ExxonMobil Withdraws from Suriname's Offshore Block 52

ExxonMobil has decided to withdraw its 50% stake from Suriname's offshore Block 52, with Petronas Suriname E&P assuming full control. Staatsolie announced the move is part of Exxon’s broader portfolio reevaluation. Operations will continue unhindered, and expectations are high for a sustained partnership with Petronas.

In a significant development in the energy sector, ExxonMobil has announced its withdrawal from Suriname's offshore Block 52, ceding its 50% stake to Petronas Suriname E&P.

The state-run oil company Staatsolie confirmed the withdrawal is part of the U.S. giant's strategic reassessment of its global assets. The switch will be effective from November 14, with operations in the block remaining unchanged.

Since the initial gas discovery in 2020, and another well drilled earlier this year, expectations for the block remain high. ExxonMobil has yet to provide an official comment on the development.

(With inputs from agencies.)