QatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for block 5 offshore Suriname.
Pursuant to the signed agreement, Chevron will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company Staatsolie, will own the remaining 40%.
In remarks on this occasion, Saad Sherida Al-Kaabi, the minister of state for Energy Affairs, the President and CEO of QatarEnergy, says: ‘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.’
Minister Al-Kaabi adds: ‘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.’
Block 5 is located offshore Suriname in shallow water depths of about 30-45 metres. The license is currently proceeding to its second exploration phase with a commitment to drill an exploration well.
