As Suriname prepares for oil boom, Guyana’s President says ‘work with us’

Exciting developments are unfolding in Suriname following last year’s announcement of a substantial US$10.5 billion investment in the country’s Block 58 oil and gas project.

As the Dutch-speaking nation prepares for an oil boom in the years ahead, the President of neighbouring Guyana, Dr Irfaan Ali, is encouraging the Surinamese government and private sector to embrace Guyanese expertise and services.

In a message to the ongoing International Business Conference in Suriname, Dr Ali emphasised that Guyana has undergone tremendous development over the past few years, owing to growth in its burgeoning oil industry. As such, the country is a strong partner.

“We built infrastructure, training institutes, and (developed) programmes, and we have been able to develop good experience in offshore exploration and support services.

“Feel free to work with the Guyanese private sector to build and coordinate the future requirements of Suriname,” the President said in a prerecorded message that was shown at the conference.

A significant US$10.5 billion investment in Suriname’s Block 58 oil and gas project was announced last October. TotalEnergies and APA plan to develop the Sapakara and Krabdagu fields, renamed “Gran Morgu,” with combined recoverable resources estimated at over 700 million barrels.

Guyana began oil production in 2019 and is expected to produce about one million barrels of oil daily by the end of the decade.

Already, the two countries are partnering to drive joint development in areas such as manufacturing and agro-processing. The new Corentyne River Bridge is also expected to foster further collaboration between the two states.