Exxon Withdraws From Offshore Suriname Oil-Exploration Block

ExxonMobil Corp. has withdrawn from an oil exploration block off the coast of Suriname, not far from where it discovered more than 11 billion barrels in Guyanese waters. Exxon will transfer its 50 per cent stake in the block to Malaysia’s Petronas, the operator of the project and owner of the remaining 50 percent, according to a statement from Staatsolie, Suriname’s state-owned oil company.