Staatsolie Annual Report 2017

After a few difficult years, caused by the collapse in oil prices, the reference for our crude oil (USGC HSFO Waterborne) went from near US$ 100/bbl between 2011 and 2013 to US$ 16/bbl in January 2016, Staatsolie regained its health in 2017. This was also driven by the cash which started to flow from our key investments in the refinery and the Merian gold mine. The average posting price of our crude was US$ 47/bbl in 2017, compared to US$ 32/bbl in 2016. In 2017, Staatsolie realized consolidated gross revenues of US$ 434 million, a 21% increase compared to 2016. Our EBITDA for 2017 ended at US$ 285 million, with a profit before tax of US$ 94million,asignificantincreasecomparedtothe US$ 9 million loss in 2016. With these results, Staatsolie’s contribution to the government, consisting of taxes and dividend, amounted to US$ 129 million in 2017.

Read the Annual Report 2017 here.