QatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for Block 5 offshore Suriname.
Pursuant to the signed agreement, Chevron (the operator) will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname’s national oil company 'Staatsolie', will own the remaining 40%.
In remarks on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, 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.'
His Excellency 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.
Source: QatarEnergy
