For the first time, Staatsolie has earned more than US$ 0.5 billion within six months, the company states in its semi-annual report.

 

Waaldijk says the "good" results are also due to the high average price of US$ 100 per barrel of oil, while the company has sold more than four million barrels of oil products on the local and foreign markets, which is more than usual.

 

"If the oil price stays the same or rises, we will certainly pass the US$ 1 billion mark by the end of this year," Waaldijk emphasizes, yet he warns against being too enthusiastic by adding, "It is important to control our costs." The company's good performance is also reflected in the state's revenues, with the government earning some US$ 116 million from Staatsolie's activities.

 

The oil company also reports positive results of programs including the refinery's expansion and exploration activities on land and at sea. There are signs the exploration activities might add more to the company's current reserves of 80 million barrels.

 

"In the coming years, we will remain one of the biggest investors in Suriname," Waaldijk confirms, referring to plans to spend US$ 400 million a year between 2013 and 2016. "This includes the refinery's expansion, the ethanol project, further exploration for oil and the Tapajai hydro-power project," he says.

 

(Source: DWT)