New oil producer Guyana has signed a historic deal with neighbouring Suriname that will allow for easier travel between the two countries.
The agreement was signed on Monday in the Savannah Suite of the Pegasus Hotel in Georgetown, Guyana’s Capital City. Signing the Agreement on behalf of Suriname was Albert Jubithana, Minister of Transport, Communication and Tourism and on Guyana’s front, Public Works Minister, Bishop Juan Edghill.
Guyana’s Ministry of Public Works said the agreement will improve production between the two countries, connect communities, create economic growth, and contribute to sustainable development.
Minister Jubithana said ‘without connectivity, there is no productivity’ and pointed out that the framework has been set for productivity in the two countries.
The agreement will release restrictions on aircraft time and restrictions on aircraft cargo, among others.
“This agreement is truly a historical agreement and it is an unimpeded move to ensure that there is collaboration between both countries,” Minister Edghill said. He added that not only will individuals be able to move by a new bridge soon, but also via air transportation.
“In this Open Skies Agreement, we have agreed to remove all restrictions on Market Access, capacity and pricing to create for a more open market and to give route rights to our respective airlines,” Minister Edghill added.
He noted that this initiative is in keeping with the Guyana government’s goal of connecting the country to the rest of the World. Given that Suriname has good connectivity to Europe and the Dutch Caribbean and Guyana is connected to the Caribbean and North America, the airlines operating in both countries can benefit from traffic and growth opportunities.
Already an onshore oil producer, Suriname is expected to begin developing offshore oil fields in the coming years where three major discoveries have so far been made.
In Guyana, ExxonMobil has made 18 discoveries since 2015 at the Stabroek block amounting to more than 9 billion barrels of oil equivalent resources.