Equinor and ExxonMobil Corp announced that they have divested their interests in a deepwater oil and gas exploration block in exploration block offshore Suriname to Hess Corp, marking Equinor’s located offshore Suriname to Hess Corp, marking Equinor’s exit in Suriname.
This decision is in line with Equinor’s plans to concentrate its oil and gas operations in oil and gas in strategic regions such as Norway, the U.S. Gulf of Mexico and Brazil, while expanding its investment in renewable energy and low-carbon projects globally.
Hess assumes control of Block 59 by Equinor in Suriname
A company spokesperson stated via email that. Equinor has completely withdrawn from the Block 59 exploration license in Suriname and does not plan to pursue new exploration opportunities in the country.
In the meantime, ExxonMobilwhich led the consortium in the block, has delegated the operation of the block to Hess through a non-cash transaction, although it continues to evaluate other exploration areas in Suriname, maintaining its presence in Block 52.
In addition, with this transaction, Hess now controls 100% of the license, with no economic exchange between the parties, Equinor confirmed. Over the past six years, Equinor has ceased operations in approximately 20 countries, including South Africa, Mexico, Turkey and Nicaragua, focusing primarily on exploration activities.
Strategic shift: Fewer countries, more production
After leaving Russia due to the invasion of Ukraine in 2022 and after divesting its assets in Nigeria and Azerbaijan last year, Equinor plans to reduce its international presence to fewer than 10 countries, once all its outstanding agreements are finalized. This radical shift is a departure from the global expansion strategy pushed by its previous CEO, Helge Lund, after the partial privatization of the company, formerly known as Statoil, in 2001.
Finally, in 2023, Equinor generated 34% of its total oil and gas production outside Norway, with the United States being the largest contributor to its international production.
However, the company has promised its investors that it will increase its international production by 15% by 2030, aiming to reach 800,000 barrels of oil equivalent per day, with new fields in Brazil, the United States and Great Britain. Equinor has also explored new opportunities in renewable energyincluding offshore wind energy in Japan.
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Source: oedigital
Photo: Shutterstock
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