THE Guyana Oil & Gas Energy Chamber (GOGEC) and the Suriname Energy Chamber (SEC) signed a historic cooperation agreement.

According to a press release from GOGEC, the objective of the Memorandum of Understanding (MoU) is to provide a framework for cooperation between the Suriname Energy Chamber and the Guyana Oil and Gas Energy Chamber, with the aim of facilitating business development support, including timely access to incentives for the energy sector, to promote joint ventures and partnerships between local and foreign investors, and to undertake joint activities aimed at investment promotion at the national and regional levels.

The signing marks the culmination of two years of efforts to ratify a shared vision and framework for enhancing private sector opportunities across the two countries.

The memorandum is not legally binding, but it sets the platform for deeper cooperation bilaterally and regionally that will see the energy-related private sector bodies for both countries address issues such as enhancing “local effects” of resource extraction, accelerating energy transition through the private sector, and championing energy companies’ adoption of robust environmental, social, and governance activities.

The partnership will also see a continued push toward maximising relationships across the energy value chain, deepening existing relationships in traditionally developed economies, and promoting new relationships across the global South.

The agreement was signed by President of GOGEC, Manniram Prashad and President of the Suriname Energy Chamber, Orland Olemberg, in the presence of the Minister of Natural Resources, Vickram Bharrat.

Also in attendance were Luanna Persaud, Vice-President of GOGEC; Joel Bhagwandin, Director of Finance and Planning; Rennie Leow, Director of Information technology and Distributed Generation, and Dillon Clarke, Director of Energy.