Hess Corp. decided to discontinue Block 59 exploration after failing to bring in new partners following Equinor ASA and Exxon Mobil Corp.’s withdrawal, Suriname’s national oil company said Tuesday.
In July 2024 Norway’s majority state-owned Equinor and Texas-based ExxonMobil withdrew from the production sharing contract they signed July 2017 with New York City-based Hess. After 2D and 3D research that involved 6,000 kilometers (3,728.23 miles) and 9,000 square kilometers (3,474.92 square miles) respectively, ExxonMobil and Equinor deemed the risk for drilling an exploration well too high and transferred their stakes to Hess, according to Staatsolie Maatschappij Suriname NV.
“Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period, which concludes on 8 July 2025”, Staatsolie said in an online statement. Hess had failed to woo new partners to continue exploration, Staatsolie explained.
PSC holders fully bear the costs and risks of exploration in the South American country, Staatsolie noted.
Block 59 spanned about 11,480 square kilometers in waters 2,700-3,500 meters (8,858.27-11,482.94 feet) deep, according to Staatsolie.
“Significant volumes are required for potential economically viable oilfield development in this block”, the statement said.
“The area formerly designated as Block 59 will be incorporated into Staatsolie’s strategy to have as much of the offshore acreage under contract with international parties”, the statement said. “Currently, production sharing contracts are in place with a number of international oil and gas companies for the various blocks, covering approximately fifty percent of Suriname’s offshore”.
In late 2024 ExxonMobil also exited Suriname’s Block 52 by transferring its 50 percent stake to partner Petroliam Nasional Bhd. (Petronas).
“This withdrawal is part of ExxonMobil’s ongoing evaluation of assets in its global portfolio”, Staatsolie said in a press release November 20, 2024.
“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”, Staatsolie added.
Spanning 4,749 square kilometers north of Paramaribo’s coast, Block 52 holds the Sloanea, Roystonea and Fusaea discoveries.
On June 17, 2025, Petronas announced a new PSC adjacent to Block 52. The new license, Block 66, spans about 3,390 square kilometers.
“Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area”, Malaysia’s national oil and gas company said.
“The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with PETRONAS’ existing operations in Suriname”.
To contact the author, email jov.onsat@rigzone.com
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