Guyana-Suriname gas collaborationReserves among technical issues being ironed out – Bharrat

Talks at a technical level continue on Guyana and Suriname’s potential collaboration for gas development, with Natural Resources Minister Vickram Bharrat revealing that that ministry’s Permanent Secretary (PS), Joslyn McKenzie, is among senior officials who are leading discussions on the matter with Suriname.

During a press conference on Tuesday, Minister Bharrat provided an update on the potential collaboration between Guyana and Suriname regarding gas development. He noted that technical matters, including details about gas reserves, are currently under review.
Since both countries are part of the Guiana Shield, it is envisioned that there are vast gas reserves between both countries, and there is scope for collaboration to explore for, exploit, and maximize the value of this gas.
“PS is our point person at the Ministry. It’s more technical now. We’ve been sharing information with Suriname. Suriname has been sharing information with us. Basically, the two groups have been meeting virtually at a technical level, sharing information,” the minister detailed.
“You would know that they’re the ones sharing information and doing technical work, but decisions will have to be made at the policy level. We haven’t reached that stage yet, where the technical team is in a position to prepare reports and submit it for policy direction,” the minister clarified.
However, a potential challenge has arisen, as Suriname’s elections are scheduled for May 2025. According to Bharrat, the election period in Suriname is likely to cause a slowdown in progress on the Guyana-Suriname gas collaboration.
“But at the same time, I don’t want to preempt, but you know Suriname is going into an election soon. Their election is in May, so they’ve already started campaigning. So, I’m not sure how far we’ll go with it from then; but from our end, we’re willing to continue the talks. From our end, PS McKenzie, he’s the focal person,” the minister detailed.
“The meeting that we had with the Vice President, myself and the reps from Suriname, Minister Ramdin and others, we’ve identified the PS, Bobby and the others to work with him, and they’ve been doing that. Constant engagement, sharing of information, but we haven’t reached the stage where there’s a report for policy decision,” the minister said.
Meanwhile, one of the matters being examined in the discussions is the reserves of gas held by both countries. While Guyana is estimated to have 17 trillion cubic feet of gas reserves, Suriname’s reserves are estimated at around 12 trillion cubic feet.
“We’ve been looking at the reserves. That’s one. We’ve been looking at the reserves on both sides. That is a big part of the conversation. Because if we don’t know the reserves, then we can’t move forward. That’s the first thing: sharing of information on the reserves and looking at other technical cooperation too,” Bharrat detailed.
President Dr Irfaan Ali has consistently touted a regional energy corridor as Guyana moves to monetize its gas resources, which will be an independent project from the model Gas-to-Energy (GtE) initiative that is currently under construction at Wales, West Bank Demerara.
The GtE project comprises a Natural Gas Liquids (NGL) facility and a 300-megawatt power plant utilizing the rich natural gas from the Liza Fields in the Stabroek Block, offshore Guyana.
United States energy firm Fulcrum LNG Inc was selected to work in a tripartite arrangement with the Guyana Government and ExxonMobil to develop a potential gas project.
President Ali, back in June 2024, had touted several projects that are being considered for this gas monetization plan, including a shore base facility, an additional power plant, and a potential joint alumina plant facility between Guyana and Suriname.
Meanwhile, TotalEnergies and its partner, APA Corporation, had reached a US$10 billion deal for Suriname’s first oil development offshore in Block 58, which will see its first oil by 2028. Based on the oil contract, Suriname’s state oil company Staatsolie will have a 20 per cent stake in the operation, and the country would benefit from a 6.2 per cent royalty payment. (G3)