Hess Corp. determined to discontinue Block 59 exploration after failing to herald new companions following Equinor ASA and Exxon Mobil Corp.’s withdrawal, Suriname’s nationwide oil firm stated Tuesday.
In July 2024 Norway’s majority state-owned Equinor and Texas-based ExxonMobil withdrew from the manufacturing sharing contract they signed July 2017 with New York Metropolis-based Hess. After 2D and 3D analysis that concerned 6,000 kilometers (3,728.23 miles) and 9,000 sq. kilometers (3,474.92 sq. miles) respectively, ExxonMobil and Equinor deemed the danger for drilling an exploration properly too excessive and transferred their stakes to Hess, in accordance with Staatsolie Maatschappij Suriname NV.
“Hess fulfilled its minimal work obligations and has determined to not transfer ahead to the following section of the exploration interval, which concludes on 8 July 2025”, Staatsolie stated in an internet assertion. Hess had didn’t woo new companions to proceed exploration, Staatsolie defined.
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PSC holders absolutely bear the prices and dangers of exploration within the South American nation, Staatsolie famous.
Block 59 spanned about 11,480 sq. kilometers in waters 2,700-3,500 meters (8,858.27-11,482.94 toes) deep, in accordance with Staatsolie.
“Vital volumes are required for potential economically viable oilfield improvement on this block”, the assertion stated.
“The world previously designated as Block 59 shall be included into Staatsolie’s technique to have as a lot of the offshore acreage beneath contract with worldwide events”, the assertion stated. “At the moment, manufacturing sharing contracts are in place with a lot of worldwide oil and fuel corporations for the assorted blocks, masking roughly fifty % of Suriname’s offshore”.
In late 2024 ExxonMobil additionally exited Suriname’s Block 52 by transferring its 50 % stake to associate Petroliam Nasional Bhd. (Petronas).
“This withdrawal is a part of ExxonMobil’s ongoing analysis of property in its international portfolio”, Staatsolie stated in a press launch November 20, 2024.
“Staatsolie expects PETRONAS to proceed the actions in Block 52 with out interruption and is assured within the continuation of the nice partnership between the 2 corporations”, Staatsolie added.
Spanning 4,749 sq. kilometers north of Paramaribo’s coast, Block 52 holds the Sloanea, Roystonea and Fusaea discoveries.
On June 17, 2025, Petronas introduced a brand new PSC adjoining to Block 52. The brand new license, Block 66, spans about 3,390 sq. kilometers.
“Constructing on this sturdy basis, PETRONAS is optimistic that the constructive momentum and learnings from Block 52 will carry over into Block 66 because it continues to discover and unlock the hydrocarbon potential of the world”, Malaysia’s nationwide oil and fuel firm stated.
“The PSC features a agency dedication to drill two exploration wells, concentrating on drill-ready prospects that supply important useful resource potential and are strategically positioned to unlock synergies with PETRONAS’ current operations in Suriname”.
To contact the writer, e mail jov.onsat@rigzone.com
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