(Source: Shutterstock.com)
California-based Chevron Corp. has signed an agreement to divest a 20% interest in a production sharing contract for Suriname offshore Block 5 to QatarEnergy.
Per the agreement, Chevron as the operator will retain a 40% interest in the block, QatarEnergy said in a July 18 press release. Paradise Oil Co., an affiliate of Suriname’s national oil company Staatsolie, retains the remaining 40% interest.
Financial details of the agreement weren’t disclosed.
“This agreement highlights our continued commitment to exploring the promising basins of Suriname,” Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and president and CEO of QatarEnergy, said in the release.
Block 5 is located in shallow water depths of about 30 m to 45 m. The block’s license is currently proceeding to its second exploration phase with a commitment to drill an exploration well, according to QatarEnergy.
In Suriname, located immediately east of Guyana, Chevron has interest in Block 42, Block 5 and Block 7.
Efforts offshore Suriname spearheaded by APA Corp. and France’s TotalEnergies in Block 58 have created potential for Suriname to team up with Guyana to jointly develop and commercialize their resources.
Recommended Reading
On The Market This Week (Jan. 20, 2025)
2025-01-24 - Here is a roundup of marketed oil and gas interests in the Delaware Basin, Midcontinent and Bakken from select sellers.
VAALCO Acquires 70% Interest in Offshore Côte D’Ivoire Block
2025-03-03 - Vaalco Energy announced a farm-in of CI-705 Block offshore West Africa, which it will operate under the terms of an acquisition agreement.
Helmerich & Payne Seals $1.97B Deal for KCA Deutag
2025-01-16 - Helmerich & Payne has completed its acquisition of KCA Deutag International Ltd. as it positions itself as a global onshore drilling powerhouse.
Logan Energy Closes Gran Tierra Joint Venture Acquisition
2024-12-18 - Logan Energy Corp. paid approximately $37 million for 50% working interests in Gran Tierra’s Simonette Montney assets and will assume operatorship.
Surge Closes on Divestment of Alberta Non-Core Gas Assets
2024-12-20 - Surge Energy said it has focused on developing its core Sparky and southeast Saskatchewan crude oil assets, leaving the Alberta non-core assets undercapitalized.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.