Jaarverslag 2014

Operational Performance 2014
III. and Work Program 2015
Financial Performance
The consolidated gross revenues amounted to US$ 1,056
million, 3% higher than 2013. The average product
net sales price was US$ 85.34 per barrel compared to
US$ 98.97 per barrel in 2013, a decrease of 14%. This
decrease in the oil prices was fully compensated by a
volume increase of 19% from trading activities and a
60% increase in electricity production. The profit before
tax decreased by 7% amounting to US$ 400 million
compared to US$ 432 million in 2013. This decrease
was primarily caused by the product-mix consisting of
more lower margin sales, and higher interest expenses.
Consequently contributions to the government budget on
an accrual basis decreased by 9% amounting to US$ 259
million: US$ 122 million for taxes and US$ 137 million
for dividend. Total investment expenditures increased to
US$ 457 million compared to US$ 304 million in 2013,
primarily due to the Refinery Expansion Project reaching
its investment peak in 2014.
Institutional Activities
In January 2014 a Production Sharing Contract (PSC)
for offshore Block 54 was signed with a consortium
of Tullow (50%) and Statoil (50%). This block is 180
kilometers of the coast of Suriname and was offered
along with three other blocks during the international
bidding round in 2013.
In February 2014, the international bidding round
2014/2015 commenced with the objective to seek
PSC's for blocks 58, 59 and 60. The bid submission
was closed on 30 January, 2015. Two bids were
received for block 58, while no bids were submitted
for Blocks 59 and 60. The bids have been evaluated
and Block 58 was awarded in March 2015.
3%
Consolidated Gross
revenues US$ 1,056 million
-7%
Profit before tax
US$ 400 million
As of March 2015 there are nine offshore blocks
under contract respectively operated by Teikoku Oil
Suriname Co Ltd; Kosmos Energy Suriname; Tullow
Suriname BV; Murphy Suriname Company Ltd; Petronas
Suriname E&P BV; and Apache Suriname Corporation
LDC. In 2014, two contractors committed and started
preparations to drilling two wells in 2015. Apache
Suriname Corporation LDC, a subsidiary of the US
company Apache Corporation will start drilling activities
in the first quarter of 2015 in Block 53, while Teikoku
8
Staatsolie Annual Report 2014