(Piero Stewart, Energy Analytics Institute, 30.Dec.2024) — Staatsolie Maatschappij Suriname N.V. expects its consolidated revenue will reach $720mn in 2024, down slightly compared to $722mn in 2023.
Pre-tax profit is projected at $429mn in 2024, up compared to $426mn in 2023, while earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to reach $600mn in 2024, down compared to $632mn in 2023, state-owned Staatsolie said 30 Dec. 2024 in an official statement.
The company also projects contribution to the government’s treasury at $390mn in 2024, up compared to $335mn in 2023, in the form of taxes, dividends, and royalties from Staatsolie’s participation in gold mines, the company said.
Staatsolie’s contribution Suriname’s Gross Domestic Product (GDP) in 2024 was 8% of the total GDP, representing around 32% of total government revenue in 2024, the company said.
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Production Results
Staatsolie said that 6.4 million barrels (MMbbls) of Saramacca crude were produced in 2024, up slightly compared to 6.27 MMbbls in 2023. The higher oil production was attributed to various improvement projects initiated or ongoing in recent years, according to the company.
The production of high-quality diesel and gasoline at the Staatsolie refinery was 3 MMbbls in 2024 compared to 3.16 MMbbls in 2023. The lower refinery production was the result of the refinery being out of service for a major maintenance overhaul.
“This quadrennial maintenance overhaul was successfully and safely completed within time and budget. Several improvement projects were carried out, contributing to more efficient refinery operations,” Staatsolie said in the statement.
Staatsolie’s subsidiary, Staatsolie Power Company Suriname N.V. (SPCS), generated 1.41 million megawatt hours (MWh) of electricity, accounting for 67% of Suriname’s electricity demand. Approximately 42% of the electricity demand was supplied from the SPCS Brokopondo hydropower plant, the company said.
Staatsolie subsidiary GOw2 maintained its market share of 55% in 2024.
The year 2024 also saw Staatsolie expand its retail network as part of the World Class Retail Network project. 2 new service stations, owned and operated by dealers, were opened. The complete renovation of 3 company-owned stations has commenced and will be completed in 2025.
In the coming years, several GOw2 service stations will be renovated, “contributing to improved customer experience and maintaining market share in the retail segment,” Staatsolie said. As part of product innovation, GOw2 introduced gasoline and diesel with additives under the NRG+ brand this year.
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By Piero Stewart reporting from Caracas. © Energy Analytics Institute (EAI). All Rights Reserved.
