QatarEnergy has entered into a deal with US energy giant Chevron to purchase a 20% stake in a production sharing contract for the Suriname block. 

The financial terms of the transaction were not disclosed.  

The agreement pertains to block 5, located offshore Suriname, with water depths ranging from around 30–45m. 

Under the agreement, Chevron, as the operator, will maintain a 40% stake, while Paradise Oil Company, a subsidiary of Suriname’s national oil company, Staatsolie, will hold the remaining 40% interest. 

Currently, the licence is advancing into its second exploration phase, which includes a commitment to drill an exploration well. 

At present, Suriname's oil production is concentrated exclusively onshore, but significant deepwater discoveries have been made in its offshore waters since 2019.  

The country is projected to achieve its initial substantial offshore oil production in approximately four years, according to Reuters.  

QatarEnergy president and CEO 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. 

“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.” 

Late last year, Shell, TotalEnergies, QatarEnergy and Petronas entered into production-sharing agreements with Staatsolie for offshore blocks 63, 64 and 65. 

Recently, TotalEnergies said it hopes to reach a final investment decision for Suriname's block 58 by the fourth quarter of this year. 

The block 58 project, anticipated to cost around $9bn (€8.25bn), is scheduled to commence production in 2028. 

Source: 

https://www.qatarenergy.qa/en/MediaCenter/Pages/newsdetails.aspx?ItemId=3822