Qatar Energy acquires 20% interest in Area 5

Qatar Energy is a new party to the production sharing agreement for the shallow offshore Area 5 block. Qatar Energy acquired a 20% stake from Chevron Exploration Company (Chevron) in Suriname after Shell withdrew from the block. With the arrival of Qatar Energy, plans to drill an exploratory well in 2025 can proceed.

Through Qatar Energy’s acquisition, Chevron retained a 40% stake, while National Oil’s subsidiary Paradise Petroleum owned the remaining 40%.

Block 5 is located approximately 75 km off the coast of Suriname in relatively shallow waters, with a water depth of 30 to 45 meters. This means that the cost of any hydrocarbon development will be lower, making discoveries in the area commercially attractive. Hydrocarbon deposits in the block must be confirmed through exploratory drilling next year.

Statoil looks forward to further cooperation with Chevron and Qatar Energy and remains committed to developing oil and gas resources in Suriname waters.