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.
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