OSLO, Aug 7 (Reuters) - Equinor ( EQNR ) has withdrawn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