Hess Exits Suriname's Block 59 as Deepwater Exploration Proves Too Costly

By Editorial Dept - Jul 08, 2025

U.S. oil producer Hess Corp has announced its decision to exit Suriname’s offshore Block?59, returning operations to the national oil firm Staatsolie. Hess fulfilled its minimum exploration obligations but opted not to advance to the next phase when the deadline passed on July?8,?2025. Earlier, ExxonMobil and Equinor abandoned their stakes in the block, citing high drilling risks in the deepwater wildcat zone, and Hess was unable to secure new partners.

Located in northwest Suriname, Block?59 spans approximately 4,400?km² with water depths between 2,700 and 3,500?m. Initial seismic studies were conducted by the previous partners, but costly drilling challenges have stalled progress. With the block returned, Staatsolie intends to incorporate the area back into its offshore contracting strategy, which already covers nearly 50% of Suriname’s maritime territory.

Hess’s engagement with Suriname traces back to 2016, viewing the offshore acreage as a geological extension of its highly successful Guyana play. The company actively sought partners through 2024 but failed to reach a deal. According to Hess’s 2024 annual report, it plans to relinquish 94% of its undeveloped acreage in Guyana and Suriname by 2028, reflecting a strategic recalibration.

With deepwater offshore projects in Suriname proving too risky and unpartnerable, Staatsolie is now poised to reclaim Block?59 and explore further developments with international firms. The decision comes amid growing activity in Suriname's oil sector, including an offshore bond-backed venture, major investments in Blocks 52 and 58 with partners TotalEnergies, APA Corp, and QatarEnergy, and progress toward future exploration and production sharing contracts.