Chevron to Launch Korikori-1 Drilling Campaign in Suriname's Block 5

Chevron Corporation CVX is preparing to spud the Korikori-1 exploration well later this month in Suriname’s Block 5, as confirmed by state-owned Staatsolie. The well site lies about 78 km offshore in the north-central portion of the block, in shallow waters of roughly 40 meters. Chevron holds a 40% operating stake, alongside Paradise Oil Company (40%) and QatarEnergy (20%).

Suriname’s National Environmental Authority granted Chevron its drilling permit in late July 2025. The Noble Regina Allen jack-up rig — under a $17.7 million contract — is scheduled to arrive in early October, with drilling operations expected to last around 90 days.

A Step Forward in Suriname’s Offshore Journey

The Korikori-1 project signals an important phase in Suriname’s offshore exploration efforts, especially following multiple deepwater discoveries in nearby blocks. Block 5, spanning about 2,200 km², is strategically located between 45 and 82 km offshore in the western part of the country’s Nickerie district.

Data from the well will help assess hydrocarbon presence, quality and volume, potentially unlocking new shallow-water opportunities in the Suriname-Guyana Basin, one of the world’s most closely watched frontier regions.

Boost for Local Participation & Supply Chain

Chevron’s operations will be supported by shore-based logistics from Paramaribo, including fuel, supplies and personnel services. Staatsolie emphasized that the drilling campaign will enhance local participation, opening doors for Surinamese contractors and suppliers to engage in offshore support and logistics.

Chevron Expands South American Portfolio

A successful Korikori-1 well would further strengthen Chevron’s South American footprint. The U.S. supermajor already holds a 30% interest in Guyana’s prolific Stabroek Block, operated by ExxonMobil. Chevron has also indicated plans for additional exploration wells in the region, reflecting its growing confidence in the basin’s long-term potential.

CVX’s Zacks Rank & Key Picks

Houston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy — from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some better-ranked stocks like Cheniere Energy, Inc. LNG, TechnipFMC plc FTI and Oceaneering International, Inc. OII. While Cheniere Energy sports a Zacks Rank #1 (Strong Buy) at present, TechnipFMC and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Houston, TX-based Cheniere Energy is primarily engaged in the business of liquefied natural gas (“LNG”). It constructs and operates LNG terminals and is also involved in LNG and natural gas marketing. The Zacks Consensus Estimate for LNG’s 2026 earnings indicates 8.2% year-over-year growth.

Newcastle & Houston-based TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The Zacks Consensus Estimate for FTI’s 2025 earnings indicates 19.8% year-over-year growth.

Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.9% year-over-year growth.

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This article originally published on Zacks Investment Research (zacks.com).

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