2024 Annual Meeting: Summary and analysis

Paramaribo, 3-4 June 2024

Staatsolie hosted the 2024 Annual meeting in Paramaribo, Suriname. It brought together governments, NOCs, industry partners, and technical experts for a two-day international discussion, as well as training.

Key messages

• The New Producers for Sustainable Energy 2024 annual meeting addressed the challenges and opportunities faced by emerging producers in developing natural gas resources and managing greenhouse gas emissions.
• The global investment mood in oil and gas is bullish, but capital expenditure is unevenly distributed, favouring North America and Latin America.
• Equity issues are central for member countries, with the Global North discouraging new oil and gas projects in the Global South, while increasing their own production.
• The Global South members of the NP4SE emphasised the need for energy access to alleviate poverty and drive development.
• Lock-in risks associated with gas infrastructure investments are lower for downstream projects and can be mitigated for upstream projects by lowering costs and execution time, notably through small-scale and modular approaches.
• Monetizing associated gas and methane presents challenges due to immature markets and infrastructure but offers significant economic and environmental benefits.
• Growing focus on GHG emissions has led to increased pressure on operators to reduce emissions, particularly methane.
• Financing decarbonization and gas projects remains a challenge, with limited public finance available and commercial banks hesitant to invest.
• New producers are exploring alternative financing options, such as climate bonds and partnerships with Asian importing countries and institutions like the African Energy Bank.