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State energy companies from Trinidad and Tobago and Suriname signed a memorandum of understanding (MoU) for greater co-operation during a meeting in Suriname on Monday.
A media release from the Heritage Petroleum Company Ltd on Monday reported that representatives from Heritage, the Paria Fuel Trading Company Ltd and Suriname's state energy company Staatsolie Maatschappij Suriname NV, met and finalised the agreement.
The framework allows for co-operation between the three state-owned energy companies.
The release reported the meeting included Minister of Energy and Energy Industries Stuart Young, Heritage CEO Arlene Chow, managing director of Staatsolie Anand Jagesar, and general manager of Paria Mushtaq Mohammed.
By signing the MoU all parties have agreed to enter discussions on finding beneficial partnership opportunities under three categories:exploration and production, trading and marketing, and environment, social and governance.
Young said he was optimistic the MoU was the first step towards a productive and mutually beneficial agreement.
"As Caricom partners, TT and Suriname will work together to address the challenges to develop our energy sectors as well as those of our region.
"Our countries have an important role to play in energy security for the region. I look forward to a fruitful relationship," he said adding that he was pleased discussions have already started.
The release reported that several opportunities under the three categories of interest will be assessed and developed.
After assessment, if opportunities identified are feasible, the companies may enter negotiations.
Representatives from the three parties met last November at Heritage Petroleum's Port of Spain office.
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