QatarEnergy acquires 20% stake in Suriname Block 5
QatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for Block 5 offshore Suriname, the company announced on July 18.
Upon completion of the deal, Chevron, the operator, will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company Staatsolie, will own the remaining 40%.
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Saad Sherida Al-Kaabi, CEO of QatarEnergy, stated, “This agreement highlights our continued commitment to exploring the promising basins of Suriname and marks an exciting new partnership with Chevron in the international upstream sector.”
Block 5 is located offshore Suriname in shallow water depths of about 30-45 m. The license is currently proceeding to its second exploration phase with a commitment to drill an exploration well.
Recently, QatarEnergy signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt. The Cairo and Masry offshore exploration blocks, awarded to ExxonMobil in January 2023, cover an area of approximately 11,400 km2 in water depths ranging from 2,000 to 3,000 m.