Suriname Oil Company Annual Revenue May Top $1 Billion

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Home » News » Suriname Oil Company Annual Revenue May Top $1 Billion

Suriname Oil Company Annual Revenue May Top $1 Billion

author: Jeawin time: 2014-10-09 16:18 hits: 1774

According to De Ware Tijd, semiyearly report issued by Suriname Oil Company showed that the oil companies’ revenues reached $531 million in the first half this year, and the gross margin was 40%. It is expected that the annual revenue will increase to $1.1 billion if the international oil price maintains an average of $90 per barrel. If this expectation is correct, the national oil company revenue will top $1 billion in the third year in a row.

In the first half of 2014, Suriname government' income tax from the national oil company amounted to $70 million. At the same time, the government will also gain profits tax and dividends at the end of this fiscal year.

At present, the daily output of Suriname Oil Company's crude oil is 16,500 barrels and it is planning to increase the daily output to 17000 barrels a day in the first half of next year. In offshore oil exploration, Tullow Oil Company in Britain and Israel signed a contract with Norway's national oil company, making the number of international companies participating in the offshore oil exploration rise to ten.

The company refinery expansion project is progressing well. At present, the workers have begun to receive training, and it is expected to be completed before the end of October. This project is planned to hold the completion ceremony in 13th of December, 34 anniversary of the company.

The semiyearly report also mentioned $275 million loan from a consortium led by Credit Suisse, was used to implement the Wajininggen Ethyl Alcohol Project from 2014 to 2018. At the same time, the management of Suriname Oil Company decided to put this project on the back burner. Instead, the company primarily focused the investment on Surgold gold mine project in Nassau. The company will provide $300 million to gain 25% stake of Surgold.

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