QatarEnergy new partner in Block 5 offshore Suriname
QatarEnergy is the new party in the production sharing agreement for the shallow offshore Block 5. QatarEnergy has acquired a twenty percent interest from Chevron Exploration Suriname (Chevron), following the departure of Shell from the block.
QatarEnergy is the new party in the production sharing agreement for the shallow offshore Block 5. QatarEnergy has acquired a twenty percent interest from Chevron Exploration Suriname (Chevron), following the departure of Shell from the block. With the participation of QatarEnergy, plans can be continued to drill an exploration well in 2025.
Following the acquisition by QatarEnergy, Chevron retains a forty percent interest, while Paradise Oil Company, a subsidiary of Staatsolie, holds the remaining forty percent.
Block 5 is located approximately 75 km off the coast of Suriname in shallow waters from 30 to 45 meters. This means that the costs for any hydrocarbon development will be lower, making a discovery in this area commercially attractive. The hydrocarbon deposits in this block will have to be confirmed with an exploration drilling next year.
Staatsolie looks forward to further cooperation with Chevron and QatarEnergy and remains committed to developing oil and gas resources in offshore Surinamese.
