Hess Withdraws from Suriname Offshore Block 59

Hess Corporation has withdrawn from Suriname’s offshore Block 59 after fulfilling its minimum work obligations and failing to secure new partners, returning the deepwater area to state-owned Staatsolie. ExxonMobil and Equinor had previously exited the block in 2024 due to high drilling risks, despite extensive seismic studies. Block 59, situated in the northwestern offshore region of Suriname with water depths of 2,700 to 3,500 meters, posed significant technical and financial challenges that deterred further investment. Staatsolie intends to reintegrate the block into its strategy of maximizing offshore contracts with international oil companies. About half of Suriname's offshore territory is currently under production sharing agreements, and Staatsolie continues to seek new partners for future exploration. The exit highlights the risks and complexities associated with ultra-deepwater oil exploration in Suriname, even as international interest in the sector remains strong.