Suriname and Guyana are embarking on a joint initiative to explore and exploit gas reserves offshore, with key discussions taking place between Staatsolie and the Guyanese government aiming for strategic cooperation over the coming months. The partnership will focus on identifying potential development concepts while exploring significant oil discoveries, particularly in Blocks 52 and 58, which are anticipated to contribute to energy production and economic growth.
Suriname and Guyana have initiated efforts to collaborate on the joint exploration and exploitation of natural gas reserves situated off their coasts. Annand Jagesar, the director of Staatsolie, stated in an interview with the ‘de Ware Tijd’ newspaper that this partnership will require considerable time and effort to materialize. The delegation from Suriname, which included Foreign Affairs Minister Albert Ramdin, met with Guyana’s Vice President Bharrat Jagdeo to discuss the future of cooperation in gas development. “It won’t happen tomorrow, but it is important that we now have confirmation from both sides that we want to work together. It could take years before we have found a development concept,” stated Jagesar. The focus will be on evaluating developmental strategies that will enable the feasible exploitation of gas condensates in specific reservoirs, notably the Makka and Kwaskwasi discoveries in Suriname, close to the Guyanese border, along with Guyana’s Haimara and Pluma finds. Jagesar emphasized that the collaboration holds the potential to create larger scale operations, which would improve efficiency and productivity in the gas sector. Minister Ramdin noted the positive tone of the discussions in Guyana, acknowledging a mutual understanding of the importance of collaboration. Together with Staatsolie, both nations aim to identify and develop these prospects strategically over the next two to three months, with discussions commencing on technical matters in the coming weeks. Following recent developments where TotalEnergies and Apache Corporation confirmed a final investment decision for oil reserves in Block 58, Jagdeo reached out to the Surinamese government for dialogue on gas reserves. Meanwhile, Staatsolie is moving towards another investment decision in Block 52, where significant oil reserves, estimated at over 400 million barrels, have been found by Petronas, creating a feasible opportunity for production by 2030. Moreover, ample quantities of natural gas have also been discovered in Block 52, with targets set for the first gas development by 2031. Discussions between Staatsolie and Petronas are ongoing, hinting at a robust future for energy collaboration between these two countries.
The gas reserves off the coast of Suriname and Guyana have gained attention as potential economic assets for the two nations, both part of the Caribbean Community (CARICOM). As energy demands grow, cooperation between neighboring countries on shared resources becomes increasingly critical. Recent discoveries suggest substantial quantities of oil and gas, positively impacting both economies. The strategic partnership aims to harness these resources effectively, ensuring that both nations benefit from their exploitation while minimizing risks and maximizing investment prospects.
The discussions between Suriname and Guyana signify an important step towards collaboration in the exploration and joint exploitation of gas reserves. As both nations aim to utilize their substantial natural resources, the expected joint efforts in strategy and technical considerations will be crucial for the successful development of the gas sector. By targeting achievable timelines for production and maintaining open dialogues, Suriname and Guyana are poised to enhance their cooperative endeavors, potentially leading to significant economic advancements for both countries.
Original Source: www.guardian.co.tt
