Staatsolie takes back control of offshore Block 59, an area of 11,480 km² located off the northwest coast of Suriname, following Hess’ decision to abandon exploration. The U.S. oil company communicated that its exit will be effective July 8, 2025, one year after ExxonMobil and Equinor divested their respective stakes..
The future of offshore block 59
Since signing the production sharing contract in 2017, Hess fulfilled its minimum commitments, including the seismic data collection over more than 9,000 km². However, high geological risks and difficulties in attracting new partners led the company to conclude that it was not viable to continue exploratory drilling in that environment of wateras ultra-deepwater environment was not viable..
Staatsolie, Suriname’s state-owned company, maintains as a priority that its maritime area is widely concessioned to international operators. The return of Block 59 opens the possibility of new tenders and opportunities for explorers interested in offshore hydrocarbons. offshore hydrocarbons.
How are decisions made in offshore exploration?
On the other hand, production production sharing contracts (PSCs) (PSCs) allow flexibility for oil companies to withdraw if exploration results or their economic criteria do not align with their overall objectives. Hess’s exit exemplifies how these strategic decisions respond to the balance between cost, risk and return potential.
Suriname also continues to position itself as an emerging player in offshore exploration. offshore exploration in South America. With nearly half of its waters under active contracts with international oil companies, the country reinforces its strategy to attract investment in the energy sector.
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Source: Staatsolie
Photo: Shutterstock
