Chevron Corporation (NYSE:CVX) announced Thursday that its subsidiary, Chevron Suriname Exploration Limited, the operator of Block 5 with a 40% interest, is expected to begin drilling the Korikori-1 exploration well this month.
Well Details
The well is located about 78 kilometers offshore Suriname in the north-central part of Block 5.
Block 5, located in the western shallow offshore region of the Suriname-Guyana Basin, spans roughly 2,200 square kilometers and lies 45 to 82 kilometers off the Nickerie coast, in water depths ranging from 30 to 60 meters.
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Chevron's partners in the block include Paradise Oil Company (40%) and QatarEnergy (20%).
Following approval from Suriname's National Environmental Authority (NMA) in July 2025, Chevron will conduct drilling operations using the Noble Regina Allen rig, expected to arrive in the first half of October.
Once drilling and data collection are complete, Chevron will evaluate the quantity and quality of any hydrocarbons encountered.
Last month, Hess Midstream LP (NYSE:HESM) cut its financial and operational outlook for the coming years, citing a slowdown in drilling activity by Chevron in the Bakken beginning in the fourth quarter of 2025.
Yesterday, Reuters reported that Chevron expects its acquisition of Hess to exceed the previously stated targets, according to CEO Mike Wirth.
Investors can gain exposure to CVX stock via the EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
CVX Price Action: Chevron shares were down 0.07% at $153.63 during premarket trading on Thursday, according to Benzinga Pro data.
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