Suriname and Guyana Collaborate on Gas Reserves Exploration

Suriname and Guyana have initiated steps towards jointly exploiting offshore gas reserves, confirming their commitment to cooperation in this sector. Staatsolie and Petronas are involved in discussions regarding significant oil and gas discoveries, highlighting potential economic benefits and strategic partnership in the Caribbean region.

Suriname and Guyana have embarked on a collaborative initiative concerning the joint exploitation of gas reserves located in the maritime regions adjacent to both nations. Annand Jagesar, the director of Staatsolie, expressed optimism about the partnership, stating that while immediate results will not be evident, it is crucial to establish mutual intent to collaborate. “It won’t happen tomorrow, but it is important that we now have confirmation from both sides that we want to work together,” Jagesar remarked to the ‘de Ware Tijd’ newspaper. Jagesar, accompanied by Foreign Affairs, International Business and International Cooperation Minister Albert Ramdin, met with Guyana’s Vice President Bharrat Jagdeo in this regard. Discussions revolved around identifying a development strategy for accessing specific gas condensate reservoirs, including the Makka and Kwaskwasi discoveries in Suriname, along with the Haimara and Pluma discoveries in Guyana, all of which are proximally situated near the border. The potential for large-scale exploitation was highlighted by Jagesar, who noted, “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.” Minister Ramdin echoed these sentiments, emphasizing that the meeting was conducted in a congenial environment with an acknowledgment of the significance of cooperative efforts in the natural gas sector. “In any case, this will have a high priority in the coming two to three months… this must be part of the strategic cooperation in oil and gas between Suriname and Guyana,” Ramdin stated, outlining the plan to develop strategies based on their findings. This dialogue follows the announcement by TotalEnergies and Apache Corporation regarding the final investment decision (FID) for oil production in Block 58, prompting Jagdeo to reach out to Suriname to expedite conversations surrounding the joint gas reserves. In tandem, Staatsolie is advancing towards a second FID in Block 52, where Malaysian Petronas has reported over 400 million barrels of recoverable oil, which would facilitate an output of 100,000 barrels daily. Staatsolie has commenced discussions with Petronas regarding this venture, anticipating the possibility of announcing their FID by 2027, with oil production projected to commence in Block 52 by 2030. Jagesar indicated that logistical optimizations could enable Petronas to utilize an existing floating production, storage, and offloading unit for this project, potentially expediting the timeline. Notably, substantial natural gas reserves have also been identified within this block, and negotiations are ongoing to begin gas development as early as 2031. —PARAMARIBO, Suriname (CMC)

The Caribbean Community (CARICOM) countries of Suriname and Guyana are engaged in a significant venture focused on the joint exploration and development of gas reserves found in their mutual maritime domains. With growing global energy demands and the recent discoveries in both countries, the collaboration aims to capitalize on the resources available in the region. As both nations strive for economic development through energy production, a united approach to managing these reserves has emerged as crucial for maximizing potential benefits.

In conclusion, the ongoing discussions between Suriname and Guyana concerning the joint exploitation of gas reserves indicate a promising future for both nations in the energy sector. By undertaking collaborative initiatives, the two countries not only aim to develop their gas fields more efficiently but also to foster deeper strategic ties within the CARICOM community. The anticipated development timelines for both oil and gas reserves highlight the commitment from both governments to proceed with shared objectives, ultimately enhancing economic opportunities and regional cooperation.

Original Source: www.guardian.co.tt