Shell Oil
— six years after walking away from Stabroek Block
Six years after giving up its stake in the Stabroek Block offshore Guyana where operator ExxonMobil went on to make the first world class Liza discovery just months later, Shell is now looking to strike it big on the ‘Golden Lane of Oil’ where it is set to begin exploration activities in Suriname, just miles away from the prolific Stabroek block.
Rudolf Elias, CEO of Suriname’s state oil company, Staatsolie Maatschappij Suriname NV, said on a virtual panel discussion this week that among the upcoming exploration drill campaigns offshore Suriname, one is from Shell.
Comments
“Prior to the first discovery in 2015, Shell was partnering with ExxonMobil at the Stabroek Block, but in 2014, unwilling to take the risk in the frontier basin, the company voluntarily gave away its rights to half of the entire block for a mere $1.”
Shell did a big mistake in giving up their stake in the Stabroek block. The timeline also suggests the right until 2014, big and experienced oil companies assessed the risks of investments in Guyanese offshore oil drilling projects was too big! Everything changed in 2015.
Dutch man had 300 years before 1814 to get rich.