Jaarverslag 2014

XI.
Supplemental Information
on Oil Producing Activities (Unaudited)
In accordance with FAS 69, ‘Disclosures about oil producing activities’ Staatsolie is required to present certain
supplementary information on oil exploration and producing activities. This section provides the supplemental
information in five separate tables.
Table 1 through table 3 provide historical information regarding costs incurred in exploration, property acquisitions and
development, capitalized cost regarding oil producing activities, result of operations for oil producing activities. Table
4 and 5 present information on Staatsolie’s estimated proved reserve quantities and standardized measure of estimated
discounted future net cash flows related to proved reserves.
1 Cost incurred in exploration, property acquisition and development
for the year ended December 31, 2014
x US$ 1,000 2014 2013
Exploration costs 14,715 14,293
Development costs 96,118 84,483
End of the year 110,833 98,776
2 Capitalized Cost relating to oil producing activities as at December 31, 2014
x US$ 1,000 2014 2013
Proved oil properties 548,917 514,348
Accumulated depreciation (315,003) (293,904)
Net capitalized costs 233,914 220,444
3 Results of operations for oil producing activities for the year ended
December 31, 2014
x US$ 1,000 2014 2013
Revenue 851,754 811,634
Production costs (45,881) (44,471)
Exploration costs (13,448) (14,034)
Depreciation and provisions (35,565) (35,336)
756,860 717,793
Income tax expenses (121,037) (132,130)
Results of operations from producing activities
(excl. corporate overhead interest cost) 635,823 585,663
Unaudited ‐ see accompanying auditor's report
68
Staatsolie Annual Report 2014