Suriname’s state-owned oil company, Staatsolie, has initiated discussions with oil giants Exxon Mobil and TotalEnergies to explore the possibility of jointly developing natural gas fields located across Suriname’s and Guyana’s maritime borders. These early-stage talks reflect Suriname’s efforts to attract foreign investment in its energy sector and position the South American nation as a key regional gas hub, with major offshore oil production expected to commence in approximately four years.
In neighboring Guyana, an Exxon-led consortium has significantly increased oil production to around 650,000 barrels per day. Discussions are underway with the Guyanese government to exploit untapped gas fields, aiming to utilize the resources for domestic consumption, exports, and additional revenue generation for the country.
Exxon’s operations in Guyana have identified substantial recoverable resources, primarily focused on crude oil production. However, the consortium is considering a new project primarily centered on gas development, with two gas-rich discoveries near Suriname’s TotalEnergies and APA Corp fields presenting collaborative opportunities.
Staatsolie’s Managing Director, Annand Jagesar, highlighted the potential for synergy between Suriname and Guyana’s gas exploration projects, emphasizing the scalability and feasibility of joint initiatives. Overcoming challenges such as taxation disparities and fiscal terms between the two nations will be crucial in facilitating collaborative gas developments.