Equinor Announced Strategic Exit from Suriname

SEATTLE (Oil Monster):  Equinor and ExxonMobil announced that they have transferred their stakes in a deepwater oil and gas exploration block off Suriname to Hess Corporation, which now owns 100% of the license.

The transfer of stakes marks Equinor’s exit from the South American country. Meantime, ExxonMobil will continue to hold its presence in Suriname through its exploration license in Block 52.

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According to company spokesperson, Equinor has decided to withdraw from the deepwater Block 59 exploration license and to not seek further exploration opportunities in the country. The exit decision is in line with the company’s previously declared strategy to focus on oil production in select regions such as Norway, the U.S. Gulf of Mexico and Brazil.

Equinor has been shrinking its global oil portfolio over the past several years. After exiting from oil and gas exploration activities in South Africa, Mexico, Turkey, Nicaragua and Russia, it had announced sale of producing assets in Nigeria and Azerbaijan in 2023. Despite this, the company aims to boost its international oil output by15% between 2024 and 2030, mainly driven by anticipated increased production from new fields, especially in the U.S., Brazil and the UK.

Of late, Equinor has been focusing on investments in renewable and low-carbon energy across the globe.