QatarEnergy increases participation in Suriname’s offshore exploration

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, S. 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; 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.

News.Az