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Petronas Completes 50% Farm-Down Transaction in Block 52

Source: www.gulfoilandgas.com 5/19/2020, Location: Not categorized

PETRONAS through its subsidiary, PETRONAS Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 per cent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent participating interest in Block 52, offshore Suriname.

Block 52 is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries were made recently. Block 52 covers an area of 4,749 km˛ with water depths ranging from 50 to 1,100 meters.

Subsequent to the farm-down, PSEPBV as the operator of Block 52 holds 50 per cent equity, while ExxonMobil holds the remaining 50 per cent.

PETRONAS’ Vice President of Exploration, Emeliana Rice-Oxley said: “Our upcoming exploration activities for Block 52 will involve the drilling of a well in Q3 2020, in addition to acquiring new 3D seismic data utilising the latest technology, covering the whole block 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.”

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 support this assessment.

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

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