African Energy Chamber (www.EnergyChamber.org) Executive Chairman NJ Ayuk will lead a Just Energy Transition Masterclass at the Suriname Awareness Symposium (SAS) – taking place January 27-28 in Paramaribo, Suriname. The masterclass will unpack emerging challenges and opportunities created by the global energy transition, outlining strategic measures to prioritize inclusivity, equitability and integration. Building on key themes such as investment, development and collaboration, the masterclass will offer insight into balancing multi-faceted goals of addressing energy poverty with reducing greenhouse gas emissions.
Aimed at accelerating economic growth in Suriname through the development of the energy sector, SAS 2025 brings together key stakeholders to discuss and strategize investment, diversification and entrepreneurship. Serving as more than just a conference or exhibition, SAS 2025 represents a space for the industry to connect, build capacity, transfer knowledge and ignite change. The AEC represents a Strategic Partner of the event, with Ayuk participating as a keynote speaker.
In recent years, Suriname has emerged as a highly attractive energy market. In the oil and gas sector, the country has risen to become one of the most promising plays worldwide, with offshore discoveries made between 2019 and 2022 enticing a suite of companies to invest in upstream operations. A Shallow Offshore Bid Round held in 2021 and deepwater licensing round held in November 2022 further amplified investment in the market, leading to a string of M&A deals and milestones in recent months.
Energy major TotalEnergies made a $10.5 billion Final Investment Decision in October 2024 for the GranMorgu project, situated in Block 58. Comprising the Sapakara and Krabdagu oil discoveries - the latter of which was made in 2022 – the project is expected to begin production in 2028, with 200,000 barrels per day (bpd) coming online via an FPSO. Energy major ExxonMobil and Malaysia’s Petronas signed a letter of agreement earlier this year with the government for Block 52. The companies have been granted a 10-year tax break and will conduct feasibility studies, with gas production targeted for 2031. ExxonMobil has since withdrawn from the asset, with the company transferring its 52% stake to Petronas.
Beyond these blocks, QatarEnergy signed a deal with Chevron to acquire a stake in a production sharing contract for Block 5. Chevron will stay on as operator, with the companies moving to the second exploration phase of the concession. QatarEnergy also has interests in Block 64 and Block 65. With an estimated 2.4 billion barrels of proven oil reserves and 12.5 trillion cubic feet of proven gas, Suriname is well-positioned to leverage its hydrocarbon industry to fuel long-term and sustainable economic growth.
Amid these developments, the government of Suriname is focused on enhancing value creation for local citizens. The country plans to share revenues generated from oil and gas projects with local communities through its Royalties for Everyone program. Over the next 10 to 20 years, up to $10 billion is expected to be generated from projects. As such, the program aims to distribute anticipated profits, thereby boosting economic growth.
Stepping into this picture, SAS 2025 seeks to foster greater collaboration across the industry while driving economic development and diversification. The event aims to raise awareness for five key topics, mainly the energy transition trilemma; local content; education, technology and infrastructure; good governance; and environmental and social impacts. By promoting the importance of coordinated efforts among government, the private sector and community groups, the event aims to drive sustainable development and local empowerment.
“SAS 2025 is a critical event for the energy industry of Suriname. The country has rapidly become one of the world’s biggest hydrocarbon offshore plays, and through strategic policy and collaboration, stands to transform its economy. Capacity building, knowledge-transfer and local content are vital components of any energy strategy and we look forward to addressing these topics during SAS 2025,” stated Ayuk.
Distributed by APO Group on behalf of African Energy Chamber.
