Latest news with #Staatsolie
Yahoo
09-07-2025
- Business
- Yahoo
Hess exits Suriname's offshore Block 59
US-based oil and gas company Hess has announced its decision to relinquish its interest in Block 59 offshore Suriname. The block will revert to the state oil company Staatsolie and will become available for new contracts. After fulfilling its minimum work obligations, Hess has chosen not to progress to the next phase of exploration. This decision follows the withdrawal of its partners in July 2024. The partners, namely Statoil Suriname B59 (now Equinor Suriname B59) and ExxonMobil Exploration and Production Suriname, transferred their stakes to Hess, making it the sole participant in the block. Signed in July 2017, the Production Sharing Contract (PSC) for Block 59 involved Staatsolie, ExxonMobil, Statoil (Equinor), and Hess. The block, located in the far north-west of Suriname's offshore territory, spans approximately 11,480km² in water depths ranging from 2,700m to 3,500m. Despite the collection of 6,000km of 2D seismic data and 9,000km² of 3D seismic data, the previous partners deemed the risk of drilling an exploration well too high. Hess's efforts to attract new partners for further exploration of Block 59 over the past year have also been unsuccessful. Staatsolie aims to incorporate the block into its strategy to have a significant portion of offshore acreage under contract with international companies. Currently, PSCs cover 50% of Suriname's offshore area. A PSC allows a foreign oil and gas company to explore, develop, and produce resources, with the option to attract partners or withdraw based on their strategic and risk assessments. In related news, arbitrators have decided in the legal dispute between Exxon and Hess regarding a major oilfield project in Guyana. The development centres on Chevron's $53bn acquisition of Hess, which includes a 30% stake in Guyana's Stabroek block where ExxonMobil is the operator with a 45% interest in the joint venture. The International Chamber of Commerce in Paris is currently evaluating the decision prior to its release to the involved parties. "Hess exits Suriname's offshore Block 59" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
08-07-2025
- Business
- Reuters
Hess to exit Suriname offshore oil block after partners leave over drilling risks
PARAMARIBO, July 8 (Reuters) - U.S. oil producer Hess Corp (HES.N), opens new tab has decided to withdraw from Suriname's offshore Block 59, the South American nation's state oil firm Staatsolie said on Tuesday, adding the block would now return to Staatsolie. "Hess has fulfilled its minimum work obligations and decided not to proceed to the next phase of the exploration period ending July 8, 2025," Staatsolie said in a statement. Hess did not immediately respond to a Reuters request for comment. ExxonMobil (XOM.N), opens new tab and Equinor ( opens new tab had a year earlier exited from the block feeling there was too much risk involved in drilling an exploration well, and Hess had since then been unable to find new partners to explore the block, it added. Block 59's sea depth ranges between 2,700 and 3,500 meters, Staatsolie said, and Hess' former partners had left after collecting seismic data necessary for developing a viable oil field in the far north-western part of Suriname's marine area. Around half of Suriname's sea area is currently subject to production sharing contracts with various international oil and gas companies, Staatsolie said, adding the returned area would be taken account in its strategy to have as much of the sea area as possible under contract with international parties.
New Straits Times
06-07-2025
- Business
- New Straits Times
Petronas to drill three exploration wells at Suriname offshore block, Staatsolie says
PARAMARIBO: Petronas will begin drilling on Sunday, the first of three wells in an exploration campaign aimed at finding additional oil reserves at its offshore Block 52 in Suriname, state company Staatsolie said in a release on Saturday. Petronas hired Noble Corp to drill the wells through the Noble Developer drilling platform, which arrived in Surinamese waters at the beginning of July. Suriname's National Environmental Authority granted a permit for the drilling program in mid-June, Staatsolie said.
Reuters
05-07-2025
- Business
- Reuters
Petronas to drill three exploration wells at Suriname offshore block, Staatsolie says
PARAMARIBO, July 5 (Reuters) - Petronas will begin drilling on Sunday, the first of three wells in an exploration campaign aimed at finding additional oil reserves at its offshore Block 52 in Suriname, state company Staatsolie said in a release on Saturday. Petronas hired Noble Corp (NE.N), opens new tab to drill the wells through the Noble Developer drilling platform, which arrived in Surinamese waters at the beginning of July. Suriname's National Environmental Authority granted a permit for the drilling program in mid-June, Staatsolie said.
Yahoo
18-06-2025
- Business
- Yahoo
Eni, Petronas partner to combine assets in Malaysia and Indonesia
Eni and Petronas have signed a framework agreement to establish a new jointly participated company that will oversee their combined assets in Malaysia and Indonesia. Signed in Kuala Lumpur, the agreement outlines the creation of the new company, which will be operated as a financially self-sufficient entity. Both parties have agreed on asset-level valuations to be contributed to the new company, leading to an equal 50:50 ownership split. The agreement follows an exclusive memorandum of understanding (MoU) signed by the companies in February this year. This strategic move aligns with Eni's satellite model, mirroring its upstream activities in Norway and Angola with Var Energy and Azule. The final agreements are expected to be signed by the fourth quarter of 2025, pending completion of financial due diligence. Eni CEO Claudio Descalzi said: 'This is another significant step towards the new company that Eni and Petronas have agreed to create across Indonesia and Malaysia, generating synergy in terms of assets, expertise and financial capabilities, in a transformational model that further strengthens the huge potential of the two countries. 'The new company will have a strong regional impact on gas production, bringing additional energy, infrastructures and employment for the benefit of both Indonesia and Malaysia. The new company will also have the opportunity to further build on an amazing, combined portfolio of more than 50 TCF [trillion cubic feet] of additional, low-risk exploration potential'. The new company is expected to deliver sustainable production of 500,000 barrels of oil equivalent per day, primarily from natural gas. Furthermore, it will merge approximately three billion barrels of oil equivalent (bboe) of reserves and offer an additional 10bboe of potential exploration upside. In a related development, Staatsolie has entered a production sharing contract (PSC) with Petronas and Paradise Oil Company for Block 66 in Suriname's deep offshore. Block 66, spanning approximately 3,390km², is situated in water depths ranging from 1,000m to 2,200m. Petronas, via its subsidiary Petronas Suriname, has acquired the exploration, development and production rights for the block through the PSC. The company now holds an 80% participating interest and operatorship in the block, with Staatsolie's subsidiary POC holding the remaining 20%. Petronas has committed to drilling two exploration wells in the block's promising areas during the initial exploration phase. "Eni, Petronas partner to combine assets in Malaysia and Indonesia" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
