QatarEnergy is the new party in the production sharing agreement for the shallow offshore Block 5. QatarEnergy has acquired a twenty percent interest from Chevron Exploration Suriname (Chevron), following the departure of Shell from the block. With the participation of QatarEnergy, plans can be continued to drill an exploration well in 2025.

Following the acquisition by QatarEnergy, Chevron retains a forty percent interest, while Paradise Oil Company, a subsidiary of Staatsolie, holds the remaining forty percent.

Block 5 is located approximately 75 km off the coast of Suriname in shallow waters from 30 to 45 meters. This means that the costs for any hydrocarbon development will be lower, making a discovery in this area commercially attractive. The hydrocarbon deposits in this block will have to be confirmed with an exploration drilling next year.

Staatsolie looks forward to further cooperation with Chevron and QatarEnergy and remains committed to developing oil and gas resources in offshore Surinamese.

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 QatarEnergy

As a fully integrated energy corporation, QatarEnergy covers the full spectrum of the oil and gas value chain – from exploration to production, from processing and refining to sales and delivery.
As stewards of Qatar's natural resources and the world's largest provider of LNG, our strength rests in our ready access to Qatar's unique reserves to provide energy that fuels social and economic prosperity.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations, and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies.