Payments by Hydrocarbons Sector to Ministry of Finance

Payments by Hydrocarbons Sector to Ministry of Finance

The following payments are done directly to MOF:

a. Dividend payments by Hydrocarbon

Dividends from state owned companies, which in the case of Suriname are Staatsolie, are paid directly to the MOF. This payment can be settled with outstanding balances with the Government and as such it is occasionally considered a non-cash settlement.

Dividend is also paid by RGM based on the 5% interest of the Republic of Suriname in RGM.

Dividend in stock, when applicable, is considered a non-cash payment. It will be disclosed as such.

b. Royalties in cash

Royalties are payments to the Government, by the petroleum companies, for natural resources that belong to the Republic of Suriname and are extracted during petroleum operations.

There is no royalty liability for Staatsolie when the exploitation of Hydrocarbon is onshore, while with reference to SB 2005/52 the royalty due by Staatsolie is 6.25% of the gross production regarding offshore companies in Suriname. The gross production is the total production of petroleum in offshore Suriname with the exception of water, sediment and all other petroleum that is used in petroleum activities. This royalty arrangement is incorporated in the PSC.

2019-12-16T11:21:32-03:00Monday 16 December 2019|EITI Suriname Report 2016|