Guyana pitches itself as a key partner for Suriname’s new oil development

A whopping US$10.5 billion investment for Suriname’s Block 58 oil and gas project was announced Tuesday and as the country readies for a new era of development, Guyana has pitched itself as a key partner.

Head of the Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop was among those who congratulated the Dutch-speaking nation on the major venture on Tuesday.

According to him, Guyana has at least five years of rapid development in the oil and gas industry and has established itself as a major player globally. Additionally, he reminded reporters that numerous Tier-1 contractors have established themselves in Guyana.

Because of those occurrences, he believes that Guyana can ably support its continental neighbour now heading into offshore oil and gas development.

“Suriname will need a lot of help in that support,” the GO-Invest Head told reporters at a press conference at his office on Tuesday.

Outside of oil and gas development, the Chief Investment Officer pointed out that substantial spinoff developments are to be expected in Suriname as has been the case in Guyana.

And already, he said, the countries are partnering with each other to push joint development be it in manufacturing or agro-processing. The new Corentyne River Bridge is also expected to push partnerships between the two states, Ramsaroop said.

In Suriname, TotalEnergies and APA plan to develop the Sapakara and Krabdagu fields, renamed as “Gran Morgu”, with combined recoverable resources estimated above 700 million barrels.

A Floating Production Storage and Offloading (FPSO) facility being built in Asia for the project, with a 200,000-barrel-per-day capacity, is expected to be one of the company’s largest.

A total of 32 new wells will be drilled as part of a field development plan approved and signed by TotalEnergies and APA on Tuesday.