A record of publications from the Dutch Caribbean and Suriname

Annual Report 2015 Staatsolie Suriname

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.”

Gross Revenues
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.

Consolidated Profit
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.

Production
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.

Government’s budget
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:
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Number of pages 33 • Language English • Country Suriname

Bron: Staatsolie

Tags: public finance and tax, economy, economie, suriname, government, financien, finance, budget, report, annual report, jaarverslag, staatsolie

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