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Petronas replaces ExxonMobil in Suriname block stake

A branded Petronas logo

As part of its ongoing evaluation of its assets, ExxonMobil is transferring its 50% stake in Block 52 of Suriname to Petronas.

Petronas and ExxonMobil found gas in Block 52 in 2020 after being awarded an exploration contract in 2013. Unfortunately, the discovery wasn’t deemed to be an economically feasible prospect, but Petronas and ExxonMobil, which also makes products like the Mobil SHC gear oil, agreed to explore further with another appraisal well.

Staatsolie said on its webpage:

“ExxonMobil Exploration & Production Suriname B.V. has formally notified Staatsolie that it will withdraw from Block 52 in the Surinamese offshore area. This withdrawal is part of ExxonMobil’s ongoing evaluation of assets in its global portfolio. ExxonMobil is transferring its 50 percent working interest to Petronas…”

It added that Petronas was now the sole interest holder in Block 52, and it would simply continue its operations as normal.

While some companies have had success in discovering hydrocarbon resources offshore of Suriname, ExxonMobil has had considerably more success offshore of nearby Guyana, where it is gradually bringing a range of projects online. Nevertheless, APA Corp and TotalEnergies, the maker of the Total coolant and metalworking range, have explored Block 58 since 2020, and found five discoveries of a high quality.

With there being potentially 700 million barrels of crude oil in place in the block, the companies have committed some $10.5 billion in investment to develop projects there, potentially meaning that Suriname may follow Guyana in becoming a major oil producer.

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