SGCC endorses Suriname’s US$10B 1st offshore oil project

…says both countries to benefit from partnerships in several areas

The Suriname Guyana Chamber of Commerce (SGCC) has thrown its support behind the Final Investment Decision (FID) announced by TotalEnergies, APA Corporation, and Staatsolie for development of the GranMorgu project in Block 58.
It has issued, in a release, a statement detailing that the landmark US$10 billion investment marks a pivotal moment in Suriname’s economic and energy landscape, bringing immense opportunities for growth and development in both Suriname and the broader region.
“The FID is set to provide new economic opportunities through job creation, local capacity building, and enhanced energy collaboration across borders. It is expected to generate significant benefits for the local economy, with an increase in job opportunities and investments that will strengthen the private sectors of both Suriname and Guyana”, that statement has said.
Further, the SGCC has said that businesses in both Suriname and Guyana would benefit from partnerships in logistics, well services, and the operations of the FPSO and subsea systems.
“For Guyana, this development complements our own burgeoning oil sector, fostering opportunities for cross-border investment, shared infrastructure development, and expertise. The collaboration between Guyana and Suriname in energy and trade is set to unlock significant benefits for both nations, enhancing regional connectivity and positioning both countries as leaders in the global energy market”, the SGCC has said.
Suriname Ambassador to Guyana, Liselle Blankendal, at a media event held for this International Business Conference (IBC), has celebrated the announcement of the Final Investment Decision (FID) as a historic moment for Suriname.
“With an investment of more than ten billion US dollars, the largest ever that Suriname has had, the country is getting a historic new beginning. This is great news, and will contribute significantly to Suriname’s economic growth and boost local employment and investments,” she has said.
She also emphasized that this investment would deepen economic ties and create lasting opportunities between the two nations. As both countries work together, she has said, the vast opportunities this collaboration brings would be embraced, thereby contributing to job creation and fostering a robust entrepreneurial environment.
The SGCC has said it “looks forward to continued collaboration with the Governments of Suriname and Guyana, to ensure that this project serves as a cornerstone for sustainable development and long-term prosperity in the region by facilitating cross-border trade and investment.”
The Block 58 aims to produce 200,000 B/D of crude oil at peak. Hopes for the 1.4-million-acre Block 58 have been underpinned in no small part by the fact that it lies alongside the maritime border of Guyana and its massive Stabroek Block, where ExxonMobil has made more than two dozen major oil discoveries and currently produces around 600,000 B/D from a pair of FPSOs.