Chevron Corporation announced that its wholly owned subsidiary Chevron Global Energy Inc. (Chevron) will be assigned a 50 percent working interest in Blocks 42 and 45 offshore Suriname through an agreement with Kosmos Energy.
Under the agreement, Kosmos will have a 50 percent working interest and remain operator of both blocks until the end of the exploration phase. Chevron will assume the remaining 50 percent working interest and will be the operator following any commercial discoveries.
“This agreement enables us to explore for new resources in this frontier basin,” said George Kirkland, vice chairman, Chevron Corporation. “These blocks are on trend with new deepwater Cretaceous discoveries in the region.”
Blocks 42 and 45 are located approximately 155 miles (250 kilometers) from Paramaribo and cover a combined area of approximately 2.8 million gross acres, at water depths ranging between 650 and 8,500 feet (200-2600 meters).
“We are very pleased to participate in Suriname’s emerging energy sector,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “These blocks will expand our exploration portfolio in Latin America.”
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Bayside, acting through its wholly owned subsidiary, has acquired 100 percent of oil and gas leases covering 181 acres and the existing 7 wells situated on the property. The wells have previously produced oil from Jackson Series sands (Government Wells and Loma Novia zones) between depths of 2,200 and 2,400 feet. The wells were shut-in when the previous operator passed away and have been sitting dormant since. The Company plans to rework and/or re-complete each well and return them to commercial production of oil. The lease may also afford the opportunity to drill additional development wells in the future on the property.
Gordon Johnson, the CEO of Bayside Corporation, stated, “This lease is adjacent to existing oil leases owned by the Company in Duval County and fits nicely into its ongoing rework and re-completion program. Work is planned to commence on the existing wells during the second quarter of this year. As we bring the wells on line and into production and the results become available we will be announcing the results of our efforts. Bayside Corporation is pleased to participate in the future cash flow from these properties.”
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