Chevron has expanded its footprint in South America’s energy frontier, undertaking new exploration in Suriname while consolidating its prized position in Guyana’s prolific Stabroek Block.
In Suriname, the U.S. supermajor will spud the Korikori-1 exploration well in October. The well lies in Block 5, a shallow-water license situated in depths between 30 and 45 meters. Staatsolie’s affiliate Paradise Oil Company holds a 40% stake in the block, with Chevron also at 40% and QatarEnergy at 20%. According to Geo Expro magazine, Suriname’s shallow offshore is highly prospective, with geological plays extending directly from Guyana’s proven discoveries.
Across the border, Chevron secured a foothold in Guyana’s booming oil sector this July by completing its acquisition of Hess Corporation. The move followed a favorable arbitration ruling on Hess’s 30% interest in the Stabroek Block, home to over 11 billion barrels of recoverable resources and some of the world’s fastest oil project developments.
Chevron’s dual strategy underscores its intent to capture value in one of the globe’s last frontier basins. The company is among the world’s largest integrated energy players, with operations spanning North America’s shale fields, deepwater projects in the Gulf of Mexico, liquefied natural gas in Australia, and significant stakes in Kazakhstan and West Africa.
Its move into Guyana and Suriname creates a key new focus for a portfolio that relies more and more on deepwater exploration and production.
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Tags: Chevron, Guyana, Suriname, Expansion, South America
