b'upcoming hydrocarbon province. Furtherour shallow offshore area.confirmationcameinDecember,withIOC Refinery Turn Aroundpartners Petronas and ExxonMobil announcing another hydrocarbon discovery, with theAnother major accomplishment of 2020 was successful drilling of the Sloanea-1 explorationtherefineryTurnAround,whichwesuccessfullywell in Block 52. The new year quickly broughtcompleted even after our major international another new discovery in January by Total andcontractor and its workforce had to leave the Apache in Block 58 at the Keskesi East-1 well. project before completion due to the pandemic. As a result of the Turn Around, we expect Transforming Staatsolie refineryuptimetoincreasefrom70%to86%.For the last several years, through the40 Years of Serving Surinamesuccessful execution of our Strategy for Success 2016-2020, we have been preparingWithin this report, well highlight some of the for such major discoveries, transformingmajor milestones that have taken Staatsolie Staatsolie from a small regional companyfrom a pioneering oil company to a world-class into an enterprise ready to participate withenterprise, on the verge of participating in the international oil companies (IOCs) anddevelopment of major offshore hydrocarbon international investors on a global scale. Thatdiscoveries. I would like to thank the Government, transformationcontinuedin2020,reflected the investors and especially the people of by measures including the establishment ofSuriname for standing by our company in both the Staatsolie Hydrocarbon Institute (SHI)goodtimesanddifficultonesoverthe to address our institutional responsibilitieslast40years.in monitoring Production Sharing ContractsNational Discussion(PSCs) with IOCs. In 2020, we also establishedOur40thanniversaryprovidesnotonlytheour Upstream Offshore directorate to manageoccasiontoreflectonthepastfourdecadesthe commercial aspects of our participationbut to plan for the decades ahead as well. in offshore developments, and we continuedConservative estimates suggest that the oil to develop our Power & Sustainable Energyfrom the Block 58 discoveries alone will bring directorate, formed in 2019, to help us focus ontens of billions of US dollars to our country in a sustainable energy future. As a major step inthenext25years.Thatmoneywillstartflowingthat direction, we successfully integrated theintoSurinameasthefirstoilflowsoutin operations of the Afobaka hydroelectric facility2026 or 2027. in 2020.Attracting International Investors What will we as a nation do with this revenue? A We also continued to prepare to operatewindfall in available funds alone is not a simple financiallyonaglobalscale.Wetookourfirst panacea for every societal problem. We must step to drawing in international investors withplan to use our oil and gas revenues wisely. the issuance of a US$ 195 million bond listedTo determine our tomorrow, we must have a on the Dutch Caribbean Securities Exchange.national discussion today. This discussion must When market conditions are favorable, weinclude every element of our society, such as willlookintothefinancingopportunitiesinthe private citizens, businesses, trade unions and international capital markets. the governmentboth coalition and opposition. Attracting Joint Venture Partners Though every sector of our society should have a voice in this debate, the conversation In addition to our successful deep offshoreitself must strive to be above merely short-term blocks, we are also exploring our shallowpolitical, economic or personal concerns and offshore potential. In November 2020, weinstead focus on the long-term well-being of launched the Shallow Offshore Bid RoundSuriname as a whole.2020/2021tofindjointventurepartnerstopursue opportunities in the currently Together, we must make decisions and answer unlicensed and underexplored blocks in manycriticalquestionsnow,suchas:Whatpart6'