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Staat­solie, Suri­name’s state-owned oil and en­er­gy com­pa­ny, has con­firmed that Hess, the US-based oil and gas com­pa­ny, has de­cid­ed to re­lin­quish its in­ter­est in Block 59 off­shore Suri­name.

“Hess has ful­filled its min­i­mum work oblig­a­tions and de­cid­ed not to pro­ceed to the next phase of the ex­plo­ration pe­ri­od end­ing Ju­ly 8, 2025,” Staat­solie said in a state­ment, adding that the block will be­come avail­able for new con­tracts.

The de­ci­sion by Hess fol­lows the with­draw­al of its part­ners, Sta­toil Suri­name B59 (now Equinor Suri­name B59) and Exxon­Mo­bil Ex­plo­ration and Pro­duc­tion Suri­name that in Ju­ly 2024 trans­ferred their stakes to Hess, mak­ing it the sole par­tic­i­pant in the block.