The decision follows block 47 drilling results
Tullow exits Suriname
The Anglo-Irish independent continues to refocus on key assets
Anglo-Irish independent Tullow Oil is exiting Suriname—where it holds operating stakes in blocks 47 and 54—as it continues to seek to rebuild its balance sheet and benefit from greater focus in its portfolio. Tullow and its partners decided not to pursue the next phase of development at block 47 following drilling results. The company owns 50pc of the block, while Petroandina Resources, a subsidiary of Argentina-headquartered Pluspetrol, holds 30pc and the Suriname subsidiary of Israel’s Ratio Petroleum, has 20pc. Tullow announced is “has also decided to exit block 54 at year-end”, which would leave it with no assets in Suriname. The company is working to reduce a significant debt burden and
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
