Economy October 6, 2023 | 8:36 am

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Suriname offers Dominican Republic opportunity to invest in oil

Santo Domingo.- President Luis Abinader of the Dominican Republic signed a memorandum of understanding with his Surinamese counterpart, Chandrikapersad Santokhi, which opens up the possibility for Dominican capital to be invested in oil exploitation in Suriname. This move follows similar agreements signed with Guyana in August.

Suriname and Guyana have both recently discovered significant deposits of oil and natural gas, making them attractive destinations for foreign capital investment. The Dominican government aims to leverage this opportunity for investment.

Suriname and Guyana are neighboring nations in northeastern South America, north of Brazil. Suriname’s president, Santokhi, highlighted the country’s oil and gas discoveries, including a recent confirmation by Total Energy, a French oil company, of a significant oil deposit with a production capacity of 200,000 barrels per day. He mentioned that the exploitation of this area is expected to begin in two years, making it an opportune time for investments.

The memorandum of understanding focuses on cooperation in the hydrocarbon industry, aiming to collaborate on the exploration, production, and development of energy resources, as well as the implementation of advanced and sustainable technologies. President Abinader hopes that both the Dominican public and private sectors will invest in the exploration and exploitation of oil in Suriname, emphasizing the potential role of Refidomsa, a government-owned refinery, in this endeavor.

In addition to the hydrocarbon sector, the two governments also signed agreements related to air services, agriculture, and sanitary and phytosanitary matters. These agreements aim to strengthen cooperation and facilitate trade between the two countries.

Overall, these projects are expected to take several years to materialize, with the goal of ensuring energy and food security while fostering economic and technological development in both nations. Additionally, Suriname expressed its support for the UN resolution regarding Haiti and will participate in the security team led by Kenya to help restore governance in the country.

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