Chief Investment Officer (CEO) of Guyana and Agency Head of the Guyana Office for Investment, Dr Peter Ramsaroop and Director of the Suriname Investment and Trade Agency, Amar Alakhramsing along with other officials after the signing on Thursday
The Guyana Office for Investment (GO-Invest) and the Suriname Investment and Trade Agency (SITA) have entered an agreement to enhance trade and Foreign Direct Investment between the two countries.
The Memorandum of Understanding (MoU) formalises a framework for collaboration between the two agencies and was signed by the Chief Investment Officer (CEO) of Guyana and Agency Head of Go-Invest, Dr Peter Ramsaroop and Director of SITA, Amar Alakhramsing on Thursday.
Dr Ramsaroop hailed the agreement as opportune and progressive. Alakhramsing, who signed on behalf of that agency, also lauded the agreement that will strengthen collaboration between the two entities and trade between the two nations.
Dr Peter Ramsaroop and Amar Alakhramsing of Suriname signing the agreement
The MoU covers a diverse area of collaboration, ranging from information sharing and research to export and investment promotion.
The signing occurred amid Suriname’s 4th Energy, Oil and Gas Summit and Exhibition which began on Tuesday and will conclude on Friday, in Paramaribo. The event is hosted under the theme, “The Next Stage of Success”.
The Summit is being executed at an exciting time for Suriname with its first offshore oil development pegged at US$9 billion which is in the planning stages by TotalEnergies – operator of Suriname’s Block 58.
Discoveries continue to mount as well, with the latest success in Block 52 by Petronas. The Fusaea-1 well encountered several oil and gas-bearing Campanian sandstone reservoir packages. Fusaea was the third find for the block and Consultancy Group, Wood Mackenzie said it, along with the previous Roystonea discovery could support a 100,000 barrel-a-day development.
The two discoveries are estimated to contain close to 400 million oil-equivalent barrels (boe). Suriname’s total discovered resources stand at 4.6 billion boe, according to Wood Mackenzie. Gas accounts for 48% of this figure.
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