Saturday, 30 May 2020
BUSINESS
19/05/2020 02:48 PM

KUALA LUMPUR, May 18 -- Petronas through its subsidiary, Petronas Suriname Exploration and Production B.V. (PSEPBV), has completed the farm-down of 50 percent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) in Block 52, offshore Suriname.

Block 52 is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the Suriname-Guyana basin where several major hydrocarbon discoveries were made recently.

It covers an area of 4,749 square kilometres with water depths ranging from 50 metres -1,100 metres.

Subsequent to the farm-down, PSEPBV and ExxonMobil will have equal shares in Block 52.

“Our upcoming exploration activities for Block 52 will involve the drilling of a well in the third quarter of 2020, in addition to acquiring new 3D seismic data utilising the latest technology to further evaluate the block’s upside potential.

“We look forward to this partnership with ExxonMobil and are determined to continue with the success story on hydrocarbon discoveries in the basin,” said Petronas’ Exploration vice-president, Emeliana Rice-Oxley in a statement today. 

In 2016, PSEPBV drilled the Roselle-1 well in Block 52 which provided crucial subsurface information and data on the petroleum system of the area.

Subsequent detailed analysis carried out by PSEPBV indicated that Block 52 contains multiple geological play types and is within the favourable fairway for hydrocarbon generation and accumulation.

The recent oil discoveries in an adjacent block further supports this assessment, Petronas said.

In addition to Block 52, PSEPBV also holds a 100 percent participating interest and operatorship for Block 48, and a 30 percent non-operated participating interest in Block 53. 

-- BERNAMA

 

 

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