ExxonMobil, Equinor transfer stakes in deepwater exploration block offshore Suriname to Hess

(WO) – According to Reuters, Equinor and ExxonMobil have transferred their stakes in a deepwater oil and gas exploration block offshore Suriname to Hess Corp, with Equinor exiting the South American country.

This move aligns with Equinor's strategy to focus on core areas like Norway, the U.S. Gulf of Mexico and Brazil.

ExxonMobil, which led the consortium, handed over operations of the block to Hess, but remains active in Suriname through Block 52. Hess now fully owns the Block 59 license, and no financial exchange occurred between the companies.

Equinor's exit from Suriname is part of a broader strategy, having exited about 20 countries in recent years, including South Africa, Mexico, and Russia, the latter due to the invasion of Ukraine.

Despite this geographical reduction, Equinor aims to increase its international oil and gas production by 15% by 2030, focusing on new fields in Brazil, the U.S., and Britain. Additionally, Equinor is expanding into renewable energy.

This story was originally reported by Reuters.