Chevron Transfers Stake in Suriname Block 5 to Shell

State-run Staatsolie retains its 40% stake in Block 5.

Suriname map.

Chevron has transferred one-third of its 60% equity interest in an offshore Suriname block for which it has a production-sharing agreement to a unit of Royal Dutch Shell, Suriname’s state oil company confirmed.

Paradise Oil Company, a subsidiary of Suriname’s state-run Staatsolie, retains its 40% stake in the Block 5 venture as a nonexecutive partner, according to the farmout contract.

Staatsolie and Chevron signed a production-sharing contract last October for Block 5, which covers an area of 2235 km2. The deal marked the first time that Staatsolie will participate as a partner in offshore activities.