Guyana Seeks Suriname Gas Deal After Building Oil Fortune

• Guyana President Irfaan Ali is exploring a partnership with Suriname to build a gas-powered industrial hub as he works to fortify his nation’s economy, which was rapidly transformed by oil fortunes in the past decade.
• The nation is seeking a partnership with Suriname for a prospective hub on the north coast of South America that would use natural gas from the countries’ offshore fields, he said in an interview. Ali said he aims “to build regional prosperity” by producing power, fertilizer and aluminium in the Berbice region in eastern Guyana. He spoke on the sidelines of the CERAWeek by S&P Global conference in Houston.
• Exxon Mobil Corp.’s oil discovery in 2015 has transformed Guyana’s economic fortunes, filling the government’s coffers with billions of dollars from oil exports. But it’s also left the nation’s outlook extremely intertwined with the whims of the crude market at a time when an expectant population is looking for a rapid uplift in living standards.
• Ali, who is up for re-election this year, wants to build “resilience” by investing heavily in non-oil sectors, such as agriculture, infrastructure, education and healthcare, he said. The hub would be critical for “energy and food security,” he said as the region seeks to grow its economy.
• “We’re hoping also to discuss with Suriname the integration of their gas into that facility,” Ali said. “That facility would be able to serve both Guyana and Suriname and create the economic spin-off and opportunities for both countries.”

(Source: Rigzone)