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Ayuk’s book, local content policies are derived from a simple philosophy: A nation’s natural resources belong to the people, so the people should benefit from their development. Let’s focus first on how the oil and gas industry can support economic development through local content, as that has far-ranging consequences. Ayuk’s book, Billions at Play: The Future of African Energy and Doing Deals - we would like Suriname’s leaders, civil society and business community to consider a plan incorporating local content, empowering women, improved governance, and more. Built upon best practices from around the world - as reported in Mr. We envision oil-based wealth leading the country on a sustainable, profitable path. We want to see everyday people benefit from these major oil discoveries. We are advocating for Suriname to harness the transformative power of oil and gas. Will it take its lead from Ghana, Norway, Guyana, Trinidad and Tobago, and other nations that are leveraging natural resource wealth to help the local population? And how can it avoid the mistakes of oil states that have seen their riches primarily line the pockets of foreign companies? What remains unclear is how Suriname will steward the potential opportunities and revenues arising from its hydrocarbon bounty. This is just the kind of strategy that’s necessary today to attract international oil companies (IOCs), and we encourage African countries to follow in Suriname’s example. Combined with a lower overall cost of production, oil companies can achieve profitability even if oil trades in the $30 to $40 per barrel range. Suriname also takes a smaller cut of the proceeds compared to its neighbors. Suriname’s 30-year production-sharing agreements are considerably longer than those offered by neighboring countries, giving oil companies more time to ramp up activities and continue producing. Suriname has put in place a producer-friendly regime that the oil and gas industry has been quick to notice. Geological Survey putting the resource potential of the Guyana-Suriname basin at more than 13 billion barrels of oil - and only 26 wells currently in place - there’s no question why majors and independents are drawn to the area.īut what makes drilling offshore Suriname even more attractive is the favorable business environment being touted under the leadership of President Chan Santokhi, who took office last year.
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Exxon Mobil and Petronas announced a discovery in December 2020, and Shell has purchased Kosmos Energy’s participating interests in the region. And though Apache and Total may have been among the first to achieve drilling success offshore Suriname, they are clearly not alone. In fact, Apache is so convinced of the promise this region holds that it dropped its Permian Basin rigs in Texas to concentrate more fully on Suriname. The successful Sapakara West-1 well was actually Apache-Total’s second find in the 1.4 million-acre Block 58 they made Suriname’s first-ever offshore discovery at the nearby Maka Central-1 exploration well In January 2020. Last April, for example, Apache Corporation and Total reported a significant oil offshore discovery. In the year since news reports first began describing a novel coronavirus in China, the resource-rich waters off the South American nation have become the target for increased drilling activity, and a growing number of producers are taking a chance on the region’s potential. Coupled with increasing concerns about climate change and its effect on conventional energy production, it seems difficult to find a bright spot. Oil and gas has undeniably been one of the hardest-hit industries, with prices still struggling to rebound from the collapse in demand during the first quarter of 2020.
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JOHANNESBURG, South Africa, February 1, 2021/APO Group/ -īy Clarence Seedorf (Chair, Black Impact Foundation) and NJ Ayuk (Chair, African Energy Chamber [There’s no question that the COVID-19 pandemic has sent global energy markets reeling.