QatarEnergy, the State-owned petroleum company, has signed an agreement with Chevron (the operator) to acquire a 20 percent working interest in a production-sharing contract for block 5 offshore Suriname.
Under the signed agreement, Chevron will retain a 40 percent interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company “Staatsolie”, will own the remaining 40 percent.
Saad Sherida Al Kaabi President & CEO QatarEnergy
“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. 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 meters. The license is currently proceeding to its second exploration phase with a commitment to drill an exploration well.
In March, QatarEnergy entered into an agreement with American multinational oil and gas corporation ExxonMobil to acquire a working interest in an exploration block offshore Egypt.
