U.S. oil company Hess has relinquished Block 59 offshore Suriname, a deepwater area located near the maritime border with Guyana, returning the acreage to Suriname’s Staatsolie, the state oil firm announced on Tuesday.
“Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period, which concludes on 8 July 2025,” Staatsolie stated.
The completion of Hess’ minimum work commitments, under a 2017 production sharing contract, comes a year after partners ExxonMobil and Equinor exited the block, transferring their stakes to Hess. Hess opted not to advance into the next exploration phase.
Block 59 covers roughly 11,480 square kilometers in the northwestern section of Suriname’s exclusive economic zone, with water depths ranging from 2,700 to 3,500 meters. It was considered high-risk for drilling despite the acquisition of 6,000 km of 2D and 9,000 km² of 3D seismic data, Staatsolie said regarding the decision by Exxon and Equinor to exit.
Staatsolie said the production sharing contract gives parties certain rights, including the right to withdraw, noting, “This is common in the oil and gas industry.”
With the relinquishment, Hess retains an interest in Block 42, which is contiguous with and located south of Block 59.
Staatsolie said the Block 59 area will now become part of Suriname’s open acreage as it continues efforts to contract more offshore zones to international explorers. About half of the country’s offshore area is currently under contract with foreign oil firms.
