Staatsolie Annual Report 2017

Confidence in Our Own Abilities
20
GOw2 Energy Suriname N.V.
For 2018, the target is to continue increasing
market share by expanding our retail footprint,
enhancing the GOw2 brand, and through consumer
loyalty initiatives.
As a more stable sourcing of products was realized,
GOw2 focused on further increasing its sales and
realized a 20% increase compared to 2016. Also
with regards to the TOTAL lubricants that are sold
investments were made to pursue and increase
our market share in the future.
Unleaded and diesel
sales (bbls)
Average unleaded
sales/day (bbls)
Average diesel sales/
day (bbls)
GOw2 Performance
2017 2016
911,007 760,240
1,785 1,283
1,252 1,251
Ventrin Petroleum Company Ltd.
Total sales of petroleum products amounted
to 98,580 metric ton in 2017, a decrease of
50% compared to 2016. To counter the fall
back, Ventrin implemented strong cost cutting
measures and changed their mode of operations,
only selling from storage tanks and pipelines
at Point Lisas. Previously, products were sold
in the so called ‘ship-to-ship mode’ through a
leased barge. From March 2018, the company is
on the path to recovery.
People, Community & Environment
Our People
In 2017, we continued our program to embed a
culture of ownership, personal responsibility and
cost management – along with seeing our core
values enacted in both our resource planning
and day-to-day activities. To add impetus and
structure to our culture change program, we
implemented a new bonus system linked to
production and cash cost outcomes and to each
asset’s KPIs. This directly links remuneration
to our strategy. We also continued with our
succession planning to ensure we have a strong
pipeline of skilled personnel, including preparing
our secondments program to IOCs.
In 2018, our people activities will focus on amongst
others:
• The continuation of the roll-out of the Culture
Change program.
• The implementation of a new performance
management system.
• Improving the management of the Staatsolie
pension fund.
HSEQ
The health and safety of our employees and
contractors will always be at the core of all
our plans and activities. To meet this goal,
appropriate national and international industry
standards and practices are implemented and
projects are carried out in accordance with
Health, Safety & Environmental (HSE) guidelines,
rules and regulations.
In 2017, we continued to strive for zero harm. To
fulfill this mission, we worked on the development
of an integrated HSEQ management framework,
simplification of our procedures and processes,
and focused on key areas to manage our risks.
In 2018 we will start with the implementation of
our integrated HSEQ management system, to
better align our processes for both the better use
of our limited resources and embed more efficient
processes. Importantly, to ensure action, we
will make our safety observation process ready
to be introduced as a leading HSE KPI to our
performance reward system. This leading indicator
should help to ensure that our leadership team
visits Staatsolie work places to regularly discuss
safety with employees – an important step to
embed a deep culture of mutual care.
A key part of embedding our HSE messages is that
each year we hold a number of HSE days. This year,
9 were held across the organization.
Health and safety of our contractors (around 800
at the end of 2017), is equally important as that
of our employees. In 2018, we will work to ensure
consistency of approach with our procurement
department, management and HSE teams with
reference to Contractor Management.
Our HSE performance improved slightly in 2017
compared to 2016. The number of reported
incidents dropped from 495 to 491, while the
number of lost time injuries reduced from 8 to 2.