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    Petronas Closes Suriname Sale to ExxonMobil

Summary

The Malaysian firm plans to spud a well at the farmed-out block in the third quarter.

by: Joseph Murphy

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Petronas Closes Suriname Sale to ExxonMobil

Petronas has completed the farm-out of a 50% stake in Block 52 off the coast of Suriname to ExxonMobil, it reported on May 19.

The 4,750-km2 block north of Paramaribo lies in waters 50-1,100 metres deep in the Suriname-Guyana basin, where several major hydrocarbon deposits have been found. Petronas drilled a well there in 2016, with subsequent analysis indicating that the area contains multiple geological plays and is within a favourable fairway for hydrocarbon generation and accumulation, the Malaysian firm said.

France's Total and the US' Apache made a "significant" light oil and gas-rich condensate discovery off Suriname back in January.

The farm-out leaves Petronas with a 50% stake in the block. With the deal completed, Petronas said its focus now was on drilling a well in the third quarter and acquiring new 3D seismic data. 

"We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin," Petronas' vice president for exploration Emeliana Rice-Oxley said in a statement.

The company also has a 100% interest in Block 48 and a 30% position at Block 53 off Suriname.