Equinor and ExxonMobil have transferred their stakes in a deepwater oil and gas exploration block off Suriname to Hess Corp, Reuters reported on Wednesday. This move signifies Equinor’s exit from the South American country, aligning with its strategy to concentrate on core areas like Norway, the U.S. Gulf of Mexico, and Brazil while increasing investments in renewable and low-carbon energy globally.
“We have decided to withdraw from the deepwater Block 59 exploration license in Suriname and we don’t intend to seek further exploration opportunities in the country,” a company spokesperson said in an email according to Reuters.
ExxonMobil, which led the consortium, transferred the operation of the block to Hess in a non-financial transaction but retains its presence in Suriname with Block 52.
“We fulfilled all our work commitments for the block and continue to progress the evaluation of our Suriname exploration acreage,” a spokesperson said, according to Reuters.
Hess now owns 100% of the license, with no money exchanged between the companies, Equinor told Reuters.
Block 59 is 2.8 million acres (4,430 square miles). The block is in water depths ranging from nearly 2,000 meters to 3,600 meters. It adjoins Block 42 on its northern side and open acreage on the Guyana side.
