Based on the financial data available at the Ministry of Finance, it has been concluded by MSG SEITI that 6 companies of the oil sector are considered material for this sector.
Consequently, the 5 entities of the Oil Sector included in this report are:
|Nr.||Name of company|
|1.||Staatsolie (100% state owned entity)|
|2.||Kosmos Energy Suriname|
|3.||Teikoku Oil Suriname (TOS)*|
|4.||Apache Suriname Corporation LCD**|
|5.||Petronas Suriname E & P B.V.|
|6.||Tullow Suriname B.V.|
Table 4.6 Reporting companies Oil Sector 2016
*TOS – Inpex (IOC) its contract is terminated in August 2016. There were no payments made or reported by TOS in 2016 of final or subsequent obligations for 2015. Nor did MOF report any subsequent revenue of 2015 in 2016.
**Apache (IOC) did not report data regarding 2016
The primary activities are exploration and exploitation of oil reserves, the refining and sale of crude oil and related products.
Secondary, Staatsolie is expected to improve and increase participation of third parties in the activities of Staatsolie to increase state income. In addition, the company is responsible for the sustainable development of expertise in the field of technology and management within the oil sector.
Staatsolie is the contracting party on behalf of the Government of Suriname with the contractors. Agreements with contractors are directly negotiated and signed by Staatsolie and furthermore Staatsolie performs oversight on the contractors.