Qatar Energy has acquired a 20% stake in the Block 5 production sharing contract offshore Suriname, under an agreement signed with Chevron.
Under the agreement, Chevron (the operator) retains a 40% stake, while Paradise Oil, a subsidiary of Suriname’s national oil company (Statsoli), holds the remaining 40% stake.
New partnership
According to a statement by the company, Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said that the agreement confirms the company’s commitment to exploring promising basins in Suriname, and reflects the beginning of a new “important” partnership with Chevron in the international exploration and development sector.
“We are pleased to complete this acquisition with our partners, and look forward to working with them in Block 5 off the coast of Suriname,” Al Kaabi added.
Area 5 is located in shallow waters ranging in depth from 30 to 45 metres, and the production sharing contract has entered the second exploration phase with a commitment to drill an exploratory well.
QatarEnergy expands participation in offshore exploration off the coast of Suriname #Qatar_Energy #Qatar pic.twitter.com/UNuADsGjHi
— QatarEnergy (@qatarenergy) July 18, 2024
In May of last year, Qatar Energy signed two production-sharing contracts for areas 6 and 8 off the coast of Suriname, following the company’s winning of exploration rights in these two areas, which was announced in June 2021.
Under the two contracts and related agreements, QatarEnergy acquired a 20% stake in both areas in partnership with TotalEnergies (the operator) and Paradise Oil, a subsidiary of Stazzoli.
