Suriname - Oil and Gas Suriname - Oil and Gas
The state-owned oil company, Staatsolie, holds sole rights to exploit fossil fuels in Suriname. To increase capacity, Staatsolie enters into production and exploration partnership agreements with foreign companies. Staatsolie partners with U.S. companies Apache Corporation, Kosmos Energy, and Murphy Oil, as well as with other international companies, for off-shore exploration.
Total crude oil production in 2017 remained at the same level as 2016, six million barrels with an average production of 16,300 barrels per day. Due to persistent low prices and fewer available drilling rigs, the target of producing 17,000 barrels a day was not met. The expanded refinery is operational and produces premium-quality diesel fuel and gasoline. In 2017 Suriname produced 2.6 million barrels of premium fuels, a fifty percent increase compared with 2016. The Staatsolie Power Company Suriname, a subsidiary of Staatsolie, expanded its electricity-generating capacity to 96 megawatts in 2015. According to estimates from the Central Bank, domestic oil consumption averages approximately 14,000 barrels a day.
Due to low oil prices, Staatsolie continued to face several challenges in 2017. While the potential to discover new reserves looks promising, current world market and domestic economic conditions led Staatsolie to cut back on some activities, including nearshore exploration and an investment in ethanol and sugar production. Staatsolie has a 25% share in Newmont’s Merian Mine, which resulted in a net profit of $22.6 million in the first half of 2017.
| 2015 | 2016 | 2017 | |
| Total Local Production | 6 million barrels | 5.9 million barrels | 6 million barrels |
Source: www.staatsolie.com
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Staatsolie Maatschappij Suriname N.V.