Staatsolie receives a proposal for DW WEST of offshore Open Acreage
19 June 2026
Staatsolie received a proposal for an area in Sector 4: DW WEST of the Open Acreage offshore. In accordance with the Open-Door Process, qualified companies have the opportunity to submit a competing proposal in this sector. The submission period for competing proposals opens Wednesday, June 17, 2026, at 10:00 AM GMT-3, and will remain open for 90 days, closing on Tuesday, September 15, 2026, at 10:00 AM GMT-3.
Source: Staatsolie
Suriname emerges as a high-potential offshore E&P frontier
The next two to three years could see development drilling and new project FIDs.
June 11, 2026
The Noble Developer (a high-specification semisubmersible) has been central to unlocking reserves in Block 52 offshore Suriname for Petronas and ExxonMobil. Suriname has emerged as a high-potential but still-maturing offshore E&P frontier within the Guyana-Suriname Basin, sharing the same prolific petroleum system that powers Guyana’s success.
While it lags Guyana in production scale, recent discoveries, the FID on the first major deepwater development, and ongoing licensing have positioned it for significant growth. As of mid-2026, Suriname remains exploration-heavy with one flagship development advancing toward first oil in 2028.
Over the past two to three years, Suriname transitioned from promising frontier discoveries to concrete development commitments. Exploration in Block 58, operated by TotalEnergies (50%) with APA Corporation (50%), yielded key finds such as Sapakara South (2021) and Krabdagu (2022). These, along with earlier hits like Maka Central and Kwaskwasi, confirmed substantial resources. By 2023–2024, appraisal drilling solidified the commercial case, with recoverable volumes for the initial phase estimated at around 700–760 million barrels.
Key Highlights
Suriname’s offshore sector is transitioning from exploration to development, with the GranMorgu project marking its first deepwater commercial milestone.
Major operators like TotalEnergies, APA, Shell, and Petronas are actively drilling, appraising, and developing discoveries across multiple blocks, with a focus on deepwater plays.
Suriname’s licensing and local content initiatives, along with infrastructure expansion, are preparing the country for a significant offshore production future, potentially reaching 200,000+ barrels per day by 2030.
IMF
Suriname: Post-Financing Assessment Discussions-Press Release; and Staff Report
June 10, 2026
Following successful completion of a Fund-supported program, economic growth has been robust, fiscal outturns have improved following the unwinding of pre-election excesses, and the sovereign has been able to tap global debt markets to fund liability management operations.
However, efforts to contain reserve money growth have been insufficient and inflation has risen into double digits.
Caribbean Development Bank
BRIDGETOWN, Barbados June 18:
The Caribbean Development Bank (CDB / the Bank) launched the Caribbean Regional Electricity Grid Interconnection and Renewable Energy Scaling Technical Assistance Project, (CREGI-RES), an initiative designed to help the region assess how renewable energy resources, electricity demand, interconnection opportunities and investment pathways can be brought together into a viable regional roadmap.
The Technical Assistance marks a turning point in the regional effort to build a more secure energy future. By examining the potential for regional integration, including submarine interconnection options, grid reinforcement needs and renewable energy scaling, CREGI-RES can help identify pathways to decrease dependence, lower costs, strengthen resilience to climate change and reduce vulnerability to global fuel price shocks.
During the launch of CREGI-RES, Mr. L. O’Reilly Lewis, Director of CDB Projects Department, explained,
“Regional cooperation through this Technical Assistance unlocks opportunities individual countries cannot achieve alone. The potential benefits could be significant and now must be tested through rigorous analysis.”
Countries remain highly dependent on imported petroleum for primary energy needs, resulting in high electricity tariffs. Despite the vast potential in geothermal, offshore wind, solar and hydropower, renewables still account for minimal installed generation capacity.
CREGI-RES will address these challenges through a specialised Grid Interconnection and Renewable Energy Scaling Advisor who will develop a comprehensive regional roadmap covering grid inter-connection, renewable energy deployment and power market development. The Technical Assistance is expected to support the establishment of thematic working groups to advance the process alongside regional stakeholder workshops and country consultations, with a focus on removing regulatory and institutional barriers to attract long-term private finance.
The Technical Assistance is financed through CDB Special Funds Resources, with support from development partner contributions, including the European Union Caribbean Investment Facility (EU-CIF) Geothermal Risk Mitigation programme, Agence Française de Développement and the Government of Canada through the SuRGE programme. The total TA envelope is US$1.5 million. Implementation is expected to continue through early 2028, with the first roadmap outputs targeted for 2027.
CREGI-RES is expected to help identify credible investment opportunities that could contribute to increased renewable energy capacity, lower emissions, improved energy affordability, stronger resilience and more inclusive participation in the clean energy workforce. These outcomes will depend on the results of further technical, financial, environmental, social, and institutional analysis, as well as future investment decisions by participating countries and financing partners.
A flagship initiative under CDB Accelerated Sustainable Energy and Resilience Transition 2030 Framework (ASERT-2030), CREGI-RES forms part of the Bank’s Strategic Plan which prioritises investments in green energy across BMCs. The Technical Assistance aligns with the CARICOM energy agenda and the targets set under the Paris Agreement, positioning the region as a leader in the clean energy transition.
CDB Board Approves US$200 Million Guarantee to Expand Financing for Development
NASSAU, Bahamas, June 2, 2026 –
The Caribbean Development Bank Board of Directors approved the advancement of a landmark First-Loss Portfolio Credit Guarantee with the Government of Canada, which the Prime Minister of Canada announced at the last G7 Leaders’ Summit in Kananaskis in June 2025. The US$200 million guarantee will significantly strengthen the Bank’s ability to deliver development financing across the region.
The approval of the transaction by the Board of Directors during the Bank’s 56th Annual Meeting represents a major step forward in innovative development finance, as the guarantee will allow CDB to reduce its portfolio risk, to enhance its capital position, and to expand its lending capacity. The guarantee is expected to generate up to US$400 million in additional financing capacity, supporting investments in climate resilience, sustainable infrastructure, and economic development.
CDB President Mr Daniel M. Best described the initiative as a transformational milestone. “This is an important step towards the agreement that will enhance our ability to deliver on our mandate at a critical time for the Caribbean. It allows us to increase investment in resilience, opportunity, and economic development while safeguarding the Bank’s financial strength.”
The guarantee builds on CDB’s ongoing balance sheet optimisation efforts and aligns with global efforts led by the G20 to strengthen multilateral development banks and scale development impact.
According to Director, International Financial Institutions Division for Global Affairs Canada, Mr Philippe Hall “The Government of Canada’s support underscores its commitment to support reforms and innovations among Multilateral Development Banks for advancing sustainable development and strengthening resilience in Caribbean Small Island Developing States.”
With the expected increase in its financing capacity, CDB will prioritise projects that advance climate action, regional integration, and economic development, consistent with CDB’s Strategic Plan.
NASSAU, The Bahamas, June 8, 2026 –
The Caribbean Development Bank (CDB / the Bank) concluded its 56th Annual Meeting of the Board of Governors on June 4 with a renewed commitment from regional leaders, development partners, and stakeholders to accelerate implementation, strengthen partnerships, and translate commitments into concrete results for Caribbean people. Closing the Meeting, CDB President Mr. Daniel M. Best distilled the spirit of the week into a single charge: “The true measure of this Annual Meeting will not be what we said in Nassau. It will be what is done after Nassau.”
A defining message from Governors throughout the week was the urgent need to shift from planning to implementation. Participants called for stronger regional coordination, faster delivery of development programmes, and deeper collaboration among governments, development partners, and the private sector.
Best affirmed the Bank’s commitment to rising to that challenge and delivering tangible results for the people of the Caribbean. “We have heard the call from Governors for a more unified approach,” he said. “We are committed to doing just that—by aligning our efforts across countries and partners, accelerating decision-making, and deploying practical solutions that translate policy into progress.”
Across sessions, discussions examined how Caribbean countries can respond to mounting global pressures, among them climate shocks, geopolitical tensions, constrained fiscal space, and slowing economic growth. That conversation extended to the Youth FIRE Forum, where young leaders added their own charge to governments and institutions to ensure that the solutions being built today create real pathways to opportunity for the next generation.
The Meeting also spotlighted emerging opportunities to mobilise private capital, broaden access to climate finance, strengthen entrepreneurship, and deploy innovative financing instruments to drive resilience and growth—while underscoring the critical role of data, innovation, and knowledge-sharing in improving development outcomes.
President Best thanked the Government and people of The Bahamas for hosting the Region during a week of consequential discussions on the Caribbean’s future and urged delegates to carry the momentum generated in Nassau into meaningful action.
“As we bring this 56th Annual Meeting of the Board of Governors to a close, we do so knowing that our work does not end here. If anything, it begins anew, carrying forward the ideas we shared, the partnerships we strengthened, and the commitments we made to build a stronger future for the Caribbean together,”
The President closed with a rallying call for action across the Region. “Let us create a path where we will be remembered not as the generation that managed uncertainty, but as the generation that forged possibility—together. It is time for us to accelerate results and impact to transform our Caribbean. This is the decade of decision and action.”
The 56th Annual Meeting of the Board of Governors of the Caribbean Development Bank was held in Nassau, The Bahamas, on June 1–5 under the theme “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times.” Heads of Government, Finance Ministers, Governors, development institutions, private sector representatives, civil society organisations, and young leaders addressed the Region’s most pressing development challenges.
The 57th Annual Meeting of the Board of Governors of the Bank will be held in Belize in June 2027.
IMF
The Bahamas: Technical Assistance Report – Technical Assistance Project on Debt-Investment-Growth and Natural Disasters (DIGNAD)
June 5, 2026
Summary
This technical assistance report documents a scoping mission to strengthen the authorities’ capacity to integrate climate-related natural disaster risks into macroeconomic analysis in The Bahamas.
Conducted at the request of the Central Bank of The Bahamas, the mission assessed existing analytical tools, institutional arrangements, and data practices, identifying gaps in incorporating disaster shocks and debt-investment-growth linkages into forecasting frameworks.
The report proposes a multi-stage capacity development program centered on operationalizing the DIGNAD model, including calibration, scenario design, and integration into existing frameworks. The program aims to institutionalize disaster risk analysis, strengthen policy assessment, and support evidence-based macroeconomic management and resilience planning in a highly disaster-prone small island economy.
Exxon Guyana consortium 2025 financials
June 10, 2026
ExxonMobil, operator of Stabroek Block in 2025 recorded US$6B in profit before taxes, while partners, Hess and CNOOC earned US$4B and US$2.5B respectively. Guyana banked US$2.5B in oil revenue and receives 2% of all oil produced in the Stabroek Block, according to the 2016 Production Sharing Agreement (PSA).
Exxon reported its financial performance for 2025 in a media conference at its Ogle, East Coast Demerara Headquarters.
EMGL Vice President and Business Services Manager, John Colling presented the financial statement for the year ended 31st December, 2025 ExxonMobil sold about 102 million barrels of oil in 2025. The company’s financials, reported in Guyana dollars state that its revenue for the year was $1.713 trillion, down from $1.733T in 2024. The lower cost per barrel of oil in 2025 was the reason for the reduction in earnings, although a new Floating Production Storage and Offloading vessel (FPSO) commenced production in August last year.
The Vice President said, “As we mentioned before, there’s a difference between petroleum agreement, accounting and IFRS. So, the petroleum agreement is really designed to allocate profit oil on a cash basis between ExxonMobil Guyana Limited and its co-venturers, and the government.”
75% of revenue generated is presently utilised for cost recovery as reflected in the IFRS financial statements. Upon the recovery of those costs, Guyana’s pool of revenue will grow and is poised to increase as more projects come online.In March, President of ExxonMobil Guyana, Alistair Routledge said some US$5B was still in the cost bank to be recovered by the companies. Exxon is pursuing two more developments in the Stabroek Block.
Message from the Caribbean Community on the Devastating Earthquakes in Venezuela
June 25, 2026
CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana
The Caribbean Community (CARICOM) expresses deep condolences over the tragic loss of life, the growing number of injuries, and the extensive damage to infrastructure and homes as a result of the devastating earthquakes that struck Venezuela on Wednesday, 24 June 2026.
We stand in solidarity with the people of Venezuela during this time of immense grief and offer prayers for a swift recovery to the injured and displaced.
CARICOM commends the tireless efforts of the emergency personnel, first responders, and citizens working under challenging conditions to rescue survivors and provide vital assistance. CARICOM wishes the people of Venezuela strength and resilience as they navigate this tragedy and begin the difficult process of recovery and reconstruction.
CARICOM REPROACH GUYANA, T&T OVER CUBA SANCTIONS
29/05/2026
A tectonic diplomatic tactic exposed cataclysmic geopolitical rifts within the fissiparous Community as Guyana and Trinidad and Tobago officially broke ranks with regional counterparts.
The two petrostates opposed an excoriating CARICOM intervention denouncing escalating US pressure and sanctions against Cuba. In an emergency declaration, the CARICOM Council for Foreign and Community Relations (COFCOR) reported the seismic shift.
While the majority of the 15-member bloc approved criticism of Washington’s foreign policy, Guyana and Trinidad and Tobago formally reserved their positions, refusing to align with the collective text. Their focus is on defence of their country, economic security, sovereignty and the future.
Ignoring explicit reservations entered by Port of Spain and Georgetown, other CARICOM states proceeded to publish a schismatic defence of Havana. The bloc warned that tightening of economic, commercial and financial measures by the U.S. is driving severe internal gridlock.
COFCOR was “profoundly concerned” by obstruction of vessels transporting fuel to Cuba, sparking widespread blackouts and disrupting air travel and activities across schools and hospitals.
The bloc claimed that the economic squeeze catalyzed a severe humanitarian emergency compromising safety of Caricom citizens studying and living on the island. Alarmed by potential military action against Cuba, which COFCOR asserted poses “no threat to any nation”, it insisted that unilateral embargoes violate human rights principles and accepted norms governing sovereign states.
Bilateral Alignments and Domestic Strain
The decision by Guyana to withhold its signature reflects a steady, multi-year repositioning of its foreign policy alignment. President Dr. Irfaan Ali explicitly backed a structural change to the geopolitical status quo in Havana.
“We agree there must be an attempt to have the status quo changed and we all are aware that it will take time.”
The diplomatic reservation follows internal friction. For generations, Guyana and Cuba shared cooperative ties, characterized by reciprocal medical assistance and extensive technical scholarship placements for Guyanese.
A visible low point followed the Guyana decision to discontinue the Cuban Medical Brigade contract, which analysts interpret as part of a wider effort to align domestic frameworks with US commercial and strategic partners. The breakdown reflects a hostile phase in relations between Washington and Havana. The USA escalated its regional security campaign, classifying the Cuban government as an active threat to continental stability.
The campaign peaked with an unprecedented, criminal indictment unsealed by a U.S. federal grand jury in Miami against 94-year-old former Cuban President Raúl Castro and 5 high-ranking regime co-defendants. The 20-page DOJ document charges the leadership with murder and conspiracy to kill U.S. nationals in connection with the fatal 1996 military shoot-down of two unarmed civilian aircraft operated by the Florida-based exile humanitarian group Brothers to the Rescue.
Combined with sweeping new financial sanctions to isolate Cuba’s maritime oil lines, the legal maneuver forced CARICOM governments to take definitive, high-stakes decisions regarding diplomatic loyalties in the Western Hemisphere.
Guyana and Trinidad and Tobago attended the inaugural Summit of Shield of the Americas in March when a proclamation launching the Shield of the Americas initiative, established an Americas Counter-Cartel Coalition.
The proclamation commits participating nations to coordinate military and law enforcement efforts to combat transnational criminal organizations, particularly drug cartels. Shield of the Americas is officially a military and political coalition where issues are coordinated and addressed with governments aligned to the United States.
With Trinidad & Tobago now in the UN Security Council, hopefully, they will liaise with the USA to curb crime in the CARICOM duo.
OBITUARY- PROFESSOR JOHN AGARD 1955-2026
June 20, 2026
Professor of Tropical Island Ecology, whose contributions in sustainable development and climate change received global recognition, John Agard was instrumental in promoting new laws, such as the Certificate of Environmental Clearance Rules 2001, the Noise Pollution Rules 2001, and the Water Pollution Rules 2001, signing into law subsidiary legislation designating new Parks and Protected Areas such as the Environmentally Sensitive Area (Matura Natural Park) 2004, the ESA Nariva Swamp (Managed Resource Protected Area) 2006 and the ESA Aripo Savannahs (Strict Scientific Reserve) 2007.
He was a lead author in the Small Islands Chapter of the Fourth Assessment Report of the Inter-Governmental Panel on Climate Change (IPCC) published by Cambridge University Press, sharing the 2007 Nobel Peace Prize with Al Gore. He was lead author for the Small Island Systems and Scenarios chapters in the Millennium Ecosystem Assessment (MA) 2005, awarded the Zayed Prize for the Environment.
He was coordinating lead author of the Scenarios Chapter of the 2007 UNEP Global Environmental Outlook (GEO-4). He was a co-leader with the Cropper Foundation of the Caribbean Sea Assessment (CARSEA) 2007.
He was involved in creating innovative environmental policy, laws and systems as Chairman of the Environmental Management Authority of Trinidad and Tobago and helped establish the National Environmental Policy.