Posts

EU-LAC Digital Accelerator Opens 3rd Call for Caribbean Startup Partnerships

/0 Comments/in /by

News Americas, New York, NY, February 24, 2025: The EU-LAC Digital Accelerator has launched its 3rd Open Call, inviting business partnerships across the Caribbean, Latin America, and Europe to apply. The initiative seeks collaborations between corporates facing digital challenges and startups or innovative SMEs offering solutions.

This year, the accelerator is expanding its focus to HealthTech, in addition to CleanTech and Smart Production, creating new opportunities for Caribbean businesses to innovate and scale.

To qualify, partnerships must consist of at least one corporate and one startup from two of the three eligible regions – the Caribbean, Latin America, or the European Union.

Selected participants will receive in-kind acceleration services valued at up to €30,000, with an increased amount of €40,000 if a Caribbean partner is involved. These services include:

A customized acceleration roadmap
Design and implementation of a proof-of-concept
Validation of a business model
Investment and scaling readiness assessment

The EU-LAC Digital Accelerator is committed to fostering cross-regional innovation by supporting corporate-startup partnerships until they are investment-ready.

How to Apply?

Interested partnerships can submit their application in just five minutes via the EU-LAC Digital Accelerator website. A detailed “Guidelines for Applicants” document is also available to provide essential information.

For more details, contact the EU-LAC Digital Accelerator team.

Spanish Group Makes Major Investment In Jamaica

/0 Comments/in /by

News Americas, New York, NY, February 24, 2025: Spanish hotel giant Palladium Hotel Group is making a major investment in Jamaica, with a massive €500 million, (J$85 billion), expansion project set to transform the island’s tourism landscape. The development, which will add 950 new luxury rooms and 600 houses for tourism workers, was hailed by the country’s Prime Minister, Andrew Holness, as a resounding vote of confidence in Jamaica’s economy and the government’s ASPIRE growth agenda.

Speaking at the groundbreaking ceremony in Hanover, Jamaica recently, Holness underscored the strategic importance of the project, noting that it reflects Jamaica’s economic resilience and attractiveness to foreign investors.

“For the past decade, Jamaica has focused on fiscal consolidation and debt reduction. The scale and speed of our economic turnaround have no parallel among developing nations. The fact that Spain’s Palladium Hotel Group is investing at this level is a strong endorsement of Jamaica’s stability and potential,” Holness said.

Spain’s Continued Investment in Jamaica’s Tourism Industry

The Palladium Hotel Group has been a key player in Jamaica’s thriving tourism industry, and this expansion further solidifies Spain’s deep-rooted investment in the island. Holness extended gratitude to the Spanish government and investors, highlighting Spain’s €2 billion portfolio in Jamaica’s tourism sector.

The expansion will not only increase Jamaica’s hotel capacity but also contribute significantly to local job creation and economic linkages. Minister of Tourism Hon. Edmund Bartlett emphasized that every major tourism investment must now include housing and integration with the local economy, ensuring that Jamaicans benefit directly from the sector’s growth.

The expansion will introduce a state-of-the-art convention center capable of hosting over 1,000 guests, positioning Jamaica as a top destination for business and leisure tourism. Additionally, the development will feature:

Sustainable and energy-efficient building designs
Educational initiatives and skill development programs for local residents
Enhanced tourism experiences with a focus on high-end hospitality

President of the Palladium Hotel Group, Abel Matutes Prats, expressed excitement about the project and its potential impact on Jamaica’s economy and global tourism appeal. As Jamaica continues to attract multi-billion-dollar investments in tourism, this historic expansion by a leading Spanish hotel group reaffirms the island’s growing prominence in the global travel industry.

Trinidad And Tobago Secures $1.08B In Energy Investments

/0 Comments/in /by

News Americas, New York, NY, February 24, 2025: Trinidad and Tobago’s energy sector is set to receive a major boost, with an estimated US$1.08 billion in capital expenditure from contracts awarded in the country’s most recent upstream licensing rounds.

T&T Energy Minister Stuart Young, speaking at a local industry event, emphasized that this significant investment is expected to drive a surge in domestic upstream activity over the next five years.

Shallow Water and Onshore Investments to Strengthen Energy Sector

The bulk of the funding—more than US$1 billion—will come from the shallow water licensing round, with first gas production expected between 2029 and 2036, according to Minister Young.

Production sharing contracts (PSCs) for these offshore blocks were awarded to:
EOG Resources Trinidad – Blocks NCMA 4(a) and Lower Reverse L
BP Exploration Operating – Block NCMA2
BG International – Block U(c)

Meanwhile, an additional US$84.3 million will be invested in onshore developments, with contracts awarded for the Aripero, Buenos Ayres, Charuma, Cipero, and St. Mary’s blocks.

Expanding Opportunities: Deepwater Licensing and Venezuela Collaboration

To further expand energy production, the Trinidad and Tobago government has launched a new bidding round for 26 deepwater blocks as part of its ongoing efforts to attract foreign investment.

Additionally, Minister Young highlighted progress on cross-border projects with the Nicolas Maduro government in Venezuela, particularly the Dragon and Manakin-Cocuina fields.

“Work is currently in progress to achieve a final investment decision for the Dragon gas project, with first gas targeted for 2027. Meanwhile, seismic data review for Manakin-Cocuina is expected to be completed by the third quarter of this year,” Young stated.

Prime Minister Dr. Keith Rowley reaffirmed the government’s commitment to advancing these projects in partnership with Venezuela and key energy stakeholders, emphasizing their importance for regional energy security.

Trinidad and Tobago’s Energy Future

With over $1 billion in new energy investments, deep water exploration opportunities, and cross-border collaborations with controversial Venezuela, Trinidad and Tobago is positioning itself for a new era of energy sector growth. These developments will not only boost domestic production but also reinforce the country’s role as a key energy supplier in the Caribbean and beyond.

Mastering Inbound Lead Generation with Effective Lead Tracking Software

/0 Comments/in /by

News Americas, NEW YORK, NY, Thurs. Dec. 26, 2024: In the competitive landscape of modern business, including in the Caribbean and Latin America, inbound lead generation has become a cornerstone of successful marketing strategies. Businesses strive to attract, engage, and convert prospects through value-driven content and streamlined tracking processes. By leveraging lead tracking software, organizations can optimize their efforts, ensuring that no potential customer slips through the cracks. In this comprehensive guide, we’ll explore how to harness the power of inbound lead generation and tracking tools to elevate your business outcomes.

What Is Inbound Lead Generation?

Inbound lead generation refers to the process of attracting potential customers to your brand through content and interactions that address their needs. Unlike outbound strategies, which rely on pushing messages out to a broad audience, inbound marketing focuses on creating meaningful connections with individuals who are already seeking solutions to their problems.

Core Elements of Inbound Lead Generation:

Content Marketing: Creating valuable and relevant content to attract and inform prospects.
SEO Optimization: Ensuring your content is discoverable through search engines.
Social Media Engagement: Interacting with potential leads on platforms they frequent.
Email Marketing: Nurturing relationships with targeted communications.

These components work together to draw leads into your sales funnel organically, setting the stage for effective engagement and conversion.

The Role of Lead Tracking Software

To maximize the effectiveness of inbound lead generation, businesses need robust tools to monitor, analyze, and manage their leads. This is where lead tracking software comes into play. These tools enable marketers and sales teams to track the journey of a lead, from initial contact to final conversion.

Key Features of Lead Tracking Software:

Real-Time Analytics: Monitor lead activity across multiple channels.
Lead Scoring: Assign scores based on engagement levels and potential value.
Integration Capabilities: Sync with CRM systems, email platforms, and other tools.
Customizable Dashboards: Tailor metrics to align with business objectives.
Automated Notifications: Keep teams informed about lead interactions.

By leveraging these features, businesses can make data-driven decisions, prioritize high-quality leads, and streamline their marketing efforts.

Benefits of Combining Inbound Lead Generation and Lead Tracking Software

Integrating inbound lead generation strategies with powerful lead tracking software offers numerous benefits:

1. Enhanced Lead Quality

Through targeted content and precise tracking, you attract leads who are genuinely interested in your offerings. Lead tracking software helps identify the most engaged prospects, enabling you to focus your efforts on those with the highest potential.

2. Improved Conversion Rates

When you understand where a lead is in their journey, you can deliver the right message at the right time. This personalized approach increases the likelihood of conversion.

3. Streamlined Processes

Automation tools within lead tracking software reduce manual tasks, allowing teams to focus on strategy and execution. This improves efficiency and ensures timely follow-ups.

4. Better ROI

By optimizing both the quality and management of leads, businesses can maximize their return on investment in marketing campaigns.

Steps to Implement an Effective Inbound Lead Generation Strategy

Step 1: Define Your Target Audience

Understanding your ideal customer is the first step. Create detailed buyer personas to tailor your content and outreach strategies effectively.

Step 2: Develop High-Quality Content

Your content should address your audience’s pain points and offer actionable solutions. Blog posts, eBooks, webinars, and case studies are excellent formats for attracting leads.

Step 3: Optimize for SEO

Use relevant keywords, including inbound lead generation, to ensure your content ranks well on search engines. This increases visibility and attracts organic traffic.

Step 4: Utilize Social Media

Engage with your audience on platforms where they are most active. Share valuable content, participate in discussions, and run targeted ads to draw in potential leads.

Step 5: Leverage Lead Tracking Software

Integrate lead tracking software into your strategy to monitor interactions and measure performance. This ensures that your efforts are focused and results-driven.

Features to Look for in Lead Tracking Software

When selecting lead tracking software, consider the following features to ensure it meets your business needs:

1. Comprehensive Lead Management

The software should provide tools to organize and categorize leads effectively, ensuring no opportunity is missed.

2. Multi-Channel Tracking

Ensure the platform can monitor leads across various channels, such as websites, email campaigns, and social media.

3. Reporting and Analytics

Detailed reports offer insights into what strategies are working and where improvements are needed.

4. Scalability

Choose a solution that can grow with your business and adapt to evolving requirements.

5. User-Friendly Interface

A straightforward interface reduces the learning curve and ensures teams can utilize the software effectively.

Case Study: Success with Inbound Lead Generation and Lead Tracking

Consider a SaaS company that implemented inbound lead generation strategies paired with lead tracking software. By creating targeted blog content and monitoring engagement through their tracking tool, they achieved the following:

Increased Lead Volume: A 35% rise in monthly leads.
Higher Conversion Rates: Personalized follow-ups led to a 20% improvement in conversions.
Improved Efficiency: Automation reduced manual tracking time by 40%.

This demonstrates the transformative potential of combining inbound strategies with advanced tracking tools.

Common Challenges and How to Overcome Them

Challenge 1: Generating High-Quality Leads

Focus on delivering value through content tailored to your audience’s needs. Utilize SEO best practices to attract the right traffic.

Challenge 2: Tracking Lead Behavior Across Channels

Invest in lead tracking software that integrates seamlessly with your existing systems, providing a unified view of lead interactions.

Challenge 3: Aligning Marketing and Sales Teams

Promote collaboration by sharing insights from tracking tools and aligning goals to ensure a cohesive approach to lead management.

Future Trends in Inbound Lead Generation and Lead Tracking

1. AI-Powered Tools

Artificial intelligence is revolutionizing lead tracking software, offering predictive analytics and automated engagement strategies.

2. Personalization at Scale

Advancements in technology allow for highly personalized interactions with leads, enhancing their experience and increasing conversions.

3. Integration with Emerging Platforms

As new channels and platforms emerge, lead tracking software will evolve to offer comprehensive tracking across diverse touchpoints.

Conclusion: Elevate Your Business with Inbound Lead Generation

The synergy between inbound lead generation and lead tracking software is undeniable. By attracting the right audience and effectively managing their journey, businesses can achieve sustainable growth and long-term success. Start by defining your goals, investing in the right tools, and continuously optimizing your strategies to stay ahead in the competitive market. With the right approach, the potential for success is limitless.

Top Caribbean Countries Forecast For Economic Growth In 2025

/0 Comments/in /by

News Americas, New York, NY, December 18, 2024: The Caribbean region is poised for slow but steady economic growth in 2025, with Guyana leading the pack at a projected 13.6% GDP growth, according to the Economic Commission for Latin America and the Caribbean, (ECLAC). The projections are part of ECLAC’s Preliminary Overview of the Economies of Latin America and the Caribbean 2024, released today.

Excluding Guyana, the Caribbean is expected to grow by 2.6%, reflecting a modest expansion amid ongoing challenges such as slow job creation, high informality, and gender disparities in labor markets. With Guyana, growth is forecast to be 8.7 percent.

ECLAC’s Executive Secretary, José Manuel Salazar-Xirinachs, emphasized the importance of strengthening resilience, fostering productive investments, and creating quality employment to break the cycle of low growth capacity.

Caribbean GDP Growth Forecast 2025

Below is a breakdown of Caribbean countries by their projected GDP growth for 2025, ranked from highest to lowest:

CountryGDP Growth (%)Guyana13.6Antigua and Barbuda5.8Saint Vincent and the Grenadines4.7Dominica4.2Belize4.1Grenada3.7Saint Kitts and Nevis3.2Barbados3.0Saint Lucia3.0Suriname3.0Trinidad and Tobago2.5Jamaica2.2Bahamas1.7

ECLAC highlights the need for economies to effectively mobilize financial resources, adopt policies that enhance productivity, and stimulate long-term investments in productive sectors to achieve sustained growth.

As Caribbean nations focus on boosting resilience and fostering inclusive development, these growth rates reflect a cautiously optimistic outlook for 2025.

The Caribbean Develops World-Changing Sargassum Technology

/0 Comments/in /by

News Americas, New York, NY, December 10, 2024: The Caribbean is demonstrating its ingenuity on the global stage by creating a groundbreaking technology that has the potential to benefit the world. Barbados-based start-up Rum and Sargassum Inc., in partnership with The University of the West Indies, (UWI) Cave Hill Campus, has unveiled the world’s first vehicle powered by bio-Compressed Natural Gas, (CNG), derived from sargassum and rum distillery wastewater.

This innovative fuel turns a regional challenge – sargassum seaweed inundating Caribbean coastlines – into a valuable resource, showcasing how small island nations can lead in solving global problems. As part of its broader goal to achieve 100% renewable energy and carbon neutrality by 2030, Barbados is setting an example in environmental sustainability and renewable energy development.

The bio-CNG project is led by Dr. Legena Henry and her team at UWI Cave Hill’s Renewable Energy Development Laboratory. Speaking at the vehicle’s launch, Dr. Henry described the innovation as a product of determination and creative problem-solving. “This is not just for the Caribbean. It’s a technology that can be exported to other parts of the world, including regions like West Africa, South America, and Florida, which also face sargassum issues,” she said.

The bio-CNG vehicle, emblazoned with the slogan “Runs on Sargassum,” is more than a symbol of progress; it is a step toward a sustainable future. The initiative also integrates agriculture and energy through a biogas station at Guinea Estate in Barbados, where “the digestate feeds the land, and the gas fuels cars,” according to Dr. Henry.

Professor Clive Landis, Principal and Pro-Vice Chancellor of UWI Cave Hill, emphasized the project’s far-reaching impact. “This achievement demonstrates how UWI translates research excellence into societal value. It’s ready for scale-up and global investment, marking a milestone in technology transfer,” he said.

Barbados’ Minister of Energy and Business, Senator Lisa Cummins, celebrated the innovation as a pivotal moment in the nation’s renewable energy journey. “This is not just a local solution; it has the potential to redefine how the world views sargassum,” she stated, urging the Caribbean to embrace its role as a leader in sustainable technology.

The initiative, supported by partners like the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) and the Inter-American Development Bank, underscores the region’s capacity to innovate and lead. As Dr. Henry aptly concluded, “These small islands have created technology that can benefit the rest of the world. This is a big win for the Caribbean and for global sustainability.”

Guyana And Suriname Will Soon Be Linked By A Bridge

/0 Comments/in /by

News Americas, New York, NY, December 9, 2024: Guyana and Suriname will soon be linked by a bridge.

The two South American, CARICOM nations have taken a major step toward strengthening regional connectivity by selecting China Road and Bridge Corporation, (CRBC) to construct a 1.1-kilometer bridge across the Corentyne River. This bridge will link the two neighboring countries, further enhancing trade and cooperation.

Guyana’s Minister of Public Works, Juan Edghill, confirmed the selection on Sunday, Dec. 8, 2024, stating, “China Road and Bridge has been the preferred evaluated bidder agreed on by both countries.” He added that construction would commence once financing for the US$236 million project is finalized.

The planned bridge will span from Moleson Creek in Guyana to Long Island and then connect to South Drain in Suriname. Both nations, which maintain close ties with China, have approached the East Asian country to fund the project, underscoring its significance for bilateral and regional development.

CRBC was chosen over The Netherlands-based Ballast Nedam for the project. Suriname’s Technical Assistant for Capital Infrastructure Projects highlighted that the bridge is designed for durability, with a projected lifespan of 100 years and minimal maintenance requirements. It will also feature accommodations for vessels of up to 47,000 deadweight tonnes, with a horizontal clearance of 100 meters and a vertical clearance of 43 meters.

While Guyana and Suriname are eager to proceed, sources indicate that Suriname must carefully manage borrowing to meet global economic recovery benchmarks. Nonetheless, the bridge represents a landmark initiative to bolster economic growth and connectivity between the two countries.

This project reflects the strong partnership between Guyana and Suriname and their shared commitment to infrastructure development that benefits the region as a whole.

Bahamas Secures $120M For Ocean Conservation

/0 Comments/in /by

News Americas, New York, NY, December 9, 2024: The Bahamas has unlocked over $120 million for the conservation and sustainable management of its oceans and mangroves through an innovative debt-for-nature swap, supported by Standard Chartered and private sector partners. This marks a significant step toward addressing climate change and biodiversity loss in the region.

By leveraging a $300 million lower-cost loan from Standard Chartered, The Bahamas repurchased $215.7 million in Eurobonds and an $81 million commercial bank loan. The resulting savings from reduced interest and principal payments will now fund ambitious ocean conservation initiatives.

Debt-for-nature swaps are gaining traction as a critical tool for achieving conservation and climate goals, addressing a portion of the $942 billion global funding gap BloombergNEF estimates is needed to restore and maintain biodiversity. The Bahamas’ initiative highlights how these mechanisms can channel resources to countries in the Global South to protect natural ecosystems.

Slav Gatchev, head of sustainable debt at The Nature Conservancy, which designed the deal and provides conservation expertise to The Bahamas, emphasized the importance of such agreements. “The nature bonds program is one of the few mechanisms that can drive financing at scale towards climate and nature in the global south,” he said.

A Global First in Debt Swaps

The Bahamas’ deal represents a new generation of debt-for-nature swaps. It is the first to involve guarantees and insurance from private sector players, including a $70 million credit guarantee from impact investor Builders Vision and $30 million in insurance from AXA XL. These enhancements, combined with a $200 million partial credit guarantee from the Inter-American Development Bank (IDB), allowed Standard Chartered to issue a 15-year loan with a favorable 4.7% interest rate, comparable to new IDB debt costs.

“The asset class is not only scaling but developing,” said Dennis Eisele, head of global credit market financing for Latin America at Standard Chartered. “Builders Vision and AXA demonstrate there is an expanded pool of capital for these deals.”

Protecting Vulnerable Ecosystems

As an archipelago of low-lying islands, coral islets, and cays, The Bahamas is particularly vulnerable to climate change and extreme weather events. The devastating impact of Hurricane Dorian in 2019 continues to affect the country, highlighting the urgency of climate resilience measures.

This deal comes at a critical time. At the UN biodiversity summit in Colombia in October, nations failed to finalize a strategy for mobilizing billions of dollars in conservation funding. Wealthier nations have been hesitant to increase direct financial contributions, instead urging private sector involvement to bridge the funding gap.

The Bahamas’ innovative approach demonstrates how debt restructuring can serve as a lifeline for climate and conservation efforts in vulnerable nations. It also sets a precedent for similar initiatives globally, aligning financial mechanisms with environmental sustainability.

Navigating the Taiwan-China Divide: A Caribbean Perspective on Diplomatic Balancing

/0 Comments/in /by

By Dr. Isaac Newton

News Americas, NEW YORK, NY, Mon. Nov. 25, 2024: The Caribbean’s diplomatic landscape is shaped by competing alliances with Taiwan and China, reflecting broader global geopolitical dynamics. As Caribbean leaders balance these alliances, the stakes for development, economic growth, and political autonomy are high. Navigating this divide requires careful strategy, with an eye on shifting power structures that could have profound implications for the region’s sovereignty and future growth.

FLASHBACK – Taiwan’s President Lai Ching-te (L) escorts Prime Minister of Saint Kitts and Nevis Terrance Drew during a ceremonial welcome at the Presidential Office in Taipei on June 24, 2024.(Photo by SAM YEH/AFP via Getty Images)

The Taiwan vs. China Alignment: Benefits and Drawbacks

Caribbean nations aligned with Taiwan benefit from targeted financial aid, scholarships, and infrastructural support, particularly in healthcare, education, and agriculture. Taiwan’s “checkbook diplomacy” has helped fill development gaps, but its limited international influence often means these benefits don’t translate into substantial geopolitical leverage. Conversely, Caribbean nations with ties to China gain access to significant investments, infrastructure projects, and trade opportunities, notably through the Belt and Road Initiative (BRI). However, these partnerships come with the risks of mounting debt, economic dependence, and a political obligation to adhere to China’s One-China policy, which may diminish regional autonomy.

The Developmental Stakes

The diplomatic split poses significant developmental challenges. For smaller island economies, Taiwan’s focused aid offers manageable growth, while China’s large-scale investments can dramatically reshape economies but with potential long-term fiscal dependence. The divide also threatens the Caribbean’s collective voice, weakening regional cooperation through CARICOM, which could undermine the region’s ability to leverage its unified influence in global forums.

Leveraging Dual Partnerships for Mutual Benefit

Despite the divide, Caribbean nations can reframe this situation as an opportunity for dual partnerships. By encouraging both Taiwan and China to compete constructively for influence, countries can secure agreements that prioritize sustainable, region-focused development over geopolitical allegiance. Transparent agreements with both powers could help mitigate dependency risks while maximizing the benefits each offers.

A Shift in Political Sentiments

Electoral shifts in Taiwan over the next two cycles are likely to tilt the island towards pro-China policies, marking a significant turning point in its international relationships. This change is partly driven by pragmatic concerns: Taiwan’s increasing diplomatic isolation and the growing economic and political clout of China present a complex reality for Taiwan’s future. For the Caribbean, this realignment could necessitate a pivot in diplomatic strategies. Countries currently aligned with Taiwan might find it increasingly difficult to maintain exclusive ties, as Taiwan’s resources and global advocacy shift toward prioritizing relations with China. Rather than seeing this as a loss, Caribbean leaders should view the realignment as an opportunity to adapt, balancing continued engagement with Taiwan while forging new, strategically sound ties with China.

Embracing the One-China Policy?

As China’s global influence strengthens, Caribbean leaders face mounting pressure to embrace the One-China policy, particularly as the United States has formalized its support. Given the Caribbean’s limited diplomatic leverage and resources, maintaining a neutral stance may no longer be viable. A collective, regional approach focusing on development priorities could help Caribbean nations navigate these competing pressures while preserving their sovereignty and international standing. Strategic engagement with both Taiwan and China, focusing on national and regional interests, will be key.

The Path Forward

To manage these complexities, Caribbean leaders should adopt a pragmatic approach:
1. Diversifying Partnerships: Engage with both Taiwan and China while ensuring fair terms that align with national development goals.
2. Strengthening Regional Unity: Use CARICOM to craft a unified policy that enhances the Caribbean’s collective diplomatic voice.
3. Managing Risks: Ensure transparency and sustainability in foreign investments to avoid debt traps and preserve fiscal sovereignty.
4. Adapting to Global Trends: Stay attuned to shifts in international power dynamics and adjust policies accordingly.
5. Building Resilience Through Innovation: Invest in local innovation, entrepreneurship, and sustainable industries that reduce reliance on external powers. By fostering homegrown solutions, the Caribbean can increase its resilience to global shifts and preserve its economic sovereignty.

The Taiwan-China divide presents both challenges and opportunities for the Caribbean. By leveraging dual partnerships wisely, fostering regional cooperation, and preparing for shifts in global power dynamics, the region can navigate these complexities and secure sustainable development while maintaining political autonomy.

EDITOR’S NOTE: Dr. Isaac Newton is a globally recognized governance expert, foreign policy strategist, and leadership consultant with over 30 years of experience advising governments, international organizations, and corporate entities. Harvard, Princeton, and Columbia-trained, Dr. Newton specializes in crafting innovative solutions to complex geopolitical challenges, with a focus on leveraging diplomatic partnerships for sustainable development. His insightful analysis and strategic guidance have positioned him as a leading voice on Caribbean regional affairs and global power dynamics.

Petronas Steps Up as Exxon Exits Key Guyana Oil Block

/0 Comments/in /by

News Americas, New York, NY, November 22, 2024: Malaysian energy giant Petronas is emerging as a key player in Guyana’s energy landscape, taking center stage in a shallow-water oil block there after the Exxon Mobil-led consortium ended talks with the Guyanese government.

Exxon Mobil, along with Hess Corporation and China’s Cnooc, had secured the offshore Block S8 in a 2022 bidding round. However, negotiations faltered this year as Exxon reportedly sought to use the area for carbon capture and storage. “We don’t want to do that at this stage,” said Guyana Vice President Bharrat Jagdeo.

This shift mirrors a similar development in neighboring Suriname earlier this week, where Exxon pulled out of an offshore oil block, leaving Petronas as the sole operator of what is considered one of the country’s most promising energy projects.

INVEST CARIBBEAN NOW

As Exxon refocuses its regional strategy, Petronas stands poised to strengthen its position in the energy sector across Guyana and Suriname.

Petroliam Nasional Berhad, known as PETRONAS, is Malaysia’s state-owned multinational oil and gas company headquartered in Kuala Lumpur. Founded in 1974, the company oversees all of Malaysia’s oil and gas resources and operates in over 100 countries, contributing significantly to the nation’s economy.

Ranked 216th on the 2022 Fortune Global 500 list and identified by the Financial Times as one of the “new seven sisters” of influential state-owned oil companies, PETRONAS engages in a wide range of activities. These include upstream exploration, downstream refining, gas processing, LNG marketing, petrochemical production, shipping, and even property investments. From 2015 to 2020, it provided over 15% of Malaysia’s government revenue, underscoring its critical role in the country’s development.