On Tuesday, GEORGETOWN, Guyana, CMC – Suriname President Chandrikapersad Santoki said his Dutch-speaking Caribbean Community (CARICOM) country is open to doing business in all streams of the oil and gas sector as he underscored the importance of the industry to the socio-economic development of the country.
Addressing the 2023 International Energy Conference and Expo being held under the theme “Harnessing Energy for Development,” Santokhi, in a virtual address to the delegates, also urged closer collaboration with Guyana on developing the oil and energy sector.,
The four-day conference aims to facilitate the exchange of ideas, propositions, and plans for fundamental advances in the energy sector that .fossil fuels, namely oil, and gas, will remain the dominant energy source in the near to medium term.
Santokhi told the conference that Surinamese is now benefiting from the war in Ukraine, occasioned by Russia’s invasion of the Eastern European country, which has changed the situation, and his country’s resources can now offer a solution.
“The extraction of Surinamese gas was so far not profitable. However, the war in Ukraine changed the situation, and Surinamese gas can offer a solution. Suriname and Guyana should explore these opportunities together by developing a joint program.
“Suriname and Guyana will share expertise and resources, save costs, reduce risk, improve our relation, and develop the border areas… to increase production and promote greater transparency and accountability,” Santokhi said.
He told the delegates that Paramaribo is open to doing business in all streams of the oil and gas sector, emphasizing that the industry plays a vital role in the country’s economic development.
Santokhi, who had to deliver his address virtually because he is engaged in a budget debate in his country, said Suriname is also currently developing its offshore oil and gas resources to provide energy security, which will create jobs and promote economic growth.
“This industrial development…can catalyze new economic opportunities, and the creation of a financial free zone can be explored. This will create a hub function from the Caribbean region to South America by air and sea. We must make fundamental decisions such as strategic energy cooperation between Suriname, Guyana, and Brazil.
“We bonded our investment ideas by signing the cooperation agreement, the bridge over the Corentyne River and water transportation will open our gates for expansion with our Brazilian neighbors… and cross-border field developments are common throughout the global oil and gas industry.
“It is now time to step up our giant activities and interactions to take advantage of current opportunities. We must bring together all the media, public and private sector stakeholders across the entire energy value chain to lead this planet to sustainable development,” Santokhi told the conference.
Earlier, former Colombian President Ivan Duque praised Guyana’s forest management rates, saying that the world needs more of such initiatives it makes the transition to greener economies.
“Even though we use regular energy and make the transition, we still have to protect nature. We have to watch the landscapes. We must protect those areas that are crucial ecosystems for the present and future of humanity.
“(Guyana’s forests) are one of the most beautiful landscapes that Guyana has in the world. And imagine this country has more than 90 percent of its tropical jungle. And it has one of the lowest levels of deforestation,” Duque said.
The former Colombian president said that maintaining protected areas is crucial even as Guyana continues to build out its Low Carbon Development (LCD) economy.
“Guyana is a critical model to share with the world,” he said, adding that the LCD is not just “great paperwork or vision,” but it is a living strategy that takes place “day by day.”
St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves said Guyana, with its new-found wealth, has embarked on “a modern, competitive, many-sided post-colonial economy, which is local, regional and global.”
“Guyana is at an exceptional location. Indeed we are all in the Caribbean being honest that the stone which the builder rejected has now become the headstone,” Gonsalves said, adding that individualistic societies are not sustainable and that with oil being a blessing and a curse in countries across the world, it is vital to work together.
“Guyana is at an exceptional location. Indeed we are all in the Caribbean being honest that the stone which the builder rejected has now become the headstone,” Gonsalves said, adding that individualistic societies are not sustainable and that with oil being a blessing and a curse in countries across the world, it is vital to work together.
“Successive Guyanese government has been a centerpiece for regional integration. From this government, there is a concept of integration which holds great promise for the region and for Guyana to play an important role in that integration movement,” Gonsalves said.
He also spoke of the ongoing efforts to address the issue of food security in the region and praised Guyana’s leadership role in this regard while keeping the region’s carbon emissions low.
“The issue is how we address climate change, which is very complicated and makes the transition to clean energy. Guyana, Trinidad and Tobago, St Vincent, and the whole Caribbean contribute very little to global warming,” Gonsalves said as he offered support for oil exploration to spur development and help with the transition to clean energy.
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