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Suriname: Gov’nt open to more Chinese involved in oil and gas industry

LoopNews

October 22, 2024 5:10 PM ET

3 mins read

The Suriname government is hoping that more Chinese companies will become involved in the country’s oil and gas industry after the state-owned company, Staatsolie signed a production-sharing contract with PetroChina.

Soon after the agreement was signed, the French-based TotalEnergies announced that it will invest over US$10.5 billion in Suriname’s first offshore oil project in Block 58.

PetroChina will operate blocks 14 and 15, with Staatsolie taking a 30 per cent share through its subsidiary Paradise Oil Co (POC).

The two parties will also sign a joint operating agreement concerning the distribution of costs, risks and revenues arising from the exploration, development and production of oil and gas.

Both blocks were offered under the Suriname Shallow Offshore 2 Bid Round 2023-2024. They are in the eastern part of the Suriname-Guyana basin and border Block 52, which contains oil and gas discoveries.

Speaking at a ceremony welcoming 171 Chinese immigrants to Suriname, Foreign Affairs, International Business and International Cooperation (Bibis) Minister, Albert Ramdin said the government is open to more Chinese involvement in the oil and gas sector.

He said President Chandrikapersad Santokhi, who has repeatedly spoken about the ongoing relationship between China and the Dutch-speaking Caribbean Community (CARICOM) country, regularly consults with both entrepreneurs from China and the Chinese community here to determine how they can make an even greater contribution to the further development of the country.

China’s Consul to Suriname, Liu Zhenhua, said that the contribution of the Chinese community in Suriname cannot be underestimated.

“Today, Chinese supermarkets can be found everywhere in Suriname, from every district to the far interior. From trade, restaurants, mining and timber industry to setting up large companies and holding government positions,” said Zhenhua.

“We must continue to spread Chinese culture, strengthen the friendship between the two countries, participate in the economic and social development of Suriname and make a positive contribution to the further development of Sino-Surinamese relations,” said the Chinese diplomat.