Jaarverslag 2014

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Bunkering activities. www.staatsolie.com 29
• In case of a property damage or claim Staatsolie maintains insurance with proper coverage in case of physical damage to its properties, claims from third parties and accidents to its employees. Regular valuation and risks surveys are performed by an independent surveyor. Also regular evaluation of the content of the insurance coverage is done by Staatsolie and its insurance brokers. • Credit, interest and liquidity risks. Credit terms and credit limits are determined and monitored. A financial model, which is reviewed periodically, is used to monitor our financial position. • Foreign exchange risk. The year-end exchange rate for the Surinamese dollar, the Euro and the TT dollar for the year under review was US$ 1 = SRD 3.25, US$ 1 = Euro 0.82 and US$ 1= TT$ 6.36. 4. Political and economic risks • Political and economic policies of the Surinamese government may have an impact on Staatsolie's business through e.g. tax and environmental laws and regulations. • The Surinamese government is the sole shareholder of Staatsolie and it may cause the company to pursue certain macro-economic and social objectives which may affect results and financial condition. Access to the international capital market may be influenced by the country risks grade which may have impact on the ability to finance operations. judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. The following summary provides further information about the critical accounting policies and the judgments that are made by the Company in the application of those policies. Oil Reserves Evaluation of oil reserves is important to the effective management of upstream assets. It is integral to making investment decisions about oil properties such as whether development should proceed. Oil reserve quantities are also used as the basis for calculating unit of production depreciation rates. Oil reserves include both proved and unproved reserves. Proved oil reserves are those quantities of oil, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions and operating methods. Unproved reserves are those with less than reasonable certainty of recoverability and include probable and possible reserves. Probable reserves are reserves that are more likely to be recovered than not. Possible reserves are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. 5. Reputation risk • Failure to meet Staatsolie's ethical standards could harm its reputation and business: With a Code of Conduct, which applies to all employees and others who act on the company's behalf, Staatsolie wishes to firmly establish the specific values of integrity and community spirit. Therefore the phased implementation of the Enterprise Risk Management System has started. The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessment, and detailed analysis of well information such as flow rates and reservoir pressure declines. Reserve changes (revisions) are made within a well established, disciplined process driven by geoscience and engineering professionals. 2. Critical Accounting Policies The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (US GAAP) requires management to make estimates and Revisions can include upward or downward changes in previously estimated volumes of proved reserves for existing fields due to: 1. Change in reservoir performance; 2. Change in production technology; 30 Staatsolie Annual Report <strong>2014</strong>
Page 2 and 3: Staatsolie Vision 2030 Vision Leadi
Page 4 and 5: I. Shareholder, Supervisory Board,
Page 6 and 7: Supervisory Board E. Boerenveen Cha
Page 8 and 9: end Paradise Oil Company N.V. concl
Page 10 and 11: The expanded refinery. Oil Suriname
Page 12 and 13: Crude production (x1 mln bbls) 2014
Page 14 and 15: Construction of the pipeline from t
Page 16 and 17: Construction contract of the indust
Page 18 and 19: Construction activities at the Meri
Page 20 and 21: … which could be noticed by steam
Page 22 and 23: An aerial view of the expanded refi
Page 24 and 25: was driven by upcoming legislation
Page 26 and 27: increase in volume to be sold from
Page 28 and 29: Wi Oso (Our House), a shelter for p
Page 32 and 33: The computer lab of the AMS high sc
Page 34 and 35: Staatsolie proud green partner of S
Page 36 and 37: Consolidated Financial Statements 2
Page 38 and 39: x US$ 1,000 L i a b i l i t i e s N
Page 40 and 41: 3. Consolidated Statement of Change
Page 42 and 43: 5. Consolidated Cash Flow Statement
Page 44 and 45: Cash and cash equivalents Cash incl
Page 46 and 47: Provision for environmental risk Li
Page 48 and 49: 8 Prepaid expenses and other curren
Page 50 and 51: Investment in evaluated properties
Page 52 and 53: Power plant’s assets comprise the
Page 54 and 55: Both of these bank loans are being
Page 56 and 57: Pension benefits Insured pension be
Page 58 and 59: 24 Earnings per Share The basic ear
Page 60 and 61: 29 Other operational costs The brea
Page 62 and 63: Construction of a pipe line from To
Page 64 and 65: x US$ 1,000 L i a b i l i t i e s 2
Page 66 and 67: 3 Notes to Staatsolie Company Balan
Page 68 and 69: X. Five years Consolidated Income S
Page 70 and 71: 4 Reserve Quantity Information for
Page 72 and 73: An aerial view of the expanded refi

Jaarverslag 2014

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