Qatarenergy Increases Participation In Suriname's Offshore Exploration
Date
7/18/2024 3:02:38 AM
(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: QatarEnergy signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for block 5 offshore Suriname.
Pursuant to the signed agreement, 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%.
In remarks on this occasion, His Excellency Saad Sherida Al Kaabi, the Minister of State for energy Affairs, the President and CEO of QatarEnergy, said:“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.”
His Excellency Minister Al-Kaabi added: "We are pleased to conclude this acquisition with our partners and look forward to working with them in block 5, offshore Suriname. I would like to take this opportunity to thank the authorities of the Republic of Suriname, and our partner Chevron for their support in reaching this agreement.”
Block 5 is located offshore Suriname in shallow water depths of about 30-45 meters. The license is currently proceeding to its second exploration phase with a commitment to drill an exploration well.
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