Norwegian oil company Statoil is moving into offshore Suriname by buying a stake in Tullow Oil’s exploration rights.
Statoil will own 30 per cent of the block 47 territory, with Tullow retaining the other 70 per cent.
Royal Dutch Shell and French firm Total have also invested in the area, seen by Tullow as a region with potential for exploration.
Tullow has bought rights to territory off the coasts of Guyana, French Guiana and Suriname, which it believes shares geological character with West Africa, where it has had success in the past.
The company struck oil at the Zaedyus well off French Guiana in September this year.