Tullow To Exit Suriname
UK-based oil company pulls out of South American country after non-commercial finds.
Tullow Oil will leave Suriname following subpar results from its Goliathberg Voltzberg North-1 (GNV-1) well in Block 47 in the region. The well was drilled by drillship Stena Forth targeting more than 230 million bbl of oil. However, the well encountered only minor oil shows. Tullow and its partners notified the Government of Suriname that they have elected not to enter the next phase of Block 47, and the company confirmed it would exit the license on 31 December 2021.
Prior to drilling, the block was estimated to contain more than 900 million bbl of oil in three different prospects, including Goliathberg Voltzberg North. Tullow operates the block with a 50% stake. Partners include Pluspetrol (30%) and Ratio Petroleum (20%).
In addition, Tullow said it will exit Block 54 at year-end. In 2017, Tullow drilled the Araku-1 well in Block 54 but did not find commercial hydrocarbons. The move leaves the company without assets or operations in the country.