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Surinam's State Oil Firm Starts Production at New Field

Posted on: Tuesday, 28 March 2006, 09:00 CST

Text of report by Caribbean Media Corporation news agency website on 27 March

Paramaribo, Surinam: Surinam's state oil company, Staatsolie, Monday [27 March] started operations at a second onshore oil field, with officials predicting higher production in the future.

Officials estimate that the new Calcutta production field holds 23m barrels of crude oil.

Patrick Brunings, the field's production chief, said with a peak production of 5,000 barrels a day, the new field would have a production spanned of at least 20 years.

The Calcutta field is located in a swamp area and according to Staatsolie officials as little as possible damage would be caused to the environment.

Currently most of Staatsolie oil production comes from the Tambaredjo field where production started in 1983.

This month, the company reported a record turnover of 201.3m US dollars in 2005, an increase of 51.5 per cent over the 2004 figures.

Staatsolie also reported a pre-tax profit of 105.2m US dollars compared with 59.7m US dollars the year before. The record results were due to higher crude oil prices in 2005.

Staatsolie, together with Occidental Petroleum Corporation of the United States and Spanish Repsol/YPF, has started exploration of the Surinamese coast.

Source: BBC Monitoring Americas

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