Exxon Quits Suriname Oil Block

Exxon has decided to pull out of an exploration block offshore Suriname and transfer its 50% stake to partner Petronas, the Suriname state oil company Staatsolie said in a news release. The exit is part of Exxon’s ongoing asset evaluation, Staatsolie said, adding that after the transfer, Petronas will remain the single owner of the exploration rights to Block 52. The contract for exploration in Block 52 was inked back in 2013. Exxon and Petronas struck gas in the block in 2020 but the volume discovered was deemed commercially unattractive.…