Hess has decided to relinquish its interests in Block 59, a deepwater exploration area off the coast of Suriname.
The US-based oil and gas company is transferring the block back to Staatsolie, Suriname’s state-owned energy firm.
The transfer concludes Hess’ involvement following its fulfilment of preliminary work commitments, effectively making the block open for future exploration contracts under Staatsolie’s management.
About a year ago, ExxonMobil and Equinor had withdrawn from Block 59, transferring their stakes to Hess.
Equinor’s withdrawal forms part of its broader strategy to shift investment away from numerous exploratory countries towards renewable energy sources. Since its rebranding from Statoil in recent years, Equinor has exited exploration activities in around 20 countries, with Suriname registering among these sizeable rollbacks.
Originally, Hess signed a production sharing contract (PSC) for the block in 2017 alongside ExxonMobil and Equinor. Eventually, Hess became the sole stakeholder when its partners left due to perceived investment risks.
Block 59 covers approximately 11,480km2 in northwest Suriname’s offshore waters, with depths ranging between 2,700 and 3,500m.
Following substantial seismic data collection—about 6,000km of 2D and 9,000km² of 3D—uncertainty over economically feasible oilfield development contributed to the departure of previous firms.
Despite some industry interest in forming a partnership after the announcement in August 2024 by Staatsolie, Hess was unable to find collaborators before it chose not to progress onto further exploration phases.
Staatsolie aims to re-incorporate this acreage into wider offshore contractual agreements with international oil and gas companies.
Approximately half of Suriname’s offshore is under production sharing contracts with various such corporations. This arrangement allows foreign entities certain rights to exploration while still requiring them to shoulder costs during initial periods.
Staatsolie said that this is a standard approach adopted across the sector due in part to high complexity and associated risks.
