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Exxon JV inks Block 59 deal off Suriname

Written by  Thursday, 13 July 2017 12:37

ExxonMobil is preparing exploration activities offshore Suriname, after signing a production sharing contract (PSC) with Suriname’s national oil company Staatsolie Maatschappij Suriname NV for deepwater Block 59.

Image from Exxon.

Deepwater Block 59 spans 4430sq mi (2.8 million acres), and is about 350km (190mi), in 2000-3600m water depth, off Suriname’s capital city, Paramaribo.

The PSC between Exxon subsidiary ExxonMobil E&P Suriname, Hess Corp., and Statoil, will add significant acreage to Exxon’s operated portfolio in the area, the company says. The block shares a maritime border with Guyana, where ExxonMobil is the operator of three offshore blocks, including the giant Liza field.

“We look forward to working with Staatsolie and our co-venturers to evaluate the potential of this new acreage,” says Steve Greenlee, president of ExxonMobil Exploration Co. “Adding this block enhances our leading global deepwater portfolio.”

Following contract signing, the Exxon-led joint venture is preparing to begin exploration activities, including acquisition and analysis of seismic data.

The deal, which was first revealed in late-June, is part of Suriname’s “Open Door Policy.” The policy also resulted in an agreement between Staatsolie and Statoil for Block 60.

ExxonMobil is the operator of Block 59, with each consortium partner holding one-third stake each.

Partner Statoil says Block 59 is a potential extension of the trend on which the Liza discovery was made in neighbouring Guyana.

Block 60 sits adjacent to Tullow-operated Block 54, where Statoil is partner. Tullow is preparing to drill the Araku-1 wildcat exploration well in Block 54 later this year.  

Tullow Oil has inked a deal with Noble Corp. to use the Noble Bob Douglas drillship to drill the Araku prospect. Tullow has high hopes for Araku, calling it a “game-changer,” and the best prospect in its portfolio.

Read more:

Exxon, Statoil, Hess, agree Suriname offshore PSCs

Exxon, Hess move forward with Liza

Fanning the (E&P) flames

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