Regional Energy News, Events & More

September 12, 2025•6 min read

Join us for the 1st Launch Anniversary of the Suriname-Guyana Chamber of Commerce (SGCC) Inc. as we celebrate a year of progress, collaboration, and business growth. Network with key stakeholders from the Public & Private Sectors & join in the celebration!

Date: Saturday, March 1, 2025
Time: 7:30 PM
Venue: The Woodbine Room, Cara Lodge Hotel, 294 Quamina St, Georgetown, Guyana
Dress Code: Formal
To RSVP: Scan the QR Code or Click on the Flyer

We would be deeply honored to have you with us on this special occasion.

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Guyana's Growing Oil Sector: Advancements in Offshore Activities and Local Content Engagement

ExxonMobil continues to expand its offshore activities in Guyana, awarding a six-month 4D ocean bottom node seismic survey contract to Shearwater GeoServices. Scheduled to begin in early 2025, the survey will enhance reservoir monitoring at the Stabroek Block using advanced seismic technology, supporting ExxonMobil’s development drilling efforts.

Guyana remains a cornerstone of ExxonMobil’s global strategy, with the company progressing on multiple fronts. Production in the Stabroek Block has exceeded 650,000 bpd, and five additional development projects are in the pipeline, aiming to push output beyond 1.7 million bpd by 2030. Meanwhile, offshore installation activities are ongoing at the Yellowtail field, and drilling continues at the Uaru field development.

To support its offshore operations, ExxonMobil Guyana is preparing to move into its US$160 million headquarters in Ogle. The facility, named the Kanuku building after Guyana’s mountain range, will house over 500 employees and is equipped with technology to manage offshore operations remotely via fiber optic connectivity. The move is projected to enhance efficiency, reduce offshore workforce dependency, and improve monitoring capabilities. Completion of another facility named after Guyana’s Pakaraima mountain range, is also slated for this year.

Guyana’s oil wealth continues to grow, with the Natural Resource Fund (NRF) closing in January 2025 at US$3.34 billion. The fund received US$230 million in deposits this January, including crude oil sales and royalties. With approved withdrawals of US$2.46 billion to support the national budget, Guyana’s NRF has reached a milestone where it could fully repay the country’s external debt of US$2.2 billion and still retain substantial reserves.

In a major step toward strengthening local participation in the oil and gas industry, Guyana’s Local Content Secretariat (LCS) has launched the ‘Local Content Gy’ app. Introduced during the recent Guyana Energy Conference and Supply Chain Expo, the app is designed to connect Guyanese contractors with oil and gas companies, providing real-time notifications on job openings and supply opportunities. Dr. Martin Pertab, head of the LCS, highlighted the app as a pivotal advancement in the government’s commitment to enhancing local engagement in the sector. It complements the existing Local Content Portal, streamlining access to opportunities and fostering stronger collaboration between local businesses and international operators. This initiative marks a significant step in ensuring that Guyanese enterprises play a more active role in the country’s growing oil economy.

Suriname's Energy Sector Advances with Key Developments

Suriname is making significant strides in its energy sector, with major investments and discoveries shaping the nation’s offshore oil and gas industry. A second Final Investment Decision (FID) is anticipated in 2026 for the Petronas-operated Block 52.

At the Guyana Energy Conference, Staatsolie CEO Annand Jagesar confirmed that Petronas’ Slonea-1 Well has exceeded expectations, yielding a substantial amount of non-associated gas. Additionally, the Roystonea-1 and Fusaea-1 Wells in Block 52 have delivered promising oil discoveries. Petronas has secured a Letter of Agreement (LoA) with Staatsolie, granting a 10-year tax-free period from the start of gas production. Rystad Energy predicts that Suriname’s first standalone gas project at Block 52 could materialize as early as 2031, with oil discoveries in the area potentially supporting a FPSO unit capable of processing 100,000 bpd. Petronas has also hinted at an innovative Floating Liquefied Natural Gas (FLNG) project, which would streamline gas extraction, liquefaction, and storage at sea.

These developments follow Staatsolie and TotalEnergies FID of 10.5B USD, last October; TotalEnergies is progressing with Suriname’s first offshore oil development - With an estimated 750 million barrels of recoverable oil, production is expected to reach 220,000 bpd from 30 wells, with first oil projected by 2028. SBM Offshore is preparing to deliver Suriname’s first FPSO for this development, emphasizing local content initiatives and workforce training.

Exploration activity in Suriname continues with Shell planning to drill four exploration wells in Block 65, beginning with Araku Deep-1, this year, following an earlier, unsuccessful attempt at Araku-1 in 2017. If successful, the drilling campaign could unlock deeper petroleum plays and further boost Suriname’s reserves. Staatsolie remains well-positioned to capitalize on discoveries, with the right to acquire up to a 20% stake during the development phase.

Suriname is actively promoting foreign investment, with upstream spending increasing from US$348 million in 2020 to US$514 million in 2024. Staatsolie expects five wells to be drilled this year alone, with participation from TotalEnergies, Petronas, Shell, Chevron, and QatarEnergy.

With increasing investments, technological advancements, and strategic partnerships, Suriname’s economy is poised for transformative growth.

Suriname and Guyana Advance Carbon Trading and Renewable Energy Collaboration

Suriname is strengthening its position in carbon trading as it prepares for offshore oil production with its first development, Gran Morgu. At the Suriname Awareness Symposium, Foreign Affairs Minister Albert Ramdin highlighted the country’s commitment to balancing economic growth with clean energy goals. In September 2023, Suriname launched its carbon credit trading scheme under the Paris Agreement, targeting 1.5 million credits at US$30 each. The country is also leveraging its vast renewable energy potential, particularly in hydro, solar, and wind power, to drive its transition.

Guyana has also made significant strides in carbon trading, securing 7.14 million carbon units under ART’s “TREES” standard and finalizing a US$750 million carbon credit deal with Hess Corporation. While Guyana prioritizes its Gas-to-Energy project, it has postponed the Amaila Falls Hydropower Project to 2029. Suriname, with extensive hydropower experience, has offered its expertise to support Guyana’s renewable energy development, emphasizing regional collaboration to enhance energy security and economic resilience.

✨This International Women’s Day 2025, we’re celebrating the strong, inspiring, and trailblazing women in the SGCC network!✨

Are you a woman in business & SGCC Member? Let us feature you!

Open the Form to check out a preview of what your feature will look like!

Scan the code or CLICK HERE TO FILL THE FORM

𝐇𝐞𝐫𝐕𝐞𝐧𝐭𝐮𝐫𝐞 𝐒𝐮𝐦𝐦𝐢𝐭 & 𝐄𝐱𝐩𝐨

𝐅𝐮𝐭𝐮𝐫𝐞-𝐏𝐫𝐨𝐨𝐟𝐢𝐧𝐠 𝐖𝐨𝐦𝐞𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬

This International Women’s Day, join us at the HerVenture Summit & Expo, where we focus on "Future-Proofing Women Entrepreneurs: Innovation, Finance & Digital Transformation." Gain valuable insights, connect with industry leaders, and explore opportunities to scale your business.

📅 Date: March 8, 2025

🕒 Time: 3:00 PM – 6:00 PM

📍 Venue: The Theatre Guild, Georgetown, Guyana

🔹 Expert Panels – Insights on innovation, finance & digital transformation

🔹 Business Pitch – Women-led businesses take the spotlight

🔹 Expo – Showcasing innovative female-owned brands

🔹 B2B Networking – Connect, collaborate, and scale

Secure your spot today! CLICK HERE TO REGISTER

The HerVenture App is completely free, giving you access to the knowledge, skills, and confidence to transform your business. Available on Android and iOS platforms in Guyana, the app provides multiple modules packed with free Business Education on all aspects of starting and managing your own business.

Download to start learning & get your HerVenture Certificate!