ExxonMobil Exploration & Production Suriname B.V. (ExxonMobil) has formally notified Staatsolie that it will withdraw from Block 52 in the Surinamese offshore area effective 14 November 2024. This withdrawal is part of ExxonMobil's ongoing evaluation of assets in its global portfolio. ExxonMobil is transferring its fifty percent working interest to PETRONAS Suriname E&P B.V., which is the operator of the block. With this transfer, PETRONAS now holds a 100% working interest in Block 52. Operations in Block 52 will continue as usual.

Block 52 covers an area of 4,749 square kilometers and is located north of the Surinamese coast. A gas discovery was made in this block in 2020 with the Sloanea-1 exploration well. PETRONAS is further exploring the gas discovery by drilling the Sloanea-2 appraisal well earlier this year. A Letter of Agreement (LoA) was also signed with the Contractor on 4 March 2024.

The production sharing contract allows parties to bring in partners to a block or transfer their interests to another party. This is common practice in the oil and gas industry. Companies decide to partner in an area or exit based on their global portfolio and risk assessment. Staatsolie expects PETRONAS to continue the activities in Block 52 without interruption and is confident in the continuation of the good partnership between the two companies.

About Staatsolie

Staatsolie is one of the leading companies in our country Suriname. Staatsolie is located in this hidden treasure of South America, where we passionately contribute to the advancement of our country. We do so by developing exploration activities, producing and refining crude oil to high-quality products, and providing local and international markets with these products.

About ExxonMobil

ExxonMobil (NYSE: XOM), one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs.

The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.