Petronas Farms Out Part of Suriname Offshore Block to Exxon

Tuesday, May 19, 2020

Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.

The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries were made recently. 

Block 52 covers an area of 4,749 km² with water depths ranging from 50 to 1,100 meters.

Following the farm-down, Petronas will remain the operator of Block 52 with a 50% stake, while ExxonMobil will the remaining 50 percent. Petronas did not share any further details on the terms of the farm-out.

Petronas' Vice President of Exploration, Emeliana Rice-Oxley said: “Our upcoming exploration activities for Block 52 will involve the drilling of a well in Q3 2020, in addition to acquiring new 3D seismic data utilizing the latest technology, covering the whole block to further evaluate the block’s upside potential. We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin.”

ExxonMobil has put the region on the world's oil map as it has over the past few years made 16 oil discoveries totaling more than 8 billion barrels of oil equivalent in nearby Guyana.

As for Petronas, the company said that it had in 2016 drilled the Roselle-1 well in Block 52 "which provided crucial subsurface information and data on the petroleum system of the area."

"Subsequent detailed analysis carried out by PSEPBV indicated that Block 52 contains multiple geological play types and is within the favourable fairway for hydrocarbon generation and accumulation. The recent oil discoveries in an adjacent block further support this assessment," the company said.

To remind, U.S. oil company Apache in April said it had made a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. This was the company's second large oil discovery in the country this year. The first was struck in January.


Categories: Energy Offshore Energy Activity Production South America Exploration

Related Stories

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

Fugro Expands Geotechnical Testing Capabilities in Indonesia

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Indonesia's Medco Starts Production at Natuna Sea Fields

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Petrovietnam, Petronas Extend PSC for Offshore Block

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Current News

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com