(Energy Analytics Institute, 20.Nov.2024) — ExxonMobil Exploration & Production Suriname B.V. formally notified Suriname’s state-owned Staatsolie that it will withdraw from Suriname offshore Block 52 with an effective date of 14 Nov. 2024.
The withdrawal is part of ExxonMobil’s ongoing evaluation of assets in its global portfolio, Staatsolie said 20 Nov. 2024 in an official statement.
ExxonMobil is transferring its 50% working interest to a local subsidiary of Malaysia’s Petronas called Petronas Suriname E&P B.V., which operates the block. With said transfer, Petronas will hold a 100% working interest in Block 52.
Staatsolie expects operations in Block 52 will continue as usual.
The details of Exxon’s exit come nearly a month-and-half after TotalEneriges and APA Corporation announced a $10.5bn financial investment decision (FID) for their GranMorgu project located offshore Suriname in Block 58.
RELATED: APA Takes $10.5bn FID for First Oil Development Offshore Suriname
Block 52 details
Block 52 covers an area of 4,749 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 with the drilling the Sloanea-2 appraisal well earlier this year.
Staatsolie said a Letter of Agreement (LoA) was also signed with the contractor on 4 Mar. 2024, without providing details.
The Block 52 production sharing contract (PSC) 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, Staatsolie said in the statement.
Staatsolie said companies decide to partner in an area or exit based on their global portfolio and risk assessment. The Suriname energy company 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.
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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
