Exxon pulls out of Suriname offshore block, Staatsolie says

Exxon Mobil (NYSE:XOM) has withdrawn from its Block 52 offshore Suriname, and block operator Petronas will take over its 50% stake, the country’s state-owned oil and gas company Staatsolie said Wednesday; financial terms were not disclosed.

“The withdrawal is part of the ongoing evaluation of assets in Exxon Mobil’s global portfolio,” Staatsolie said, according to Reuters, adding the withdrawal will not affect operations with Petronas’ Malaysian subsidiary.

Exxon (NYSE:XOM) confirmed its exit from the block and said it has “fulfilled all our work commitments.”

Natural gas initially was discovered in the block off Suriname’s northern coast in 2020, and a second well was drilled earlier this year.