Caribbean Energy Week (CEW) 2026 kicked off in Paramaribo, Suriname, uniting government officials, investors and industry leaders to explore the region’s evolving energy landscape on 30 March. Day 1 highlighted discussions on hydrocarbons, renewables, power infrastructure, mining and carbon credits, featuring keynotes and panels with the Caribbean Community (CARICOM) and regional energy ministers, alongside executives from major national oil companies.

Caribbean Doubles Down on Oil

Caribbean leaders at CEW advocated a balanced energy strategy that embraces both oil and gas development alongside renewables, arguing that global demand growth necessitates a pragmatic mix. Surinamese Foreign Affairs Minister Melvin Bouva and Oil and Gas Minister Patrick Brunnings, as well as Trinidad and Tobago’s Energy Minister Ernesto Kesar highlighted the need to convert major discoveries – such as Guyana’s Stabroek Block and Suriname’s GranMurgu project – into sustained production. The ministers also said the projects have the potential to attract investment, enhance regional cooperation and build local capacity, while emphasizing that hydrocarbons will remain central to the region’s energy outlook for the foreseeable future.

Suriname is positioning itself as a key investment destination by advancing new frameworks to boost certainty and streamline project development, with first oil expected by 2028 and gas by 2030. Officials stressed that energy transition goals should be realistic, balancing decarbonization with immediate economic and energy needs, and ensuring that oil and gas revenue supports broader economic growth through workforce development, stronger local content and private sector participation.

Grenada Hydrocarbon Tender Launch

Grenada plans to launch a selective offshore hydrocarbon tender by the end of 2026 or early 2027, inviting oil and gas companies to bid on exploration blocks. Lead Consultant at the Grenada Hydrocarbon Technical Working Group Gilbert Yevi said the move aims to kick-start development of the nation’s unexplored offshore potential, backed by extensive seismic data and a technical working group focused on building the industry responsibly and competitively.

Afreximbank $5 Billion Caribbean Mandate

The African Export-Import Bank (Afreximbank) plans to use its expanded $5 billion CARICOM financing mandate to support Caribbean oil and gas development, local content growth and energy sector collaboration, especially as new producers emerge. The bank’s Caribbean head Okechukwu Ihejirika highlighted past financing – including backing Suriname’s Staatsolie stake in GranMorgu – and said the bank is building interregional platforms with CARICOM to attract capital and expertise to the region.

Caribbean Energy Financing Expansion

The Caribbean’s energy financing landscape is strengthening as the Afreximbank boots its CARICOM financing capacity from $3 billion to $5 billion, aiming to narrow the region’s funding gap for energy, infrastructure and industrial projects. Officials at CEW stressed that broad access to capital is critical to turning energy ambitions into reality, with the expanded facility set to support a variety of regional developments.

This expanded commitment signals a shift toward locally anchored financing structures capable of backing energy and logistics projects across Caribbean markets, while Caribbean authorities push to address infrastructure challenges and strengthen regional ties. Speakers also highlighted the importance of local content and workforce development in ensuring that resource development translates into domestic economic growth and cross-Atlantic cooperation with African partners is gaining momentum to share expertise and financing models.

U.S. Caribbean Energy Partnerships

The U.S. is intensifying energy partnerships in the Caribbean, focusing on Suriname’s expanding oil and gas sector and broader regional energy security. U.S. officials emphasize modern infrastructure, workforce development and sustainable investment aligned with long-term growth, while cautioning against unsustainable external financing. They highlighted U.S. firm’s role in exploration, citing APA Corporation’s work in Suriname and potential opportunities across the energy value chain.

Suriname’s GranMorgu Project Gains Momentum

Industry leaders expressed that Suriname’s offshore GranMorgu development is progressing quickly toward first oil in 2028, with TotalEnergies advancing FPSO construction, subsea testing and upcoming drilling campaigns while new infrastructure and supply chain capacity are built. Companies including SBM Offshore, Shell and Weatherford emphasized that beyond production, the project’s success will rely on workforce training, stronger local participation and long-term planning as Suriname’s offshore sector continues to mature.