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Suriname’s First Deepwater Oil Project Set for Final Investment Decision

As Suriname moves closer to becoming a key player in the global oil and gas market, all eyes are on the much-anticipated Final Investment Decision (FID) for Block 58, expected later this year. The project, spearheaded by TotalEnergies and APA Corporation, is set to bring significant economic opportunities to the region, with recoverable resources estimated at 700 million barrels of oil equivalent. The development of Gran Morgu, formerly known as the Sapakara South–Krabdagu field, marks Suriname’s first deepwater oil project. Staatsolie, Suriname’s state-owned energy company, is poised to take up to a 20% stake in the project, leveraging various funding options to cover its estimated $1.8 billion investment. Staatsolie plans to issue bonds in 2025, making the investment accessible to the Surinamese public through small-denomination offerings.

With first oil targeted for 2028 and a production capacity of 220,000 barrels per day, the project is set to play a transformative role in Suriname’s economy. TotalEnergies has committed to utilizing advanced technology to minimize emissions, reinforcing its low-carbon strategy in this landmark development.

Guyana's Energy Expansion: Powering the Future

Guyana is set to become a key player in the global energy market with significant investments in natural gas and renewable energy projects. The government's Gas-to-Energy Project, including a 300-megawatt (MW) natural gas-fired power plant at Wales, West Bank Demerara, is expected to cut electricity costs by half when it becomes operational by 2025. This will benefit both consumers and energy-intensive industries, such as manufacturing. In addition to the first plant, plans for a second power plant in the same region are in motion. The government has invited proposals for this project, which will operate under a 20 to 25-year power purchase agreement. These initiatives aim to meet Guyana’s growing energy needs while reducing costs and driving business expansion.

As Guyana continues to balance its oil wealth with sustainable energy practices, the International Business Conference (IBC) 2024, co-hosted by the SGCC, will be a platform to discuss these developments and attract further investment in the energy sector.

Guyana’s Growing Tourism Sector Welcomes Prestigious Operator

Guyana’s tourism sector continues to grow with the arrival of renowned luxury tour operator Abercrombie & Kent. The company, known for creating exclusive and sustainable travel experiences, has officially entered the Guyanese market. The announcement was made by President Dr. Irfaan Ali, following a meeting with Geoffrey Kent, Founder and Chairman Emeritus of Abercrombie & Kent, and local Wilderness Explorer Toney Thorne.

This partnership highlights Guyana’s increasing appeal as a premier eco-tourism destination and reflects the confidence international businesses have in the country’s tourism potential. With President Ali’s consistent advocacy for tourism development, the government continues to invest in infrastructure to support large-scale tourism operators.

Upcoming events like the International Business Conference (IBC) 2024, co-hosted by the Suriname-Guyana Chamber of Commerce (SGCC), will provide further opportunities for international and local businesses to collaborate and invest in Guyana’s burgeoning tourism sector.

Suriname-Canada Cooperation Expands with New Ambassador

On September 16, 2024, H.E. President Chandrikapersad Santokhi formally received the credentials of Sébastien Sigouin, the new non-resident Ambassador of Canada to Suriname. The ceremony underscored the shared ambition of both nations to strengthen their collaboration. President Santokhi expressed gratitude for Canada’s long-standing support, particularly in key areas like public health and tourism. Moving forward, the President highlighted the importance of fostering partnerships in human capital development, security, and financial support for local entrepreneurs to enhance mutual growth.

Guyana’s Call for Multilateralism at the UN General Assembly

At the 79th Session of the UN General Assembly, President Dr. Mohamed Irfaan Ali delivered a powerful address, urging nations to embrace multilateralism in tackling global challenges. Highlighting pressing issues such as climate change, food insecurity, and energy transitions, he stressed the urgency for global cooperation. President Ali advocated for a more equitable global financial system, especially for developing countries, and called for reforms in the UN Security Council. Additionally, he announced the creation of a Global Biodiversity Alliance, underscoring Guyana’s commitment to sustainable development and climate action. His speech resonated with a call to defend human rights and peace worldwide​.

Suriname’s Push for Sustainable Development at the UN

In his address at the 79th UN General Assembly, President Chandrikapersad Santokhi reaffirmed Suriname’s commitment to sustainable development. He emphasized the importance of multilateralism in addressing global inequalities, particularly for small nations like Suriname. The President highlighted the country's leadership in environmental conservation, noting its rich biodiversity and its significant contributions to the fight against climate change. Santokhi also called for global cooperation in achieving the UN Sustainable Development Goals (SDGs), stressing the urgent need for climate action and economic reform.

Pro Tips for Making the Most of the International Business Conference (IBC) and Using the Event App

Secure your spot as early as possible to maximize networking opportunities. Early registration gives you access to the full list of attendees and scheduled events.

Once you have the app, complete your profile with relevant details about your business. This will help potential partners find you and schedule meetings, and makes your business stand out.

Use the app’s scheduling feature to book one-on-one meetings with key stakeholders, speakers, and fellow attendees. Planning ahead ensures you maximize your time and connections at the event.

The app offers chat and messaging functions. Start conversations before the conference and follow up with potential contacts during and after the event.

Share your IBC experience on social media using the event's official hashtags. This boosts your visibility and helps you connect with attendees who share similar interests.

With so many networking opportunities, be ready to give a brief, impactful introduction of your business. Clear, concise messaging helps you stand out and make lasting connections.

Use the app to review your meetings and connect with new contacts. A prompt follow-up keeps the momentum going and solidifies potential partnerships.

Get Involved in the Upcoming Berbice Expo 2024 taking place from October 18th to 21st. This event is a great chance for you to show off your products and services, meet new business partners, and tap into fresh markets.

Why Should You Join?

• Grow Your Network: Meet key people in your industry, including business leaders and decision-makers.

• Promote Your Business: Show what you offer to a range of professionals, investors, and other businesses.

• Find New Opportunities: Learn more about what’s happening in key sectors like construction, manufacturing, and agro-processing.

We look forward to seeing you there and helping you make the most of this great opportunity!

SGCC Participates in Keller Williams Real Estate Summit

The Suriname Guyana Chamber of Commerce (SGCC) recently participated in the Keller Williams Real Estate Summit, where Chairman Dr. Vishnu Doerga delivered a presentation on the importance of business networking. He emphasized how the upcoming International Business Conference (IBC) will help businesses build stronger networks. Dr. Doerga also joined a panel discussing investment opportunities in Guyana, highlighting the country’s growth potential in real estate and other sectors.

The SGCC remains committed to fostering connections and promoting investment opportunities in the region. For more information on the IBC, visit our website or contact the SGCC office.

A Warm Welcome to our Newest SGCC Members!

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