-Dr. Jagdeo discloses, says talks about partnering could happen soon
GUYANA is keen on perusing a joint natural gas development and shared infrastructure with its eastern continental neighbour Suriname, as the country is set to unlock a new potential for offshore oil and gas development.
This is according to People’s Progressive Party (PPP) General Secretary and Guyana’s Vice-President. Dr. Bharrat Jagdeo.
“We are looking forward to working with Suriname on synergies,” Dr. Jagdeo told reporters on Thursday at a press conference at the PPP’s Freedom House, Georgetown headquarters.
This week, a staggering US$10.5 billion was invested in Suriname’s Block 58 oil and gas project. The total recoverable resources of the Sapakara and Krabdagu fields, called “Gran Morgu,” are expected to exceed 700 million barrels. TotalEnergies and APA intend to develop these fields.
Dr. Jagdeo pointed out: “The project will focus a lot on oil, so we still need to look at the development of gas, and that is what we are trying because Suriname they found quite a bit of gas, and our discoveries closer to the Suriname border had more gas in them. So, we still need to try to collaborate in the context of our project, or aim to monetise this gas.”
Suriname is pushing forward with its massive offshore project, and Guyana is hopeful that the two countries can co-operate more in a variety of areas, including oil and gas development.
Jagdeo disclosed that he has already engaged Suriname’s Foreign Minister Albert Randim about meeting soon to talk about the Guyana-Suriname partnership.
“We are looking forward to working with them in the future and also to what kinds of shared infrastructure we can have because we are two contiguous countries, the only two contiguous countries in CARICOM [Caribbean Community,” he added.
The Final Investment Decision (FID) for Suriname’s offshore oil and gas development project is set to provide new economic opportunities through job creation, local capacity-building, and enhanced energy collaboration across borders.
It is expected to generate significant benefits for the local economy, with an increase in job opportunities and investments that will strengthen the private sectors of both Suriname and Guyana.
Surinamese and Guyanese businesses will benefit from partnerships in logistics, well services, and the operations of the FPSO and subsea systems.
For Guyana, this development complements our own burgeoning oil sector, fostering opportunities for cross-border investment, shared infrastructure development, and expertise.
The collaboration between Guyana and Suriname in energy and trade is set to unlock significant benefits for both nations, enhancing regional connectivity and positioning both countries as leaders in the global energy market.
Already the two nations have established partnerships perusing joint development in manufacturing sectors. Plans are also underway to construct a bridge across the Corentyne River to further push trade and partnerships between the two states.
Later this month a business conference, facilitated by the Suriname Guyana Chamber of Commerce (SGCC) and the Guyana Manufacturing & Services Association (GMSA) will be held in Georgetown.