Suriname’s state-owned oil company reports strong revenue
Staatsolie, Suriname’s state-owned oil company, estimates that its gross revenues for 2021 will be around US$400 million where nearly half will cover payments for taxes, dividends and royalties.
In a statement, the management said that approximately six million barrels of crude were produced at its Saramacca field.
“The extreme rainfall and associated flooded production fields and facilities in Saramacca district required additional efforts to achieve the production target. In total, 2.97 million barrels of diesel and gasoline were produced, the highest production in the history of the Staatsolie Refinery.”
Staatsolie said it will review the existing strategic plan and adjust where necessary and that in the near future, “the focus will remain on safe and efficient production, which should have as a consequence: adding value to the development of Suriname.
“An attempt will be made with the partners, who are active in the deep-sea area, to realize an investment decision taken last year.”
The company said that oil and gas companies make a major contribution to the emission of so-called greenhouse gases and that several international oil companies have announced plans to reduce their emissions.
“Staatsolie started mapping and auditing its emissions last year. In the coming period, the company will also consider and announce future objectives in this regard.”
The state-owned oil company paid US$132 million in taxes and royalties in 2020.
In October, Staatsolie signed a 30-year Production Sharing Contract (PSC) with U.S. producer Chevron Corp for the South American country’s offshore Block 5.
Suriname’s shallow-water area covers 120 kilometres from the coast at a depth of up to 100 meters. Block 5 is located in the shallow offshore area and has a size of 2,235 km2.
The Production Sharing Contract (PSC) gives exploration, development and production rights to Chevron Exploration Suriname and Staatsolie can opt for a 40% share of the project during its development phase.