Asset A&D

ExxonMobil Farms in to PETRONAS' Offshore Suriname Block 52

By Deepak Sharma
May 20, 2020
a minute read
Offshore Rig

Malaysian national oil company Petroliam Nasional Bhd (PETRONAS) has completed the farm-out of a 50% interest in Block 52 offshore Suriname to a subsidiary of Exxon Mobil Corp. The terms of the transaction have not been disclosed. PETRONAS will retain a 50% operated interest in the block.

Block 52 covers an area of 4,749 sq. km in the Guyana-Suriname Basin, in water depths ranging from 50 to 1,100 m. PETRONAS drilled an exploration well on the block in 2016, with subsequent analysis indicating that the area contains multiple geological plays, and is situated within a favorable fairway for hydrocarbon generation and accumulation.

Earlier this year, U.S. independent Apache Corp. and its JV partner Total S.A. announced material light oil and gas condensate discoveries on Block 58, which is located immediately south-west of Block 52. The Surinamese blocks lie on trend with the prolific discoveries in the adjacent Stabroek Block in Guyana, which is also operated by ExxonMobil.

“Our upcoming exploration activities for Block 52 will involve the drilling of a well in Q3 2020, in addition to acquiring new 3D seismic data utilising the latest technology, covering the whole block to further evaluate the block’s upside potential,” said Emeliana Rice-Oxley, PETRONAS’ Vice President of Exploration.

Share
Free Trial
Finbrook Databases
Free Trial
Get a 7-Day Free Trial
Get free access to our global upstream oil & gas M&A, Financing and corporate database
Select a License
Access our Global Upstream Oil & Gas M&A, Financing and Corporate Database
Quick registration, online payment and instant access