ExxonMobil Exploration & Production Suriname B.V. has formally notified Suriname’s national energy company, Staatsolie, that it will withdraw from Block 52 in the Surinamese offshore area effective 14 November 2024.
This withdrawal is part of ExxonMobil's ongoing evaluation of assets in its global portfolio. ExxonMobil is transferring its fifty percent working interest to Petronas Suriname E&P B.V., which is the operator of the block. With this transfer, Petronas now holds a 100% working interest in Block 52. Operations in Block 52 will continue as usual.
Block 52 covers an area of 4749 km2 and is located north of the Surinamese coast. A gas discovery was made in this block in 2020 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.
The production sharing contract allows parties to bring in partners to a block or transfer their interests to another party. This is 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.
Read the article online at: https://www.oilfieldtechnology.com/exploration/21112024/exxonmobil-transfers-block-52-offshore-suriname-to-petronas/
