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Equinor exits Suriname, further concentrating company's oil portfolio
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Equinor exits Suriname, further concentrating company's oil portfolio
Aug 7, 2024 8:12 AM

OSLO, Aug 7 (Reuters) - Equinor ( EQNR ) has withdrawn

from a Hess-operated deepwater oil and gas exploration

block off Suriname and exited the South American country, a

spokesperson for the Norwegian company said on Wednesday.

The exit aligns with Equinor's ( EQNR ) strategy to focus on

producing oil and gas in a few core areas, such as Norway, the

U.S. Gulf of Mexico and Brazil, while boosting investments in

renewable and low-carbon energy globally.

"We have decided to withdraw from the deepwater Block 59

exploration license in Suriname and we don't intend to seek

further exploration opportunities in the country," a company

spokesperson said in an email.

Hess now owns 100% of the license, although no money changed

hands between the companies, Equinor ( EQNR ) said.

Over the last six years, Equinor ( EQNR ) exited about 20 countries,

such as South Africa, Mexico, Turkey and Nicaragua. In most of

the countries, its activities were limited to oil and gas

exploration.

It left Russia over Moscow's invasion of Ukraine in 2022,

and last year decided to sell its producing assets in Nigeria

and Azerbaijan.

When the latest deals are complete, Equinor ( EQNR ) will have

petroleum production or exploration in fewer than 10 countries

outside Norway.

Its moves mark a sharp reversal from the international

expansion push launched by its former chief executive Helge

Lund, now chair of BP, after partial privatisation of

Equinor ( EQNR ), previously known as Statoil, in 2001.

In 2023, Equinor ( EQNR ) produced 34% of its total oil and gas

output outside Norway, with the U.S. accounting for more than

half of its international output, followed by Angola, Brazil and

Algeria.

Despite geographical shrinkage, Equinor ( EQNR ) told investors in

February it aimed to grow international output by 15% between

2024 and 2030 to 800,000 barrels of oil equivalent per day,

mainly from new fields in Brazil, the U.S. and Britain.

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