Hess relinquishes Suriname’s Block 59 after partner exits

PARAMARIBO, July 9, 2025 – Hess has exited Block 59 offshore Suriname after being unable to secure new partners following Equinor and ExxonMobil’s withdrawal, the company said on Tuesday.

In July 2024, Equinor and ExxonMobil pulled out of the production-sharing contract signed in 2017 with Hess, transferring their stakes after concluding that drilling risks outweighed potential returns. Despite acquiring 6,000 kilometres of 2D- and 9,000 square kilometres of 3D-seismic data, no exploratory drilling took place. Hess, left as the sole stakeholder, has relinquished the block before the next phase of exploration was set to begin in July 2025.

Block 59 lies in deepwater territory with sea depths of between 2,700 and 3,500 metres in north-western Surinamese waters. It now reverts to the control of Staatsolie, which plans to reassign the acreage in its effort to attract new investment.

“Despite the promising geophysical data collected, the technical and financial uncertainties were too great to justify further investment,” Staatsolie said.

Hess Corporation is a US-based independent energy company engaged in the exploration and production of crude oil and natural gas. It operates in key assets across the USA, Guyana, Southeast Asia and the Gulf of Mexico, with a portfolio focused on high-return, long-life assets.

In October 2023, Chevron announced plans to acquire Hess in an all-stock transaction valued at USD 53 billion. However, the acquisition has been delayed due to arbitration proceedings initiated by ExxonMobil and CNOOC, who claim a right of first refusal over Hess’s 30% stake in the Stabroek Block offshore Guyana. A decision from the arbitration panel is expected by September 2025. Chevron has indicated it will finalise the acquisition within 48 hours of a favorable ruling and complete operational integration within 45 days.

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