International
‘Black gold’ for Guyana and Suriname, a blessing or curse?
AFP | Patrick Fort
Emerging as potential oil powers while the world seeks to wean itself off planet-warming fossil fuels, poverty-stricken South American neighbors Guyana and Suriname say they have to cash in while they can.
The former Dutch colonies are among the world’s most tree-covered countries, hosts to the so-called forest “lungs” that sequester massive amounts of planet-warming carbon dioxide.
Their economies and populations small, the countries have traditionally emitted little CO2 or other greenhouse gasses from fossil fuel use — in fact Suriname is one of only three carbon-negative countries in the world and Guyana claims carbon neutrality.
But some fear this could change with the recent discovery of rich offshore oil deposits in an area known as the Guyana-Suriname Basin.
Guyana, a country of 800,000 people, was recently found to have proven reserves of at least 10 billion barrels of oil, likely much more according to experts.
This makes it the country with the highest reserves per capita in the world — which consumes 99.4 million barrels of oil per day.
Early assessments suggest the reserves of Suriname, a country of 600,000 people, may not be far behind.
“It will be hard to remain carbon neutral as a country (involved in the) petroleum sector,” economist Steven Debipersad of the Anton de Kom University in Suriname’s capital Paramaribo, told AFP.
The projected $10 billion Suriname stands to make in the next 10 to 20 years, will likely bring economic growth at the cost of the environment, he said.
The country’s GDP today is about $3 billion.
Hungry ‘every day’
Their presidents insist Guyana and Suriname cannot be expected to turn their backs on a chance to fill their countries’ coffers and raise the quality of life for their people.
The countries are among the poorest in South America, with vast swathes of their populations living without electricity, clean water or access to adequate health services.
In a Paramaribo ghetto named Texas, dirty sewer water flows among dilapidated wooden homes.
Resident Edison Poekitie, a 23-year-old musician, scrapes by on no more than $50 a week. Does he go hungry?
“Every day!” he told AFP. “It’s hard out here, really hard.”
The community, he added, needs “water pipes, cables, new roads without potholes, schools, better houses, playgrounds…”
Poekitie said he hoped the government would spend the oil money “wisely,” a sentiment echoed by 45-year-old food truck owner Brian Braithwaite in a poor neighborhood of the Guyanese capital Georgetown.
“Hopefully they do something so that… people (who) live on the street can do better,” Braithwaite said.
‘Oil curse’
Both presidents have vowed to make judicious use of their windfall petroleum profits, though some are worried that will undercut the sovereign wealth funds set up to guard some money for future generations.
“We are quite aware of the oil curse,” Suriname President Chan Santokhi told AFP, alluding to neighbor Venezuela and other resource-rich countries such as Angola and Algeria that were unable to turn oil wealth into social and economic progress.
“We… should also get the opportunity to benefit from the production of oil and gas and its income” to address a biting economic crisis “and help our people to have better lives,” he insisted.
For his part, Guyanese President Mohamed Irfaan Ali wants to use the oil income to “create wealth for now, and future generations.”
Both speak of using the money to diversify their economies with investments in agriculture, tourism, housing, education and health care.
Eventually, “the oil and gas will be gone, but the food security should be guaranteed,” said Santokhi.
Oil money for green energy
Oil extraction and refining are major contributors to greenhouse gas emissions.
Though they have historically emitted little, Suriname and Guyana are both deeply affected by global warming — in the crosshairs of worsening tropical storms and of flooding from rising sea levels.
Presidents Santokhi and Irfaan Ali believe they can maintain their countries’ carbon balances by using oil money to protect their forests and invest in green energy.
Defending the forests that cover about 87 percent of Guyana and 93 percent of Suriname is also economically sage: both countries can sell so-called carbon credits to polluters who need to offset emissions.
For Guyana, carbon credits are worth about $190 million per year, said Irfaan Ali.
Monique Pool, director of the Green Heritage Fund of Suriname, is not convinced by the two-pronged approach.
“Carbon credit will give us more money faster than oil and gas and for longer because it will be sustainable,” she told AFP.
In Georgetown, activist Christopher Ram agreed the oil should be left in the ground, expressing fear of exploitation by ruthless companies in the absence of “good governance.”
Instead, “I would go to the international community and say: ‘We are a small country, we’ve always been good to the environment, we want to stay that way… help us get the benefits we would have got with oil’.”
But 53-year-old Cynthia Neel, who sent her daughter from Suriname to the Netherlands at the age of six for education and a chance at a better life, is hopeful of positive change.
“I hope that with the oil the children will no longer have to leave,” she told AFP.
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Economist Steven Debipersad poses for a picture at the Istitute of Graduate Studies in the Anton de Kom University in Paramaribo, on September 14, 2022. - Emerging as potential oil powers while the world seeks to wean itself off planet-warming fossil fuels, poverty-striken South American neighbors Guyana and Suriname say they have no choice but to cash in while they can. (Photo by Patrick FORT / AFP)
International
Portuguese Authorities Seize 2.6 Tons of Cocaine Worth More Than $550 Million in Drug Bust
Italian financial police reported Monday that Portuguese authorities intercepted a speedboat carrying more than 2.6 tons of cocaine, with an estimated street value exceeding $550 million.
Four people — two Spanish nationals, one Albanian citizen, and a man from Gibraltar — were arrested in connection with the operation, according to Italian authorities.
The vessel was intercepted off the coast of Lisbon by Portugal’s maritime police following an investigation led by Italian authorities.
Italian financial police estimated that the seized shipment had a street value of approximately 500 million euros ($570 million), making it one of the largest drug seizures reported in the region in recent years.
Portuguese authorities said the interception took place on Thursday, about 90 kilometers (50 nautical miles) southwest of Cape Espichel, during an operation targeting international drug trafficking routes.
International
U.S. and Iran Maintain Ceasefire as Trump Expresses Optimism Over New Talks
U.S. President Donald Trump said Monday that there are “good chances” of reaching an agreement with Iran, as both sides maintained a ceasefire for the third consecutive day following weeks of escalating hostilities.
Trump expressed optimism about the possibility of resuming diplomatic negotiations aimed at ending the conflict, which began in late February and has raised international concerns over its impact on global markets and energy supplies.
The fighting has remained suspended since Saturday, after the United States resumed airstrikes against Iran amid a dispute over control of the Strait of Hormuz, a key route for global oil shipments. The renewed military action had previously caused the collapse of an earlier ceasefire agreement.
Asked about the prospects for negotiations aboard Air Force One, Trump said: “I have a lot of patience… We’ll see what happens. I think there are good chances that something could happen.”
The U.S. president also highlighted Washington’s military capabilities, saying: “We have a lot of ammunition,” while adding that he would like to have more resources due to U.S. support for Ukraine.
U.S. Ambassador to the United Nations Mike Waltz said Trump was allowing diplomatic efforts more time, explaining that the president was “giving some space to the talks” while maintaining that Washington remains prepared to take action if necessary.
Meanwhile, tensions continue in other areas of the Middle East. Saudi Arabia reported that it intercepted drones launched from Iraq by groups allied with Tehran and urged the Iraqi government to take measures to prevent further attacks.
International
Police Investigate After Remains of Five Newborns Found in French Apartment
French authorities have opened a murder investigation after the discovery of human remains believed to belong to five newborn babies inside an apartment in the historic center of a city, the local prosecutor’s office reported Monday night.
According to prosecutors, a 32-year-old woman had given birth at home on Sunday to a healthy baby before being taken to a hospital for medical care.
The discovery was made after the woman’s 32-year-old partner began searching the residence after reportedly learning, once again and at a late stage, that she had been pregnant.
During the search, the man found what appeared to be human remains and informed the hospital, which then alerted prosecutors.
A forensic doctor determined that the remains likely belonged to five newborn infants. Authorities have not yet established the circumstances or motive behind the case.
Investigators have not been able to interview the mother, who remains hospitalized following the delivery.
Prosecutors also confirmed that the couple has two other children, aged eight and nine years old. The investigation remains ongoing as authorities work to clarify the events surrounding the discovery.
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