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Suriname’s Offshore Energy Sector Faces Crucial Turning Point Amidst Global Transition

Guyana’s Success Highlights Urgency for Suriname as it Navigates the Complexities of Offshore Oil and Gas Development

Suriname’s Offshore Energy Sector Faces Crucial Turning Point Amidst Global Transition

The opportunity for Suriname to fully reap the benefits of its offshore oil and gas sector is quickly approaching, said Guyana’s Vice President Bharrat Jagdeo during a press conference on Thursday.

Jagdeo was responding to reports that Guyana was being used as a “negative example” of how an oil industry should be managed. The Guyanese Vice President pointed out a contrasting story, explaining that countries like Namibia want to emulate Guyana’s rise on the global energy stage.

“Many people are interested in… the pace at which things are developing here, and we have shared our experiences with them,” he explained.

“Unprecedented” is the word frequently used to describe the development of the oil sector in Guyana; the first discovery was made in 2015, and less than four years later, production began. Now, the country is approaching the commissioning of its third project, with two more in the pipeline. Guyana’s reserves already exceed 11 billion oil-equivalent barrels – the 17th highest in the world. This area also includes 17 trillion cubic meters of natural gas.

However, Suriname’s offshore sector is still in its infancy. According to Jagdeo, “If you don’t get in very early, you might miss the bus, and Suriname is about to miss the bus.” This is in the context of the ongoing global energy transition.

Currently, the world is striving to transition away from oil and gas and move towards cleaner, greener energy. Many countries have set ambitious goals to achieve net-zero emissions. Guyana aims to achieve this by utilizing its oil and gas resources to build a sustainable renewable energy system. Securing a spot among the last suppliers of oil and gas is becoming increasingly challenging.

While Suriname’s first oil development has been announced, the field development plan, environmental permits, and final investment decisions have not yet been completed. It will take years before the first drop of offshore oil is produced. TotalEnergies expects the first oil from its Block 58 project in Suriname to come in 2028.

“So we are pleased that Suriname is making progress…we believe that if there is an oil industry in Suriname and it has additional gas, there are opportunities to collaborate, but they are still far from actually producing oil, a crucial timeline for the future,” Jagdeo added.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/77990

Date: 16 oktober 2023

Categories:  Economische Boom, Economische Nieuws, Guyana 

Tags:  Guyana, Namibia, Press Conferences, TotalEnergies, Vice President Bharrat Jagdeo 

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