Hess (Suriname II) Exploration Limited, a subsidiary of the American oil and gas company Hess, will relinquish Block 59 in offshore Suriname on 8 July 2025. Following the handover, the block will return to Staatsolie and become part of the country’s open acreage.
Hess has completed its minimum work commitments and chose not to proceed to the next phase of the exploration period, which ends on the same date. In July 2024, Hess became the sole operator of Block 59 after its partners—ExxonMobil Exploration and Production Suriname B.V. and Statoil Suriname B59 B.V. (renamed Equinor Suriname B59 B.V. in 2018)—withdrew and transferred their stakes.
The Production Sharing Contract (PSC) for Block 59 was signed in July 2017 between Staatsolie, ExxonMobil, Statoil (Equinor), and Hess. The block, located in the far northwest of Suriname’s offshore area, spans approximately 11,480 square kilometers in water depths ranging from 2,700 to 3,500 meters. Development in such deepwater conditions requires significant volumes to be economically viable.
During the exploration period, partners acquired 6,000 km of 2D seismic data and 9,000 km² of 3D seismic data. However, both ExxonMobil and Equinor concluded the risks were too high to justify drilling an exploration well. Over the past year, Hess was unable to secure new partners to continue work in Block 59.
Once returned, the area will be incorporated into Staatsolie’s broader strategy to maximize offshore acreage under contract with international partners. Currently, about half of Suriname’s offshore territory is covered by production sharing agreements with international oil and gas companies.
A PSC grants foreign companies exploration, development, and production rights while giving them flexibility to attract partners or withdraw. This model is standard across the oil and gas industry, where exploration costs and risks are carried entirely by the participating companies.
