Trinidad and Tobago and Suriname have laid the foundation for energy cooperation with a new Memorandum of Understanding (MoU) signed on July 6.
TT’s Prime Minister Dr. Keith Rowley and Surinamese President Chandrikapersad (Chan) Santokhi witnessed the signing by Trinidad’s Energy Minister Stuart Young and Suriname’s Foreign Affairs Minister Albert Ramdin.
The signing reportedly followed productive discussions on ongoing collaborative efforts between the countries, focused on the future development of Suriname’s and TT’s hydrocarbon industry and also to provide energy security for the region.
Suriname has years of experience with onshore oil production led by its state oil company Staatsolie. The country has racked up offshore finds, primarily in its Block 58, and awaits a final investment decision (FID) from operators TotalEnergies and Apache Corporation. Staatsolie is expected to launch its shallow-water bid round this quarter. It recently closed its Demerara deepwater bid round where bids were received for three of the six blocks on auction.
Trinidad has been in the game for much longer, with experience in both onshore and offshore production of oil and natural gas.
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Both countries will establish technical teams to produce feasibility studies to determine the way forward.
