Hess will leave Suriname oil block after partners quit over drilling risks

Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday.

In a press release, Staatsolie stated that "Hess had completed its minimum work commitments and has decided not to move on to the next stage of the exploration period which ends July 8, 2025."

Hess didn't immediately respond to our request for comment.

ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well. Hess has since been unable find new partners for exploration.

The sea depth of Block 59 ranges from 2,700 to 3,500 meters. Hess and his former partners left the area after gathering seismic data needed for developing a viable offshore oil field.

Staatsolie stated that around half of Suriname’s sea area was currently under production sharing agreements with various international oil companies. The returned area will be considered in the strategy to contract as much sea area with international parties as possible. (Reporting and writing by Ank Kuipers, Sarah Morland, Editing by Brendan O'Boyle & Natalia Siniawski).

(source: Reuters)