Suriname and Guyana are initiating joint efforts to exploit offshore gas reserves. Discussions led by Staatsolie and the Suriname government targeted specific gas findings, aiming for strategic partnerships to undertake development strategies. With both nations prioritizing cooperation, production timelines and resource evaluation discussions are ongoing, signaling a significant commitment to harnessing their natural energy potentials.
Suriname and Guyana are progressing toward collaborative efforts in the joint exploitation of natural gas reserves located offshore between the two neighboring nations in the Caribbean Community (CARICOM). Annand Jagesar, Director of Staatsolie, emphasized the importance of confirming the mutual intent to collaborate, despite acknowledging that a development model may take years to establish. During a recent delegation to Guyana, which included Foreign Affairs, International Business, and International Cooperation Minister Albert Ramdin, discussions took place with Vice President Bharrat Jagdeo. Mr. Jagesar noted that the countries will jointly assess the viability of developing gas reservoirs, specifically targeting the Makka and Kwaskwasi discoveries in Suriname and the Haimara and Pluma discoveries in Guyana, all situated near their shared border. He remarked, “The biggest asset of a collaboration is scale. By merging, the scale could be achieved. But many other issues will also have to be investigated.” Mr. Ramdin echoed positive sentiments regarding the discussions, stating that cooperation in gas exploration was recognized as crucial by both parties. The intention is to work alongside Staatsolie, facilitating information exchange at both technical and business levels to evaluate their joint potential. Strategies and scenarios for this partnership will be devised promptly, with a focus on prioritizing these initiatives in the upcoming months. Following announcements from TotalEnergies and Apache Corporation regarding their final investment decision (FID) for oil reserves in Block 58, Vice President Jagdeo contacted the Surinamese government to prompt discussions about jointly managing gas reserves. In parallel, Staatsolie is also finalizing a second FID for Block 52, where Petronas has identified substantial oil reserves, estimated to exceed 400 million barrels, positioning for a project aimed at 100,000 barrels per day output. Jagesar indicated that production in Block 52 may commence by 2030, with preliminary plans for gas development conceived for 2031, pending technical modifications to expedite the utilization of pre-existing floating production and storage units.
The Caribbean region, particularly Suriname and Guyana, is witnessing a burgeoning collaboration focused on the development of natural gas reserves. With geological discoveries indicating significant potential for natural gas and oil, both nations recognize the economic importance of working together to maximize resource extraction and management. This partnership is vital for advancing their energy sectors, fostering economic growth, and enhancing energy security in the region. Recent discussions have highlighted the necessity for technical and financial cooperation, showcasing the countries’ commitment to establishing a strategic alliance in resource management.
In summary, Suriname and Guyana are taking definitive steps toward collaborating on the joint exploitation of offshore gas reserves, recognizing the significant benefits of shared resources. With a focus on formalizing development strategies and maintaining open communication between both governments and Staatsolie, the journey toward realizing their mutual gas and oil potential appears promising. The planned timelines for production and development underscore the urgency and importance of this cooperative effort, aimed at bolstering the economic landscape of both nations.
Original Source: www.guardian.co.tt
