annual_repport_staatsolie_2016_lr

Confidence in Our Own Abilities
48
Annual REPORT
11 Loan receivables
In accordance with the Power Purchase
Agreement dated March 1, 2013 (with latest
amendment in April 2016) by and between SPCS
and the Government of Suriname (GoS), SPCS
constructed a transmission line to the grid of
EBS. The aggregated cost of US$ 26.81 million
was divested in favor of GOS in January 2016, and
accordingly derecognized in the books of SPCS. As
of December 31, 2016, a total of US$ 3.77 million
was repaid by GoS. The short term portion of this
loan amounts to US$ 8,367,586 and the long term
portion amounts to US$ 14,676,623. The interest
rate of this loan is 5.76% p.a., and repayment of the
term loan is planned for six(6) quarterly installment
with maturity date of November 2021.
12 Property, plant and equipment
Movements in 2016 in property, plant and equipment are as follows:
2016 2015
Upstream Refining Marketing
Power plant
Corporate
Projects in
Total
Total
& trading
& other
progress
tangible fixed
tangible fixed
assets
assets
Investments January 1 763,863 1,133,681 46,703 128,563 56,910 205,166 2,334,886 2,099,470
Disinvestments
current year
Capitalized from PIP to
PPE current year
Addition/Internal
transfer
(61) (1,771) (3) (1,587) (3,368) (26,810) (33,600) (2,296)
59,272 24,853 359 4,156 145 (80,954) 7,830 (16,947)
90 1 171 58 79 37,191 37,590 281,960
Expensed to P&L - - - - - (2,453) (2,453) (27,300)
Total investments
December 31
Total depreciation
January 1
Depreciation
disinvestment/
internal transfer
current year
Depreciation
current year
Total depreciation
value December 31
Book value as at
December 31
823,164 1,156,762 47,230 131,190 53,766 132,140 2,344,252 2,334,887
(450,690) (110,230) (35,730) (21,600) (16,470) - (634,720) (568,737)
60 1,771 - 384 981 - 3,196 705
(36,004) (49,151) (1,399) (8,802) (1,096) - (96,452) (66,688)
(486,634) (157,610) (37,129) (30,018) (16,585) - (727,976) (634,720)
336,530 999,152 10,101 101,172 37,181 132,140 1,616,276 1,700,167
Investment in Evaluated Properties
The 2016 depreciation rate of 0.08 (2015: 0.08)
for the Tambaredjo Field, 0.08 for the Calcutta
Field (2015: 0.08) and 0.12 (2015: 0.12) for the
Tambaredjo North‐West Field are based on the
Unit of Production Method, which is calculated by
using the quotient of the annual production and
the proved developed reserve, plus the production
in the current fiscal year.
Staatsolie’s oil producing properties are primarily
obtained through concessions provided by the
Surinamese government. They have also been
acquired through a decree in land lease or through
the purchase of the right of land lease. Regarding
these concessions, the government decided by
decree in June 1988 that there will be no retribution
on the produced oil from the Staatsolie oil fields.