QatarEnergy has signed a significant agreement with Chevron to acquire a 20% working interest in the production sharing contract for Block 5, an offshore area in Suriname. Under the terms of this agreement, Chevron, which will act as the operator, will retain a 40% interest in the block, while Paradise Oil Company, a subsidiary of Suriname's national oil company Staatsolie, will hold the remaining 40% stake.

This new partnership was celebrated by His Excellency Mr. Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and the President and CEO of QatarEnergy. In his remarks, Minister Al-Kaabi emphasized the importance of this agreement, stating, “This agreement underscores our ongoing dedication to exploring the promising basins of Suriname and signifies an exciting new collaboration with Chevron in the international upstream sector.” He further added, “We are delighted to finalize this acquisition alongside our partners and are eager to work together in Block 5, offshore Suriname. I would also like to extend my gratitude to the authorities of the Republic of Suriname and our partner Chevron for their support in finalizing this agreement.”

Block 5 is situated offshore Suriname at shallow water depths ranging between 30 to 45 meters. The license for this block is currently advancing into its second phase of exploration, which includes a commitment to drilling an exploration well. This phase is crucial for evaluating the block’s potential and advancing towards possible production.

The acquisition marks a significant milestone for QatarEnergy, expanding its footprint in the Suriname offshore region and reinforcing its commitment to international upstream ventures. The partnership with Chevron, a global leader in the energy sector, and Paradise Oil Company, further solidifies QatarEnergy’s strategic approach to exploring new and promising energy opportunities around the world.

The offshore exploration in Block 5 holds substantial potential, and the agreement reflects QatarEnergy's strategic focus on expanding its global exploration and production portfolio. By partnering with Chevron and Paradise Oil Company, QatarEnergy aims to leverage their combined expertise and resources to maximize the potential of this exploration block.

QatarEnergy, previously known as Qatar Petroleum (QP), is the state-owned corporation tasked with overseeing all aspects of Qatar's oil and gas industry. Its responsibilities encompass exploration, production, refining, transportation, and storage of hydrocarbons. The company operates the nation’s oil pipeline network, transporting crude oil from various fields to major refineries and export hubs. Additionally, QatarEnergy manages an extensive offshore pipeline system that carries crude oil from offshore fields to Halul Island for processing and export. Most of the onshore oil is directed to Umm Said for refining or export. Key export terminals are located at Umm Said, Halul Island, and Ras Laffan, while refining operations are conducted at two primary facilities: the QatarEnergy Refinery in Umm Said and the Laffan Refinery in Ras Laffan.