Exxon withdraws from Suriname - Staatsolie

Exxon withdraws from Suriname – Staatsolie

Nov 21, 2024 News

Exxon withdraws from Suriname

Kaieteur News- Petronas Suriname now holds 100% of interest in Suriname’s Block 52 following ExxonMobil Exploration and Production Suriname B.V withdrawing from the block. This was announced by Staatsolie in a statement on Wednesday.

Staatsolie said that, “ExxonMobil Exploration & Production Suriname B.V. has formally notified them that it will withdraw from Block 52 in the Surinamese offshore area effective 14 November 2024.”

According to the company the withdrawal comes as part of Exxon’s ongoing evaluation to look at the assets of its global portfolio. Hence, Exxon is transferring its 50% working interest to PETRONAS Suriname E&P B.V, who is currently the operator of the block, the operations ongoing in the block will be continuing along due course.

The block covers 4, 749 square kilometers and is located north of the cost of Suriname. In 2020 a gas discovery was made in the block with the Sloanea-1 exploration well. “PETRONAS is further exploring the gas discovery by drilling the Sloanea-2 appraisal well earlier this year. A Letter of Agreement (LoA) was also signed with the Contractor on 4 March 2024,” Staatsolie said.

The statement further explained that the production sharing contract allows for the parties involved to bring in partners to a block or to transfer their interests to another party if they so wish, as it is a common practice in the oil and gas industry. “Companies decide to partner in an area or exit based on their global portfolio and risk assessment. Staatsolie expects PETRONAS to continue the activities in Block 52 without interruption and is confident in the continuation of the good partnership between the two companies,” the company said.

On May 18^th 2024 the Kaieteur News reported that U.S. oil major, Exxon Mobil and Malaysian energy company, Petronas, had made a third oil discovery in Suriname. Petronas made the announcement of the hydrocarbon discovery in Block 52 at the Fusaea-1 exploration well in Suriname’s Block 52. The discovery is located about 170 kilometres offshore and 9 kilometers east from Roystonea-1, an earlier oil discovery.

The well was spud in Feb 2024 and successfully drilled to a total depth of 5,227 metres with zero (0) LTI, encountering several oil and gas-bearing Campanian sandstone reservoir packages. Further evaluation is being undertaken to determine the full extent of this discovery and its potential for an integrated development with the recent Roystonea-1 and Sloanea-1 discoveries.

(Exxon withdraws from Suriname)

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Block 52, Exxon, Petronas, Staatsolie, Suriname

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