NEWS

• [25.08.10]
  Future success depends on the big mature fields

  

  Norway’s petroleum policy has been a great success for government and companies and still production at current levels can be prolonged for another 10-15 years, said Petoro’s CEO Kjell Pedersen at the ONS 2010 conference. He added, however, that for this to happen, production drilling must be stepped up to 2-3 times current rate, and investments need to be made in the upgrading or renewal of the large mature fields. Also he prescribed simpler and cheaper developments of new and smaller fields.

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  • Click here to read Petoro´s ONS magazine

• [30.07.10]
  NOK 56 bn to the government, more from oil, less from gas

  

  The Norwegian government received NOK 56 bn from its direct ownership in the oil and gas business, first half of 2010. This is on par with first half of 2009. A major difference is that oil is back on top in terms of value, despite continued production decline. Gas on the other hand, is up on production, but down on price. The issue of falling oil production and an uncertain gas market is also represented in Petoro's new strategy - decided by the board of directors in the 2. quarter.

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  • Read interim report

• [19.05.10]
  Adjustment a key topic in Petoro's annual report

  

  Successful development in a mature phase of the Norwegian Contintental Shelf requires adjustments - not least of the way key players work the big mature fields. Adjustment is the main topic for Petoro's annual report for 2009. Read comment from CEO Kjell Pedersen and other articles.

  • Click here to read the annual report

• [10.05.10]
  Strong total production, weaker gas prices

  

  Total production from the government’s direct participation in Norway’s oil and gas business is still high, but price fall for gas and reduced oil production weakened first quarter financial results . Net cash flow to the state was 30.1 billion NOK, a reduction of 3.1 bn bn from same quarter last year. Petoro’s market director Laurits Haga, believes that after short term uncertainty, demand will increase and the market balance for gas in Europe will strengthen. Finance director Marion Svihus said the 14 per cent reduction of oil production underlines the need for a turnaround and re-vitalisation of the Norwegian contintental shelf.

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• [23.02.10]
  NOK 97 billion to Norwegian government in 2009 - Petoro calls for all-out effort for necessary changes

  

  According to the annual accounts from Petoro, which manages the SDFI, cash flow to the government was NOK 97 billion. That represented a decline from NOK 155.4 billion in 2008. Petoro sees big opportunities on the Norwegian continental shelf (NCS) as well as major challenges, and has called for an all-out effort to achieve the necessary changes while the industry still has the necessary resources. Petoro's President and CEO, Mr. Kjell Pedersen warns about the possibility that big producing fields may be shut down too early and says that "changes are needed to the way we explore for, develop and produce oil and gas on the NCS."

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