Young: National Energy making good progress in Guyana, Suriname

Energy Minister Stuart Young - Photo by Gabriel Williams

ENERGY Minister Stuart Young has said the National Energy Corporation is making good progress with initiatives it is pursuing in Guyana and Suriname.

That progress is demonstrated by $36.3 million in revenue National Energy received as a result of these initiatives over the last five years.

Young, who is currently acting prime minister, was answering a question from Opposition Senator Wade Mark in the Senate on September 9.

He said National Energy has spent $3,693,765 "from January 2017-May 2024, on efforts related to establishing business in Guyana."

Over this period, he said, National Energy had participated in several events.

He said it had co-ordinated "the submission to the pre-qualification proposal for gas-to-energy project issued by the government of the Co-operative Republic of Guyana. "

The NGC (National Gas Company) group, Young continued, was subsequently shortlisted for the request for bids.

"Upon issuance of the RFP (request for proposals) bids packages, the NGC group declined to participate further."

Young said National Energy was also contracted by a Guyanese company to provide technical assistance and jointly explore "potential for partnership in the area of port infrastructure, development and operation."

The company, he said, has also entered into strategic partnerships for providing marine support services for operations in Guyana and Suriname.

Young said National Energy's achievements over the last five years in these initiatives included a revenue of $36,262,827, ten times the value of the company's initial expenditure on establishing business in Guyana.

The $36,262,827 he quoted included revenues of $350,000 for providing technical services, and $35,912,363 for marine vessel services in Guyana and Suriname.

Young congratulated National Energy on "this outstanding revenue earned."

He told senators a memorandum of understanding (MOU) between Suriname energy company Staatsolie and National Energy in 2021 "explored opportunities for greater co-operation."

Young said National Energy worked with Staatsolie to prepare a gas monetisation study for Suriname.

National Energy's Guyana office, meanwhile, is used, he said, "as a base for engagement with senior officials from both Guyana and Suriname."

Through this office, Young said, Trinidad and Tobago is demonstrating its commitment to working with Guyana on developing that country's energy sector.

"It is also made available for use by other state companies and the TT High Commission in Guyana."

Young said the Prime Minister, Guyanese President Dr Mohammed Irfaan Ali and Suriname President Chandrikapersad Santokhi met at the National Energy's Guyana office in 2022 "to lay the groundwork for further discussions on energy matters."

He added that National Energy "serves as the focal point for the implementation of the government-to-government MOU understandings with both Guyana and Suriname."

Young reminded senators a TT-Guyana MOU, executed in 2022, covers collaboration in areas such as food security, energy infrastructure, trade and investment.

He said a separate MOU between TT and Suriname that deals with energy co-operation was executed on July 6, 2023.

Some aspects of that MOU, he said, involved assessing regional gas supply opportunities, renewable energy initiatives and public-private partnerships.

"We have also executed MOUs and NDAs (non-disclosure agreement) with Guyanese (business) partners for exploration of business opportunities."

Young added that government has established relations through National Energy with the Malaysian energy multinational company Petronas, which has operations in Suriname.