As both Guyana and Suriname continue to make significant oil discoveries, Surinamese President Chandrikapersad Santokhi said that the onus is on countries to ensure that they manage their oil and gas resources in a responsible manner.
He expressed the sentiment yesterday while addressing the opening of the international energy conference which is being held at the Guyana Marriott Hotel in Kingston, Georgetown. The conference is being held under the theme “Charting a Sustainable Energy Future” and concludes on Friday.
“The leaders and their people have a historic and unique past (and) a responsibility and obligation to manage the oil and gas resources well. To do so in such a way that a sustainable and reliable path forward is set to create an economy upon which future generations can build and derive a steady income from.
“To do so in such a way that’s done with internationally recognized and accepted environmental standards in place to protect the world and remain carbon negative. To do so in such a way that we can successfully facilitate a transition from a carbon-based economy towards a green economy with affordable energy,” Santokhi said.
He added that the objective in his country is to have an 80% green economy by 2060 and in furtherance of that goal, it would be establishing a Vision 2060 national commission next month. President Santokhi told the gathering that Suriname is actively pursuing energy transition using a balanced approach to ensure that the needs of both the people and the environment are addressed.
He noted that both Guyana and Suriname are committed to cooperation in the furtherance of building resilient economies and societies.
“Both Guyana and Suriname are on the path of development towards a sustainable economy that will make the transition from carbon-based energy to green energy. That commitment is there…the question is how do we make that transition utilizing the new-found natural resources wisely (and) utilizing modern technology to lay a solid foundation for a more diversified economy for generations to come,” he said.
“We must realize the challenging times we live in. Apart from the (COVID-19) pandemic and global financial development risks, we also face the impact of climate change and now also of looming global instability as a consequence of political conflict. All of this will have an impact on the energy generation demands, flows and prices,” the Surinamese President said while alluding to the tensions between Russia and Ukraine.
President Santokhi stressed the need to transition from one energy source to a cleaner and renewable one but noted that one must consider how energy itself will transform lives and economies going forward.
Mitigating global energy poverty
Santokhi said that with the constant oil discoveries being made offshore Guyana and Suriname, the two countries are now uniquely positioned to aid in the mitigation of global energy poverty. He noted that global energy poverty makes it difficult for almost one billion people to develop a productive livelihood.
“In charting this transition, we must recognize that others have gone before us and had profited from the earned revenues to develop our modern economy and create a future path of economic development where oil and gas may not play such a significant role anymore. These fortunate countries have seized a major part of the revenues to be able to provide for generations to come. We have the same goal and commitment to our current and certainly our future generations.
“No doubt, we must be responsible in our approach and certainly develop our oil and gas resources in an environmentally friendly and sound matter. Human activities including fishing, shipping, or the exploitation of marine resources are rapidly developing. Suriname, therefore, is on a path where better integration and management of human activities in the marine landscape of Suriname will be pursued,” he related.
Providing some insight into what Suriname is doing in the oil and gas sector, Santokhi explain-ed that their offshore partners Total Energies and Apache Corporation have been working tirelessly to come to a final in-vestment decision. Additionally, he said that the 2022 drilling programme includes a number of wells being planted in Suriname’s Block 58 while Shell will drill exploration wells in Block 42 and Apache Corpora-tion will drill exploration wells in Block 53 as well.
He also told the conference that they have recently concluded a round of bidding for shallow shore west blocks as well as negotiated production sharing contracts with renowned international oil companies. Santokhi said that as part of Budget 2022 Suriname will dedicate more resources to educate the youth and private sector on sustainable energy practices.
“In my view, in building a sustainable energy future goes with special responsibilities with a population and how they consume and save energy also how to mitigate the harmful impacts of the oil and gas industry,” he related.
President Santokhi explained that as part of its developmental agenda, Suriname is collecting data to consider the feasibility of wind energy in offering power to interior villages that are off the grid. He spoke to the utilization of hybrid systems as a means of charting the course of converting to renewable sources.
“A hybrid system consists of primarily energy generation by solar power generation and a diesel power generation as a backup. We are looking also at solutions with hydroelectric power (and) we still need to research on this as it has strong impacts on the environment, the biodiversity and communities, which we have experienced already with our hydro energy dam.
“We need to invest in research and technology if it is beneficial for our people. That’s why the commitment from countries to start investing in new energy generation technologies is of critical importance,” he said.
According to Santokhi the switch to renewable energy alternatives must include private sector participation.
Speaking to the recent engagement in Paramaribo with President Irfaan Ali and Brazil’s President Jair Bolsonaro, President Santokhi said that the three countries can provide cost-effective energy by pooling their gas resources. The three countries are working on promoting cooperation in the areas of infrastructure, environment, investment, market, expansion and energy.
“We are convinced that by pooling our gas resources we can have a cost-effective energy source to facilitate a regional development process with energy-intensive industrial complexes utilizing mineral resources in these countries, which otherwise would not have been possible,” he stressed while speaking about the January 21, 2022 meeting.
The Surinamese President is here with a delegation inclusive of cabinet members and those in the oil and gas sector.
