Suriname and Guyana have initiated plans for the joint exploitation of gas reserves off their coasts, reflecting a commitment to collaboration in the energy sector. Staatsolie’s director Annand Jagesar underscored that although immediate results are not expected, this agreement is a pivotal moment. Following discussions between Surinamese officials and Guyana’s Vice President, strategies will be developed to explore resource utilization more effectively while addressing technical details in the coming weeks.
Suriname and Guyana have embarked on a collaborative venture aimed at the joint exploitation of gas reserves located off their coasts. Annand Jagesar, the director of Staatsolie, emphasized that while immediate outcomes are not anticipated, the mutual agreement to collaborate marks a significant step. He indicated that developing a feasible concept for extraction may take years. Jagesar, who recently visited Guyana with a Surinamese delegation, which included Foreign Affairs Minister Albert Ramdin, highlighted the importance of examining the potential of gas condensate reservoirs near their borders, particularly the discoveries referred to as Makka and Kwaskwasi in Suriname, and Haimara and Pluma in Guyana. The collaboration aims to leverage scale as a key asset, allowing for enhanced exploitation of resources. Ramdin described the discussions held in Guyana as constructive and acknowledged the vital necessity of cooperation in the gas sector. He noted that Staatsolie is actively exchanging technical and business information with Guyanese officials to unveil the aggregate potential of joint operations. Furthermore, Ramdin indicated that the coming two to three months would see a significant focus on structuring this strategic partnership in oil and gas, signaling a commitment from both governments. The dialogue on gas reserves was initiated following TotalEnergies and Apache Corporation’s announcement of a finalized investment decision for oil production in Block 58, prompting Guyana’s Vice President Bharrat Jagdeo to reach out to Surinamese officials for a discussion on collaborating in the gas sector. Staatsolie is also progressing towards a second investment decision in Block 52, where oil reserves exceeding 400 million barrels have been identified by Malaysian Petronas, with aspirations to commence production by 2030. Notably, substantial natural gas reserves have also been discovered in this block, and negotiations are underway with Petronas to initiate gas development by 2031.
The focus on gas reserves has emerged as a critical area of interest for Suriname and Guyana, particularly as resource discoveries in the region have gained international attention. The collaboration between these nations is seen as an opportunity not only to maximize resource extraction but also to enhance their energy security and economic development. The potential for joint ventures in gas and oil is substantial, especially with the involvement of major players such as TotalEnergies, Apache Corporation, and Petronas, which adds a layer of expertise and investment capacity to the partnership.
In summary, Suriname and Guyana’s initiative to collaborate on the exploitation of their gas reserves is a strategic move aimed at maximizing their natural resources while fostering bilateral cooperation. With the emphasis on forming a viable development concept and leveraging their respective strengths, both nations are poised to enhance their economic frameworks and energy security in the coming years. The commitments from their leaders and the active discussions taking place suggest positive prospects for the future of energy cooperation between Suriname and Guyana.
Original Source: www.guardian.co.tt
