QatarEnergy Increases Participation in Republic of Surinames Offshore Exploration

QatarEnergy

QatarEnergy 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 Surinames national oil company "Staatsolie", will own the remaining 40%.

In remarks on this occasion, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin 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." His Excellency 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.

(QNA)