Jaarverslag 2014

Subsidiaries
GOw2 Energy Suriname N.V.
On 25 April 2014 the articles of association were
published and the company's official name changed
from Suritex N.V. to GOw2 Energy Suriname N.V.
In May 2014 “Pitstop” Beekhuizen, was opened. This
is the first service station where the full new retail
approach and concept was presented to the customers.
Partly as a result of the new brand and concept the
Beekhuizen service station realized an increase in sales.
In August 2014 the front court of the rebranded station
Gemenelandsweg was opened and this also resulted in
an 14% increase in sales. The rebranding of the front
court of four service stations will be executed in 2015.
In Coronie three appraisal wells were drilled in the
swamp to further investigate an accumulation that
was encountered in the Cretaceous, all these wells
had oil shows. The ESIA for drilling a land exploration
program was also finalized. Further execution depends
on concluding a contract with one or more farm-in
partners. Negotiations are on-going.
In the nearshore Block 4, detailed geological evaluations
including inversion were conducted on the quality
seismic data that was acquired in 2012. Almost 40
prospects and leads were identified, grouped in eleven
playtypes. A contract was negotiated and concluded for
drilling of nine wells, commencing April 2015. Studies
to support planned drilling activities included a full
ESIA and geotechnical and geophysical surveys.
The environmental study, for 18 service stations and the
terminals was completed by the Antea group in 2014.
The initial results have been reported and Antea Group
is currently working on a remediation plan for sites
where certain risks have been identified.
The remediation plan of all locations is expected to
be completed by April 2015. The rebranding is also
focused on the training of retailers and company staff
to increase their awareness and knowledge of the new
brand. This internal rebranding will continue in 2015.
Based on the approved strategic plan the focus in 2015
will be on further strengthening GOw2's marketing
position.
Paradise Oil Company N.V. (POC)
The first half of 2014 was characterized by operational
activities in almost all of POC's projects and also by
many preparations for the upcoming drilling program
in nearshore Block 4. In the second half of 2014 the
activities in Uitkijk as well as in Coronie were put on
hold in order to fully focus on Block 4.
In the Uitkijk Block five appraisal wells were drilled
to better understand the discovered reservoir and to
investigate a Cretaceous play near the Saramacca fault
system. Producible oil has been revealed in two areas
in this block. For 2015, a number of appraisal wells and
one production test well are planned.
Staatsolie Power Company Suriname N.V. (SPCS)
For SPCS, 2014 can be characterized as a year of
growth. The installed capacity of the plant was more
than doubled, from 28 MW to 62 MW leading to significant
production increase from 198.3 GWh in 2013 to
318.2 GWh in 2014, a 60% increase. The expansion of
the SPCS power plant was officially put into operation
on 28 February 2014 by the President of the Republic
of Suriname. Limitations in the 33 kV connection to the
Utility grid, allowed a maximum dispatch of 45 MW of
the available 62 MW. This limitation will be removed
with the commissioning of a new 161 kV transmission
facility in March 2015, increasing SPCS’ dispatch
capacity to 150 MW.
In 2014, the installed steam generation capacity was
also increased from 3 to 8 tons per hour. A further
increase to 16 tons is planned for 2015. The steam
that is generated from hot exhaust gases is sold to the
adjacent Staatsolie Refinery. Finally, in October 2014
a contract was signed to further increase the electrical
capacity of the SPCS Power Plant with 34 MW to be
commissioned by mid-2015.
Ventrin Petroleum Company Limited Trinidad
Ventrin margins were good in the first half of 2014,
but deteriorated in the second half due to falling oil
prices and in the latter part due to a change in US
Emission Control Areas (ECAs) regulation. This change
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Staatsolie Annual Report 2014