Amsterdam, August 3rd, 2024– There is a very strong possibility Suriname could become a strong and pivotal oil and gas development player the coming years. With the potential to significantly influence global energy dynamics, according to Mr. Patrick Jelinek, a well known source in the Oil and Gas environment.
Mr. Patrick Jelinek
According to Mr. Patrick Jelinek, the cards Guyana holds at this point of the game are so strong it’s difficult to miss out. As a nascent energy sector offers both opportunities and challenges, with the potential to drive socio-economic progress through industrialization and infrastructure improvements. However, rapid growth requires “operational excellence and innovation” to navigate the evolving regulatory and risk landscape.
Guyana has acquired some 800 million us$ into the development of the nation the first few months of this year alone.Both private companies interested in Guyanaas well as institutional investors should recognize the evolving nature of the local content regulations and focus on establishing robust partnerships and compliance frameworks, Mr. Jelinek advises.
Guyana’s Local Content Act, a key legislative tool, has facilitated the employment of Guyanese nationals in the industry, with 40 specified areas in the services sector mandating local procurement by oil and gas companies and their subcontractors. To further strengthen local content policies, a series of amendments to the already planned legislation.
But Suriname, once named the 17th richest country on earth is plagued with other issues in spite of the fact that TotalEnergies from France has pledged a us$ 9 billion investment proposal for a first development plan.
Anton Foek with Mr. Annand Jagesar [ on the right in the photo ]
Mr. Annand Jagesar [ on the right in the photo ], CEO of Staatsolie NV in Paramaribo, the capital of Surname has shown a certain form of optimism last week at a meeting in Amsterdam and the Hague in the Netherlands, where he met with eyesonsuriname.com
Suriname offers a more mature landscape with varied operators, providing strategic advantages, especially in gas field development. Suriname, an onshore oil producer for approximately 45 years, anticipates significant growth in offshore oil production. ” The first final investment decision, the so-called FID, is expected in 2024, with projections of producing over 200,000 barrels of oil per day by 2028 “, he said and told us.
For companies considering entering or expanding in Guyana and Suriname, Mr Patrick Jelinek however emphasizes the importance of understanding each country’s regulatory, tax, and labor frameworks in a different setting. “Expertise in navigating these aspects is crucial to maximizing opportunities and mitigating risks,” his statement was backed by the Staatsolie BV CEO.
The oil and gas industry has been a cornerstone of the global economy, with a constantly and consistently rising demand, except during the COVID-19 pandemic. New discoveries and vast oilfield reserves continue to support global production, crucial for meeting this demand.
In May 2024, a GlobalData poll highlighted the oil field developments with the most promising short to medium-term prospects. The emerging oil fields of Suriname and that of Guyana stood way out, with 33% of respondents identifying them as the primary growth engine for oil development.eyesonsuriname
