July 18, 2024 [Storage Terminals Magazine]- QatarEnergy has signed an agreement with Chevron to acquire a 20 percent working interest in a production sharing contract for Block 5 offshore Suriname. According to the 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.
In his remarks on the occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the minister of state for energy affairs and the president and CEO of QatarEnergy, stated: “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 added, “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.
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