ExxonMobil's Strategic Exit: Petronas Takes Charge in Suriname

ExxonMobil has withdrawn from offshore block 52 in Suriname, with Petronas E&P taking over its 50% stake. The decision is part of a global portfolio evaluation. Gas was discovered in the block in 2020, and operations continue under Petronas.

In a strategic move, ExxonMobil has announced its withdrawal from offshore block 52 in Suriname, transferring its 50% stake to Petronas Suriname E&P. The state-run company Staatsolie confirmed this development on Wednesday.

ExxonMobil's exit, set to be effective from November 14, aligns with its ongoing evaluation of global assets. The shift will see Malaysia's Petronas oil and gas company continuing its operations uninterrupted.

The move follows ExxonMobil fulfilling its commitments in the region, having discovered gas in the block in 2020 and completing another well earlier this year.

(With inputs from agencies.)