Highlights From SEOGS2021: Local Content, Electricity Trading Corridor

(Energy Analytics Institute, 3.Jun.2021) — Select highlights from 3 June 2021 from the Suriname Energy, Oil and Gas Summit or SEOGS2021, and speakers from Staatsolie Upstream Director Rehka Bissumbhar to National Energy President Dr. Vernon Paltoo follow.

Select highlights from the Suriname Energy, Oil and Gas Summit or SEOGS2021, which was held virtually from 1-3 June 2021, follow.

3 JUNE: DAY 3

Staatsolie Upstream Director Rehka Bissumbhar

Staatsolie’s focus on local content includes sustainable development, inclusiveness local content, and encouraging partners to invest in local content.

— Local content development objectives will focus on capabilities, environment, policies and infrastructure.

The Association of Dutch Suppliers in the Offshore Energy Industry (IRO) Managing Director Sander Vergroesen

— “Local content is important, but don’t make it to local.”

Venezuela Petroleum Chamber President Reinaldo Quintero

— 90% of what is needed in Venezuela is local content

— “The oil sector is a blessing, but can also create problems.”

— For example since the oil sector pays better, a number of workers from other important sectors such as agriculture will tend to leave those poorer paying sector to migrate to the oil sector; thus, leaving the other sector or sectors in despair. It is necessary to try to avoid this from happening.

NV Energiebedrijven Suriname (NV EBS) Manager Shung Tak Chan

— The Arco Norte project study eyes creation of an electricity trading corridor spanning Guyana, Suriname, French Guiana and Brazil. But, more importantly the question is will it be feasible? Funding is currently being sought though.

— “Local content is important, but experience from abroad is also important.”

National Energy President Dr. Vernon Paltoo

— “Suriname will have to do what Trinidad did over 50 years but in a compressed time of maybe 10 years.”

— “Services need to be built around a port.”

— “Oil sector revenues should be used to create and drive other sectors.”

— “Boosting gas production relates to boosting exploration activities.”

Manchester Trade Ltd. Vice President David E. Lewis

— “The challenge of free labor movement within Caricom is still an issue.”

— “Macro and micro economic policies need to remain in place to ensure a positive investment climate for local and international investors.”

— “Suriname and Guyana are small markets and will rely on exports to drive growth. The countries need to focus on the dynamics of global demand.”

Editor’s Note: Energy Analytics Institute (EAI) is an official media partner for SEOGS2021.

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By Piero Stewart and Aaron Simonsky. © Energy Analytics Institute (EAI). All Rights Reserved.