Summary
- T&T seeks deeper energy partnership with Guyana, Suriname; Moonilal floats regional ministers’ caucus
- Moonilal urges CARICOM energy ministers’ forum, eyes Guyana support to revive Petrotrin
- Guyana, Suriname and T&T discuss regional energy security as Petrotrin revival returns to agenda
- Bharrat: Guyana could near 1.2m bpd next year; Moonilal calls for coordinated regional strategy
- Suriname signals possible Guyana gas MOU as ministers push regional energy cooperation
- New T&T government “serious” on Guyana-Suriname ties, says Moonilal
ENERGY Minister, Dr Roodal Moonilal, says the new Kamla Persad-Bissessar administration in Port of Spain is intent on strengthening its partnership with Guyana and Suriname.
Moonilal also suggested establishing a caucus of natural resources and energy ministers to ensure the region’s three major oil and gas producers can benefit from its vast hydrocarbon resources.
Speaking during a panel discussion at the Guyana Energy Conference & Supply Chain Expo—now in its third day on Friday—Moonilal said he remains hopeful that Guyana can help revitalise Trinidad and Tobago’s oil refinery.
He appeared on the Ministerial Panel on “Regional Energy Security” alongside Suriname’s Minister of Oil, Gas and Environment, Patrick Brunings, and Guyana’s Minister of Natural Resources, Vickram Bharrat.
“We were disappointed that, over the years, a former administration may not have taken advantage and worked with the Government of Guyana to advance our mutual development,” Moonilal said, adding that the new Persad-Bissessar government is serious about its partnership with Guyana and Suriname.
A key focus is restarting operations at the state-owned Petrotrin refinery in south Trinidad, which was shut down by the Keith Rowley administration after it said the facility was burdened with billions of dollars in debt (one TT dollar = US$0.16).
The Persad-Bissessar administration has established a committee to explore reopening the facility with foreign investment.
Moonilal said Trinidad and Tobago is “encouraged” to work with Guyana and other stakeholders to reopen the refinery, which can process about 150,000 barrels of oil per day.
He reiterated his call for oil-producing countries within the Caribbean Community (CARICOM) to establish a caucus of natural resources and energy ministers so the region’s three major producers can better coordinate policies and strategies.
“I further propose that maybe the time has come that we institute some type of forum where our respective teams can meet more regularly to collaborate, to work together on investment policies [and] strategies, so we do not duplicate and, indeed, we are aware of what each other are doing in the Caribbean,” he said.
Moonilal said he was “surprised” that such a ministerial forum had not existed previously.
Trinidad and Tobago was, for almost 100 years, the Caribbean’s lone major oil producer—until Guyana began producing and ramped up to nearly one million barrels of crude per day.
Suriname, a small onshore heavy-oil producer, is expected to produce 220,000 barrels of crude per day from the offshore Gran Morgu project by 2028. There are also significant gas prospects in an area that straddles Guyana and Suriname.
Brunings later said Paramaribo and Georgetown could sign a memorandum of understanding within a month covering several aspects of joint gas production.
He also said Trinidad and Tobago and Suriname could play a bigger role in supporting the region’s transition from fossil fuels to renewable energy, adding that gas would be important for electricity generation and transportation.
Bharrat told the panel that by this time next year Guyana could be producing close to 1.2 million barrels of oil per day. He said the country’s rapid rise—becoming one of the world’s fastest-growing economies—was the result of bold, decisive and visionary leadership.
“Leadership is critical. Decision-making is very important. Making bold decisions is critical in developing any sector, more so a capital-intensive sector like oil and gas,” he said.
Bharrat pointed to the passage of the Natural Resource Fund Act in 2021, which strengthened oversight of oil revenues through parliamentary approval, scrutiny by the Public Accounts Committee and audits by the Auditor General.
He said the framework ensures oil revenues can only flow into the national budget with parliamentary approval—or, in the case of a national emergency—while safeguarding resources for present and future generations.
“We are developing our infrastructure and transforming our country while at the same time building a sovereign wealth fund,” he said, noting that many oil-producing countries established such funds decades after production began.
Bharrat also cited the Local Content Act as another major milestone. Despite initial concerns that the legislation could deter investors, he said it has strengthened the sector by ensuring meaningful Guyanese participation.
More than 1,200 local companies are registered to participate in the oil and gas industry, with thousands of Guyanese employed and trained in technical and professional roles.
“We do not want Guyanese to be bystanders in this sector. We want petroleum engineers, reservoir engineers and technicians managing and operating the industry,” he said, also stressing the importance of regional cooperation among Guyana, Suriname and Trinidad and Tobago to advance shared energy security goals.
“You invest in Guyana because there is predictability, there is stability, there is security for your investment, and you have a government that encourages and ensures that your investment is safe and worthwhile,” he added. (CMC)
