going to produce cheaper oil than everyone else, then sell it cheaper than everyone else, while enriching these impoverished people, while remaining viable… hell, I've got a bridge I want to sell ya. These oil companies enrich themselves, not local indigenous people, and they will never sell oil below market value. This is a pure propoganda piece, with alot of smiling faces, and completely empty promises.
Excelente documentário!! O ouro negro está outra vez a suplementar o ouro verde …que é mais sustentável?! É uma transição cheia de percalços?! Os combustíveis fósseis estão a ganhar e ainda estamos tão dependentes dele…quando travamos esta adição?!
Most oil consumption can be curtailed, don’t forget that our children grandchildren and great grandchildren will need materials we get from the petrochemical industry in their time. At the moment oil is needed for Aviation and shipping, most of the other areas we use oil can be replaced by electric transport.
Suriname is a lost country. It's only alive because Surinam people who went to Netherlands send money. It produces nothing. Last week planes could not land at Surinam airport because there was no personel at the Traffic Tower on the airport. It's as corrupt as Venezuela.
Oil is running out. We've already used over half and the remainder gets increasingly harder to discover, extract and refine, hence the "new oil frontiers".
13:14 Zero mention of the fact that the West had sanctioned and interfered in Venezuela (effectively Cuba style). You know (((whose))) program you're watching.
There is no LITTLE oil. You are showing your Bias before you even start. Why do I always have to hear some Socialist's opinion about Big Business instead of story about oil? I don't CARE what your opinion is of Capitalism.
Hi from Venezuela. I'm sorry to Say that it just doesnt work that way. Oil riches Will pay for clear cutting for cattle to feed more beef to the wealthy benefactors. Chavismo was extremely environmentalist. Now go take a look at the Google maps for the faja minera Gold belt in the Venezuelan Amazon. The oil Will pay for chainsaws, cattle capEx, mining booms, dead, arsenic laced rivers, and all the rest. You can't make good business out of Bad business, nor good wealth from Bad business. Oil is a purely Profit based business, burning natural wealth to extend life into entropy. Profit is no more the purpose of good business than breathing Is the purpose of air. And with oil booms, You just won't get there. But good luck trying. You have to now. Because it won't stop until Adam Smiths wealth management of nations reconciles with his theory of moral sentiments.
I'm sure they'll make some money for a while. I'm VERY skeptical that the regular people will see that money.
The writing is on the wall for oil. It's pretty obvious after the war with Iran. The world wants and must pivot to renewables. Not because they care about the climate. It's cheaper and more secure to use solar, wind, and batteries at home. Than risk shipping your energy from some far-flung location like Suriname.
Hmmm what is a better choice for your nation? Such a tough one. Put up some windmills and batteries, or depend on a random country like Suriname for your country's industries.
Economical is not a word.
😂🤣😂🤣😂🤣😂 then they're going to turn back tide and time – by the time any new frontier discoveries could be ready for production, the market will be DEAD, EXTINCT!!! Such stupidity!
i am from Norway. you wont regret doing it that way 🙂
We must all electrify and move away from fossil fuels fast before more wars and more conflict on scarcity. Sun and wind and waves and thermal is plenty for all. Move to the future not past, away from cowboys . We have AI and Solar and batteries, stop fossil fuels. Stop neo colonialism and destruction of the ocean and spills and extractive society. Does not matter who does it, the culture is colonial and neo colonial. White or non white people doing it, see equador. Get inspired from equador not oil. Stop getting inspiration from colonial culture for growth, it will hurt everyone and also locals mostly as always and only make rich people richer and poison everyone.
13:10 Excuse me? What destroyed Venezuela is nothing other than communism
What usually happens is once the crisis is over the Saudis will crush prices and make those hard-to-get oil (deep sea, Canadian tar sands, but NOT US shale) completely uneconomic. That is until the likes of Suriname join the OPEC cartel, and start following the cartel rules.
As long as the oil flows, the Saudis have by far the lowest costs. They'll use their low costs to drive the higher cost producers out of business.
Whatever you do, Suriname, dont follow European mindsets on social justice and climate change policies. You'll be poorer for it, with a society at war with itself because bureaucrats and NGOs dictate policies from their ivory towers.
they look very rich . all they will get is more waste and biohazard waste .
This is short-sighteded. Energy transition is underway, 30 percent of EU is renewable. Imitate that instead, chase those goals instead. Oil is a curse, Norway is not the success story people think it is, far from it.
How is it going in Guyana ????
and what is the percentage the country earned from oil compared to the oil companies…
I am in Jamaica and oil expiration is going on how does this world benefit the local man????
Look at Louisiana, Louisiana is destroyed, losing 400 square miles of land, and we are missing one of 5 residents from losing land
Please make sure to make good reforms, squash corruption, invest in infrastructure and high quality education alined to the job market. I wish the best for that country in every area.
The classic American lie is to convince underdeveloped nations that American multi-nationals benefit national economies. In reality, this almost always results in worsened conditions for the general populace, but immense profits for the politicians involved and corps. It is delusional to assume it can be otherwise when your country is being gutted for someone else's gain.
What about Falkland Oil?
Where?…. 😂…
As Suriname gets rich from oil they'll will likely end up chopping the forests anyway to make way for other human-industrial development across the country.
Terrible music !!
Suriname, succes!
Wrong map of Suriname!!!!!!!!! Please adjust accordingly
FT Film is one of the best economy/business-focused series on YT.
Why not using the correct Suriname map?
I hope they do it right and invest oil profits on their people and institutions, build a robust public transportation system, health system and don't ruin the landscape with malls, fast food chains and car dealerships for mile after mile.
Most long term supply contracts in the Middle East simply must trade at a discount, due to significant instability and inability to guarantee supply. I invested in Woodside because it is an Australian Company that has invested heavily in increasing Australian Nat Gas supply, but also in Louisiana Nat Gas, and Mexican off-shore crude. Less happy about Mexican investment due to high societal corruption and weaker rule of law. But, none of its production locations are subject to foreign interference and Australia and the U.S. have strong stable democracies that have strong rule of law.
You cannot say that about a lot of these “frontier” places.
Surinam can look at successful resource economies such as Norway and Botswana and learn the lesson of saving the bounty for the future. Because the future is bleak for oil & gas!
I've lived in Brunei for almost ten years, the population is similar with vast untouched rain forest. The country has vast amounts of oil and gas and the people have truly prospered even with the sultan and his family taking almost all the wealth for themselves. Suriname must invest in its people and infrastructure and it should turn out ok. Just look at the Scandinavian.
It has never happened and it will never happen, Oil is a promise that only brings out @greed
Porque no tienen la traducción en español y portugués?????
Your biggest issue is that you are asserting that countries extract oil and depending on it for income have suffered. That is completely wrong, the problem is not with oil dependency not with resource curses, the issue is with the underlying culture of that place.
There are many courses who have huge oil income and are very much dependent on oil but are prosperous because they know how to use the oil wealth.
The inhabited bit of Suriname is already suffering from flooding and salt water intrusion because of sea level rise.
LOW EMISSION OIL??????? REALLY???????????????????????? Bunch of clowns
We don't even have viable oil for 150 years on this scale.
The Environmental narrative is sickening. Good old FT!
I was hoping to listen about oil not the fake climate change
What propaganda. The companies goal is to "produce cheap, low emission oil". I applaud the low emission initiative, but if anyone believes this company is going to produce cheaper oil than everyone else, then sell it cheaper than everyone else, while enriching these impoverished people, while remaining viable… hell, I've got a bridge I want to sell ya. These oil companies enrich themselves, not local indigenous people, and they will never sell oil below market value. This is a pure propoganda piece, with alot of smiling faces, and completely empty promises.
Its almost like FT are doing PR for these guys.
We need big oil bigtime! Solar panels and windmills have condemned europe to poverty.
Excelente documentário!! O ouro negro está outra vez a suplementar o ouro verde …que é mais sustentável?! É uma transição cheia de percalços?! Os combustíveis fósseis estão a ganhar e ainda estamos tão dependentes dele…quando travamos esta adição?!
Most oil consumption can be curtailed, don’t forget that our children grandchildren and great grandchildren will need materials we get from the petrochemical industry in their time. At the moment oil is needed for Aviation and shipping, most of the other areas we use oil can be replaced by electric transport.
Suriname is a lost country. It's only alive because Surinam people who went to Netherlands send money. It produces nothing.
Last week planes could not land at Surinam airport because there was no personel at the Traffic Tower on the airport.
It's as corrupt as Venezuela.
Venezuela was fine until they went socialist.
Oil is running out. We've already used over half and the remainder gets increasingly harder to discover, extract and refine, hence the "new oil frontiers".
13:14 Zero mention of the fact that the West had sanctioned and interfered in Venezuela (effectively Cuba style). You know (((whose))) program you're watching.
I wish Suriname nothing but the vey best,for now,and for the future!.God Speed! Gr fr the Netherlands 😊
Why wer'e all fked?!
There is no LITTLE oil. You are showing your Bias before you even start. Why do I always have to hear some Socialist's opinion about Big Business instead of story about oil? I don't CARE what your opinion is of Capitalism.
12:45 Hey geography teacher, stick to the field you know something about.
Hi from Venezuela. I'm sorry to Say that it just doesnt work that way. Oil riches Will pay for clear cutting for cattle to feed more beef to the wealthy benefactors. Chavismo was extremely environmentalist. Now go take a look at the Google maps for the faja minera Gold belt in the Venezuelan Amazon. The oil Will pay for chainsaws, cattle capEx, mining booms, dead, arsenic laced rivers, and all the rest. You can't make good business out of Bad business, nor good wealth from Bad business. Oil is a purely Profit based business, burning natural wealth to extend life into entropy. Profit is no more the purpose of good business than breathing Is the purpose of air. And with oil booms, You just won't get there. But good luck trying. You have to now. Because it won't stop until Adam Smiths wealth management of nations reconciles with his theory of moral sentiments.