A unit of U.S. oil producer Chevron Corp. on Dec. 17 transferred one-third of its 60%-equity interest in an offshore Suriname block for which it has a production sharing agreement to a unit of Royal Dutch Shell, Suriname’s state oil company said.
Paradise Oil Co., a subsidiary of Suriname’s state-run Staatsolie, retains its 40% stake in the Block 5 venture as a non-executive partner, according to the farmout contract.
“Staatsolie welcomes the participation of a reputable party like Shell in Block 5. The farmout endorses the great interest there is in the offshore area of Suriname,” the company said in a release.
Staatsolie and Chevron signed a production-sharing contract in October for Block 5, which covers an area of 2,235 sq km. The deal marked the first time that Staatsolie will participate as a partner in offshore activities.
Recommended Reading
Lake Charles LNG Selects Technip Energies, KBR for Export Terminal
2024-09-20 - Lake Charles LNG has selected KTJV, the joint venture between Technip Energies and KBR, for the engineering, procurement, fabrication and construction of an LNG export terminal project on the Gulf Coast.
Hotter Temps Drive Japanese Demand for Spot LNG from US
2024-09-11 - Above-average temperatures are forecast for most regions of Japan through early October, compelling the country to seek prompt LNG, potentially from the U.S., to cover extended summer-related electricity demand.
Francine Closes, Restricts Oil Export Ports, Shuts in 42% of GoM Oil
2024-09-13 - In addition to hampering ports and refineries, an estimated 41.74% of Gulf of Mexico oil production, or 730,472 bbl/d, has been shut in.
Hurricane Francine Bears Down on Central Louisiana LNG Facilities
2024-09-11 - Sempra’s Cameron LNG, Venture Global LNG’s facilities in Calcasieu Pass and Tellurian’s site for Driftwood LNG will all be close or in the path of Francine.
Warmer-than-average US Temps to Pressure Gas Demand Side
2024-09-30 - Higher U.S. temperatures are expected to pressure gas demand for gas-fired electricity, according to a report from Rystad Energy.