QatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for Block 5 offshore Suriname. Chevron, the operator, will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company Staatsolie, will hold the remaining 40%.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and Chief Executive Officer of QatarEnergy, commented, “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.”
Al-Kaabi expressed satisfaction with the acquisition, saying, “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.”
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Block 5 is located offshore Suriname in shallow water depths of about 30-45 meters. The license is currently moving into its second exploration phase, which includes a commitment to drill an exploration well.
