financetom
Business
financetom
/
Business
/
QatarEnergy to take part in offshore Chevron-operated Suriname block
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
QatarEnergy to take part in offshore Chevron-operated Suriname block
Jul 18, 2024 1:51 AM

DUBAI, July 18 (Reuters) - QatarEnergy has signed a deal

to acquire a 20% interest in a production sharing contract for

an offshore block in Suriname, it said on Thursday, boosting its

participation in the nascent oil-producing country.

Chevron ( CVX ), the operator of Suriname's offshore block

5, will retain a 40% interest, while Paradise Oil Company, an

affiliate of Suriname's state oil firm Staatsolie, will own the

remaining 40%.

Current oil output in Suriname is solely focused onshore,

but several deepwater fields have been discovered in the

country's waters since 2019. Its first major offshore oil

production is roughly four years away.

Energy consultancy Wood Mackenzie has estimated Suriname's

discovered resources at more than 2.4 billion barrels of oil and

liquids and more than 12.5 trillion cubic feet of gas.

In December, Shell, TotalEnergies, QatarEnergy and Petronas

signed production-sharing contracts with Staatsolie for three

offshore blocks.

TotalEnergies said last month that it and APA Corp ( APA ) will make

a final investment decision on the $9 billion block 58,

Suriname's most promising oil and gas project, in the fourth

quarter, aiming to begin output in 2028.

Block 58 lies adjacent to Exxon Mobil's ( XOM ) massive Stabroek

block in Guyana, where more than 11 billion barrels of

recoverable oil and gas have been found.

Block 5, which QatarEnergy announced taking a stake in on

Thursday, is located offshore Suriname in shallow water depths

of about 30-45 metres. The license is currently proceeding to

its second exploration phase with a commitment to drill an

exploration well.

"This agreement highlights our continued commitment to

exploring the promising basins of Suriname and marks an exciting

new partnership with Chevron ( CVX ) in the international upstream

sector," QatarEnergy CEO Saad al-Kaabi said in a statement.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
JPMorgan eyes Swiss corporate business gains, blockchain boost
JPMorgan eyes Swiss corporate business gains, blockchain boost
Sep 11, 2024
ZURICH (Reuters) - JPMorgan Chase ( JPM ) wants to grow its Swiss corporate banking business and hopes to use blockchain services to help gain clients, an executive at the U.S. bank said. We're ambitious and want to gain market share, Lutz Karl, who heads the bank's business with major corporate clients in Germany, Switzerland and Austria, told Reuters in...
TD Bank ordered by US regulator to pay $28 mln over consumer credit reports
TD Bank ordered by US regulator to pay $28 mln over consumer credit reports
Sep 11, 2024
Sept 11 (Reuters) - TD Bank was ordered by a U.S. regulator on Wednesday to pay nearly $28 million for repeatedly sharing inaccurate, negative information about customers with credit reporting agencies, potentially tarnishing customers' credit reports. The Consumer Financial Protection Bureau said the payout includes a $20 million civil fine, plus $7.76 million of restitution to tens of thousands of...
Torrid Launches Secondary Stock Offering; Shares Fall
Torrid Launches Secondary Stock Offering; Shares Fall
Sep 11, 2024
09:36 AM EDT, 09/11/2024 (MT Newswires) -- Torrid Holdings ( CURV ) said Wednesday it's launching an underwritten secondary offering of 8 million shares by certain shareholders. The selling shareholders will grant underwriters a 30-day option to buy an additional 1.2 million shares, the company said. Torrid won't receive any proceeds from the sale. Torrid shares were about 22% lower...
Frontier Airlines hikes margin forecast on moderating capacity growth
Frontier Airlines hikes margin forecast on moderating capacity growth
Sep 11, 2024
(Reuters) - Frontier Airlines expects its third-quarter margins to improve compared to prior forecast as capacity cuts offset the impact of moderating domestic travel demand, the low-cost U.S. carrier said on Wednesday. The airline raised its adjusted pre-tax margin to a range of flat to down 2%, compared with a prior view of down 4% to 6%. It lowered its...
Copyright 2023-2025 - www.financetom.com All Rights Reserved