US energy major ExxonMobil has withdrawn from Block 52 offshore Suriname, where it is partnered with Malaysian state-owned firm Petronas.
In this regard, ExxonMobil’s subsidiary, ExxonMobil Exploration & Production Suriname, officially informed Staatsolie, Suriname’s state-owned oil company overseeing the petroleum sector, of its decision to withdraw.
The withdrawal, effective 14 November 2024, forms part of ExxonMobil’s broader review of its global portfolio.
As a result, ExxonMobil is transferring its 50% working interest in the block to Petronas’ subsidiary, Petronas Suriname E&P, which has been the operator. This transfer grants Petronas full ownership of Block 52.
Staatsolie has confirmed that operations in the block will continue as planned under Petronas’ management.
The Surinamese firm stated: “The production sharing contract allows parties to bring in partners to a block or transfer their interests to another party. This is common practice in the oil and gas industry. Companies decide to partner in an area or exit based on their global portfolio and risk assessment.
“Staatsolie expects Petronas to continue the activities in Block 52 without interruption and is confident in the continuation of the good partnership between the two companies.”
Block 52 spans 4,749km2 north of Suriname’s coastline. A gas discovery was first made in the block in 2020 with the Sloanea-1 exploration well. Petronas has since continued exploration, including the drilling of the Sloanea-2 appraisal well earlier this year.
The Malaysian company is also advancing its evaluation of a third hydrocarbon find, Fusaea-1, which was announced in May 2024. Fusaea-1, located 170km offshore and 9km east of the Roystonea-1 site, encountered oil and gas deposits in Campanian sandstone reservoirs during drilling to a depth of 5,227m.
Petronas is exploring the potential to integrate this discovery with the earlier finds at Roystonea-1 and Sloanea-1.
Earlier this month, ExxonMobil reported a net income of $8.61bn for the third quarter of 2024 (Q3 2024), a 5.1% decline from the $9.07bn earned in the same period of 2023. Quarterly revenues totalled $90bn, down slightly from $90.76bn in the previous year.
