The annual report 2015 of Staatsolie Suriname gives insights in the operational performance and financial conditions of the company. As laid forward by the Managing Director, Mr. Elias: ” Across the globe, the industry has been challenged to an unusual degree, with oil price fall on a scale that few predicted. For Staatsolie, as for almost all oil companies, regardless of size or scale, this has necessitated a careful analysis of how we do business and a tight focus on costs.”
Our consolidated gross revenues in 2015 declined by 45% to US$ 583 million, compared to US$ 1,056 million in 2014. This is attributable to a significantly reduced average net sales price of US$ 44.88 per barrel US Gulf Coast no.6, 3% Sulphur, a decrease of 47% in comparison with 2014, combined with an everage daily crude production of close to 17,000 barrels, an increase of 1% compared with 2014.
In the context of what has been an extremely challenging year for all oil companies, Staatsolie has nevertheless achieved a consolidated profit before tax of US$ 28.9 million. Although a very significant drop of 93% compared to 2014, this profit is a testament to the benefits we have accrued on our journey toward becoming a fully integrated energy company.
Significant value is now being realized with the production of premium diesel and gasoline at our expanded refinery – which will meet 80% of local demand for premium gasoline and premium diesel when ramped up to full production in 2016 – and in our increased power production capacity, up from 62MW to 96MW in 2015.
We were also able to contribute US$ 25 million to the Government’s budget, even though this figure is markedly reduced from 2014’s US$ 273 million.
The report is available under this button:
Number of pages 33 • Language English • Country Suriname
Tags: public finance and tax, economy, economie, suriname, government, financien, finance, budget, report, annual report, jaarverslag, staatsolie