April 16, 2014 7:21 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Staatsolie Maatschappij Suriname N.V.

Company Overview

Staatsolie Maatschappij Suriname N.V. engages in the exploration, drilling, production, refining, and marketing of crude and refined products. It offers diesel oils for use by farmers, gold miners, and transport companies in their engines, generators, and equipment; various grades of low-sulphur and low-vanadium fuel oils for use in engines, boilers, and other industrial applications; and bitumen for paving projects, roads, airports, bridges, parking lots, etc. The company also provides delivery and transportation, and bunker services. In addition, it involves in the generation of thermal electricity. The company offers its products for major industries in Suriname, Guyana, Antigua, and Barb...

Dr.Ir. Adhinstraat 21

Box 4069



Founded in 1980


597 499649


597 491105

Key Executives for Staatsolie Maatschappij Suriname N.V.

Managing Director and Director
Finance Director and Director
Secretary and Member of Supervisory Board
Deputy Director of Business Development
Deputy Director of Exploration & Petroleum
Compensation as of Fiscal Year 2013.

Staatsolie Maatschappij Suriname N.V. Key Developments

Staatsolie Maatschappij Suriname N.V. and Apache Corp. Sign Production Sharing Contract

Staatsolie Maatschappij Suriname N.V. and Apache Corp. signed a production sharing contract on October 18, 2012 for offshore block 53. The contract, divided into exploration, development and production phases, is valid for approximately 30 years. The parties have agreed to a minimum working program for the exploration phase, which includes geological surveys and exploration drilling. Apache will take full responsibility for all costs during the exploration phase. If a commercial find has been made and brought into production, Apache will receive reimbursement for such costs. The contract offers Staatsolie the opportunity for a stake in the development phase of up to 20%. Block 53 is located at approximately 130 kilometers off the northwest coast of Paramaribo. The exploration period under the contract is divided into two phases with a combined investment of approximately USD 230 million. The duration of the first phase is scheduled for three years with an optional second phase of two and a half years. Two wells will be drilled in the first phase with a third well to be drilled in the optional second phase. The production sharing contract explicitly deals with inspection, safety and the environment. There are also special provisions for employment of local cadre, training, social programs and the dismantling of facilities at the end of operations.

Staatsolie Reportedly Plans For IPO

According to a report by newswire Reuters citing a statement by the Managing Director of Marc WaaldijkStaatsolie Maatschappij Suriname N.V. Staatsolie is considering holding an initial public offering. Staatsolie is studying the possibility of following the partial privatisation models of the Colombian and Brazilian state oil companies, Ecopetrol and Petrobras. Waaldijk reportedly said that "the state can sell a minority of its shares and use the proceeds for high-priority national objectives."

Government To Sell Stake In Staatsolie

Government of Suriname is considering conducting a study on a possible share offer of Staatsolie Maatschappij Suriname N.V. A committee made up of state and company officials will conduct a study and offer a recommendation to the government. Marc Waaldijk, General Manager of Staatsolie said, "Staatsolie wants to explore the possibility of issuing shares. The state can sell a minority of its shares and use the proceeds for high-priority national objectives."

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