Tribune News Network
Doha
QatarEnergy has signed an agreement with Chevron to acquire a 20 percent working interest in a production sharing contract for block 5 offshore Suriname.
Pursuant to the signed agreement, Chevron (the operator) 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 remarks on this occasion, Minister of State for Energy Affairs, the President and CEO of QatarEnergy HE Saad Sherida Al Kaabi said, “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.”
Al Kaabi added, “We are pleased to conclude the 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 licence is currently proceeding to its second exploration phase with a commitment to drill an exploration well.
