As Suriname embarks on its journey to the global energy stage, Guyanese President Dr. Irfaan Ali has assured its neighbor to the east it does not have to “stand on its own.” He believes regional cooperation could be the key to unlocking shared prosperity for both nations and the wider Caribbean.
Ali made the call during the International Business Conference in Suriname on Tuesday. In a video message at the event, he said as small states in a global economy dominated by larger nations, neither Guyana nor Suriname can afford to go it alone in their pursuit of sustainable development and economic resilience.
Urging the nation to leverage its geographical proximity and natural resource wealth alongside Guyana to unlock its full potential, he said, “Suriname, like Guyana, is richly endowed with vast expanses of land and energy resources…by pulling our strengths, we can transform regional energy security, make us less dependent on external markets, and enhance our collective capacity to power industry, communities and economies.”
One key initiative Ali championed is the creation of an “energy corridor” involving Guyana, Suriname, French Guiana, and Brazil. Such a regional partnership, he explained, has the potential to revolutionize the energy landscape, ensuring a more secure and self-sufficient supply for the entire Caribbean.
The benefits of collaboration extend far beyond the energy sector. He highlighted an opportunity for Guyana and Suriname to become the “breadbasket of the Caribbean” by revolutionizing their agricultural sectors.
“Imagine a Caribbean where every plate of food is sourced from the fertile soils of Suriname. These are not mere dreams. They are attainable goals, with the new-found resources coming into our countries.” He said by working together, the two neighbors can address regional food insecurity and reduce the need for costly food imports, further strengthening their economic resilience.
“Together, we are stronger, and together, we can ensure that no small state is left behind. The lessons shared with you today are not just theoretical. They come from the lived experiences of nations that have walked this path before,” Ali stated.
Suriname is preparing for its first offshore oil project, the $10.5 billion Block 58 development, which holds an estimated 750 million barrels of oil. First oil is expected by 2028, with a floating production, storage, and offloading (FPSO) vessel set to produce up to 220,000 barrels per day from around 30 wells.
Guyana’s oil industry has already surged ahead and is expected to produce more than one million barrels of oil by the end of the decade. Since 2023, ExxonMobil has been aggressively expanding its offshore drilling campaign, which has uncovered over 11 billion barrels of oil equivalent. Guyana is currently producing more than 640,000 barrels of oil per day, and the government is using its petroleum revenues to develop other sectors, strengthening the country’s economic foundation.
