Hess exits Suriname's offshore Block 59 [Yahoo! Finance]
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Source: Yahoo! Finance
The block will revert to the state oil company Staatsolie and will become available for new contracts. After fulfilling its minimum work obligations, Hess has chosen not to progress to the next phase of exploration. This decision follows the withdrawal of its partners in July 2024. The partners, namely Statoil Suriname B59 (now Equinor Suriname B59) and ExxonMobil Exploration and Production Suriname, transferred their stakes to Hess, making it the sole participant in the block. Signed in July 2017, the Production Sharing Contract (PSC) for Block 59 involved Staatsolie, ExxonMobil, Statoil (Equinor), and Hess. The block, located in the far north-west of Suriname's offshore territory, spans approximately 11,480km² in water depths ranging from 2,700m to 3,500m. Despite the collection of 6,000km of 2D seismic data and 9,000km² of 3D seismic data, the previous partners deemed the risk of drilling an exploration well too high. Hess's efforts to attract new partners for further
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