The block covers an area of 4,749 km² with water depths ranging from 50 to 1,100 meters
PSEPBV is the operator of the block with 50% stake. (Credit: FreeImages/QR9iudjz0)
Malaysian oil and gas company Petronas has completed the farm-down of 50% of its participating interest to ExxonMobil Exploration and Production Suriname in Block 52, offshore Suriname.
The company has executed the transaction through its subsidiary, PETRONAS Suriname Exploration & Production (PSEPBV).
Located north of the coast of Paramaribo, Suriname’s capital city, the block is located in the prospective Suriname-Guyana basin.
The basin has recently witnessed several major hydrocarbon discoveries.
The block covers an area of 4,749 km² with water depths ranging from 50 to 1,100 meters.
Following the completion of the farm-down deal, PSEPBV is the operator of the block with 50% stake, while ExxonMobil holds the remaining 50%.
Petronas exploration vice president Emeliana Rice-Oxley said: “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.
“We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin.”
Petronas subsidiary drilled Roselle-1 well in the offshore Suriname block in 2016
PSEPBV obtained crucial subsurface information and data on the petroleum system of the block, after drilling the Roselle-1 well in the area in 2016.
The following detailed analysis conducted by PSEPBV indicated that Block 52 contains multiple geological play types and is within the favourable fairway for hydrocarbon generation and accumulation.
The assessment is further supported by the recent oil discoveries in an adjacent block.
In Suriname, PSEPBV also owns a 100% participating interest and operatorship for Block 48, and a 30% non-operated participating interest in Block 53.
In December last year, Petronas Petróleo Brasil (PPBL), a subsidiary of Petronas, acquired a 50% stake in the Tartaruga Verde field and Module III of Espadarte field, both located offshore Brazil, from Petróleo Brasileiro (Petrobras) for $1.29bn.