Home' Trinidad and Tobago Guardian : August 8th 2014 Contents A19
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KINGSTOWN---The Organisation of
Eastern Caribbean States (OECS) must
mobilise large sums of money if it is to
address the challenges confronting its
nine member countries.
"And that is where we call on our de-
velopment partners to appreciate the
challenges with which we are con-
fronted," chairman of the OECS, Prime
Minister of Dominica Roosevelt Skerrit,
told the opening ceremony of the 59th
meeting of the OECS Authority.
"The challenge which we have, with
the issue of debt, the issues of our
banking system, our financial system,
strengthening those institutions, we are
going to need an injection of serious
hard financial resources to address
these challenges," he said.
Skerrit said OECS leaders came to
that conclusion during a meeting of the
Eastern Caribbean Central Bank Mone-
tary Council. (CMC)
OECS needs injection of cash
Marny Y Daal-Vogelland, right, Staatsolie's manager of petroleum contracts, speaks with local investors
during yesterday's luncheon hosted by the Energy Chamber at Cara Suites, La Romaine.
PHOTO: TONY HOWELL.
Suriname's state oil company Staat-
solie is inviting T&T oil and gas com-
panies to increase their footprint in
Suriname by looking at two new
onshore blocks on offer for joint
exploration and production.
At an Energy Chamber luncheon at
Cara Suites in Claxton Bay yesterday.
Staatsolie manager for petroleum con-
tracts Marny Daal invited locally oper-
ating energy companies, national and
international, to participate in the ongo-
ing offshore bid round in her country.
She thanked Petrotrin and other T&T-
based oil and gas companies and service
providers for helping to bring Suriname's
burgeoning oil province to where it is
"When we started out in the very
early stages in the 1980s, we looked
very, very closely to see where can we
learn, and Petrotrin was made our clos-
est and biggest ally. But we've probably
outgrown them a little bit, since we've
had our own refinery for the last 17
years now," she told reporters after
"Instead of sending it (oil) to Petrotrin,
we now refine it at home."
Offshore Suriname is virtually un-
explored, with only 25 exploration wells
drilled in an area of approximately
150,000 square kilometers, she said.
Offshore blocks 58, 59 and 60 are being
offered through a competitive bid round
closing January 30, 2015. The blocks
are in depths varying from as shallow
as 15 meters to 2,250 meters. Production
sharing contracts (PSCs) of 20-25 years
will be awarded, she said.
The onshore offering are Nickerie
and Commewijne, two blocks next to
already producing fields. Staatsolie man-
aging director designate Rudolf Elias,
who spoke before Daal, said Suriname
produces 16-17,000 barrels of oil per
Daal said Suriname decided to seek
partnerships to operate the two onshore
blocks rather than to put them out for
bid. She said Staatsolie is inviting com-
panies, after signing confidentiality
agreements, to view already available
data on the previously explored blocks,
and present proposals. She said
the offer is ideal for small and
medium-sized companies as the
required investment may not be
as large as that for offshore and
deep water drilling.
Elias, in his presentation, focused
on Staatsolie's Refinery Expansion
Project (REP), and spoke about
opportunities from the US$900
million upgrade for local service
and equipment providers. He fore-
cast the refinery will generate
US$100 million per year in addi-
tional cash income for Staatsolie
"This will mean US$50 million
additional income per year for the
state," Elias said.
He said the expansion project,
conceived in 2004, was 87 per cent
complete as at August 5. He said
7.5 million man hours have been
worked at the site, with 5 million
of those free of loss time incidents.
The new refinery will produce
diesel in addition to gasoline, he
said. Some of the diesel will be
exported to French Guiana and
possibly Martinique, and Guade-
loupe, he said. A sugar to ethanol
plant is also included.
Suriname has 92.5 million barrels
of proven reserves of oil (bbls), and
17.1 million bbls of probable
reserves, Elias said.
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