QatarEnergy buys into Surniame oil expansion

Dubai: QatarEnergy enters an agreement with US oil company Chevron to acquire a 20 per cent stake in a production-sharing contract for an offshore concession in Suriname, South America.

Currently progressing into its second exploration phase, the licence includes commitments for drilling and exploration well.

Despite being one of South America's smaller nations, Suriname ranks among the world's top bauxite, used to make aluminium metal, producers.

The recent oil production boom in neighbouring Guyana is anticipated to extend into Suriname, as both countries share the same hydrocarbon basin.

Suriname has experienced a series of significant offshore oil and gas discoveries in the past six years, totalling 2.4 billion barrels of oil and over 12.5 trillion cubic feet of gas in reserves, according to consultancy Wood Mackenzie.

These discoveries are on track for commercialisation, with major offshore production expected to start in approximately four years.