Capricorn Energy PLC, an oil and gas exploration company, has announced its decision to divest its Suriname asset as it shifts its focus towards Egypt.
Capricorn currently operates Block 61, located in the Guyana-Suriname basin, where significant discoveries have been made. However, the company has decided to streamline its operations and exit international ventures outside of Egypt. This divestment process has already begun with the successful exit from Mauritania and the ongoing potential sales process of its UK North Sea business.
In Egypt, Capricorn said it boasts solid assets and a dedicated team that will continue working on various priorities in the coming months. These priorities include organisational streamlining, improving relationships with partners and the Egyptian government, amending contracts to align with the company’s strategy, and developing a roadmap to maximise shareholder value with an emphasis on delivering favourable returns.
Capricorn was courted by Tullow Oil, then NewMed for a potential merger, but neither worked out. Following a board shake-up earlier this year, Capricorn underwent a strategic review of its operations, which resulted in this new direction.
Meanwhile, Suriname continues to work to attract more investment in its offshore blocks. 2023 is a critical year for TotalEnergies as it seeks to sort out the oil pool that could form Suriname’s first offshore oil development.
