Petronas has completed the farm-down of 50% of its interest in Block 52 offshore Suriname to ExxonMobil Exploration and Production Suriname.
Suriname Exploration & Production (PSEPBV) which is a subsidiary of the Malaysian oil and gas company, carried out the transaction.
It now operates block 52 with 50% equity, while ExxonMobil holds the remaining 50% according to Offshore Technology.
Block 52 covers an area of about 4,749km2 in the Suriname-Guyana basin. Water depths in the block range from 50m to 1,100m.
“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.”, Petronas Exploration vice-president Emeliana Rice-Oxley said.
“We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin.”
PSEPBV gathered subsurface information and data on the petroleum system of the block after completion of drilling on the Roselle-1 well in 2016.
The resulting analysis by the company indicated Block 52 comprises multiple geological play types. Petronas said the assessment is further supported by recent oil discoveries in an adjacent block.