-Suriname, Guyana could be pivotal players in the energy landscape
-President Santokhi

Suriname is set to unlock a new potential for offshore oil and gas development and this according to the country’s President, Chandrikapersad Santokhi is more than just a monumental milestone.
On Tuesday, October 15, Santokhi while addressing the opening ceremony of the International Business Conference (IBC) being held in Guyana said 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.

Earlier this month, 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.
“This decision represents more than just an economic or business success. It is a defining moment for the people of Suriname and the future of our country and people. The FID marks the beginning of a major offshore oil production that will bring unparalleled opportunities for growth and prosperity,” the Surinamese leader said.

Generating boundless opportunities, this new development will pave the way for thousands of jobs in sectors such as oil and gas, services, infrastructure and manufacturing.
“Our people will benefit from their rights in employment opportunities and an economy that will grow stronger and more diversified infrastructure development.”
The revenue generated from oil production will be strategically reinvested into developing essential infrastructure, roads, ports, schools and healthcare facilities that will improve the quality of life for citizens, he explained.

Ensuring that Surinamese benefit, President Santokhi assured that local businesses and workers will be supported by key local content policies.
“The government has already implemented measures to increase local content in key sectors, empowering Surinamese companies to be at the forefront of this new chapter. We will train our workforce, provide skills development, and ensure that all share the benefits of this.”

Emphasizing the shared history and cultural ties between Guyana and Suriname, the two nations through continued bilateral ties are on the verge of being pivotal players.
Already, Santokhi believes the diplomatic and economic cooperation between the two Caribbean states are no longer aspirations but are realities that will shape the future of the region.

“Together, we have an opportunity to lead on the global stage, particularly in oil and gas exploration, where our combined strength position us as pivotal players in the energy landscape. Our histories are intertwined. Our cultures are rich with diversity, and our futures are bright with our potential, we have always stood by each other, supporting and celebrating our mutual successes and achievements.”

Earlier this week, Vice President Dr. Bharrat Jagdeo met with Albert Ramdin, the Foreign Minister of Suriname, and other neighboring authorities.
The discussions centered on oil and gas and continued bilateral engagements.

Minister of Natural Resources Vickram Bharrat, Minister of Foreign Affairs and International Cooperation Hugh Todd, and technical officers from the Ministry of Natural Resources were also present.
It is anticipated that 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 pursuing 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.