Suriname and Halliburton Group Discuss Importance of Local Content in Oil and Gas Sector
President Chan Santokhi (r) shakes hands with the CEO of the Halliburton Group, Jeffrey Miller
PARAMARIBO, Suriname, CMC—After holding talks with officials from the Canadian–based Halliburton Group, Suriname has underscored the importance of developing local content within the oil and gas sector.
Development of Local Content
“Continuation of this policy is necessary to guarantee that the economic and investment climate remains stable,” President Chandrikapersad Santokhi told the delegation headed by the group’s chief executive officer, Jeffrey Miller.
Halliburton Group’s Interest in Investing
Halliburton Group, a supplier of energy products and services, has expressed interest in investing here with Santokhi, indicating that local content should be used as much as possible.
Government’s Transformation of Economic Policy
According to him, the favorable investment climate that has now been created would not have been possible without the government’s drastic transformation of economic policy.
Halliburton Group’s Operations in Suriname
The Halliburton Group already has a ‘Mud and Cementing Plant’ in Suriname, and materials are produced here that are needed to drill offshore sources.
The company has operated on a small scale with the state-owned Staatsolie in Saramacca for 40 years.
Expansion of Operations
The Communication Service Suriname (CSS), reporting on the meeting, quoted Miller as wanting to expand the current operations in Suriname further.
Staatsolie’s Hopes for Services from Suriname
Staatsolie director Annand Jagesar, who was also present during the discussions with the head of state, said he hopes the Canadian company will offer its equipment and services from Suriname, just like in Guyana.
According to him, providing services for oil drilling costs a lot of money, and he added, “It is big business.
“We want part of that money to stay in Suriname because the service provision is done from here,” he added.
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Conclusion
The discussions between Suriname and the Halliburton Group highlight the importance of developing local content in the oil and gas sector. The government’s transformation of economic policy has created a favorable investment climate, and the company’s interest in investing and expanding its operations in Suriname is a positive development.
FAQs
* What is the significance of developing local content in the oil and gas sector?
+ It is necessary to guarantee the economic and investment climate remains stable.
* What is the Halliburton Group’s interest in investing in Suriname?
+ They are interested in investing and expanding their operations in Suriname, with a focus on using local content as much as possible.
* What is the government’s transformation of economic policy?
+ It has created a favorable investment climate, making it possible for companies like Halliburton Group to invest and operate in Suriname.