Petoro - a driving force on the Norwegian continental shelf

PETORO  |  A driving force on the norwegian continental shelf
0069196 - oseberg field centre - photo %c3%98yvind hagen - statoil?x1=94&x2=2880&y1=120&y2=1867
A driving force on the norwegian
continental shelf
gron-strek-962
Petoro’s most important job is to help ensure the highest possible value creation from The State’s Direct Financial Interests (SDFI) – value which benefits the whole of Norway.
More about Petoro
pil-h
Lower prices highlight the need for efficiency offshore Norway

statoil-illustrasjon?x1=0&x2=626&y1=0&y2=527
[04.11.14] - 3rd quarter of 2014

A decline in oil and gas prices is the main reason why net cash flow was down 35 per cent from the third quarter of 2013 to the same period this year from the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS). Petoro chief executive Grethe Moen says that the fall in oil prices emphasises the importance of improving cost efficiency in order to strengthen projects on the NCS in the global competition for investment capital.
Read the press release
Read the board of directors´report

    The Snorre field is an example of a time critical mature field where Petoro sees a need to stay with the timetable for decision. (Illustration: Statoil)
     
     
    Petoro - en drivkraft på norsk sokkel
    [25.08.2014]
    Well into the future

    petoro-stand?x1=66&x2=605&y1=0&y2=502is the main theme of Petoro’s participation at the ONS 2014 oil show in Stavanger from 25-28 August. On behalf of the Norwegian government, the company spent NOK 16 billion on production wells last year – or almost half the total investment made in the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS).
      
    The combination of higher drilling costs and lower production per well poses a threat to profitability on the NCS. Petoro wants to see a halving of drilling costs and a doubling in the annual number of production wells drilled from fixed installations.
      
    Interviews in the Petoro Perspective magazine with petroleum and energy minister Tord Lien and industry leaders reveal broad agreement that the cost problem must be overcome collectively.
    Read more


      Petoro - en drivkraft på norsk sokkel
      13.06.2014
      Gunn Wærsted new chair of the board in Petoro AS

      gunn w%c3%a6rsted - foto emileashley?x1=0&x2=2365&y1=293&y2=2434On Friday 14 June 2014, Gunn Wærsted was elected new chair of the board of Petoro AS by the General Assembly. Wærsted has been member of the board since August 2013. She succeeds Gunnar Berge who has been chair of the board since 2007. Gunn Wærsted is CEO of Nordea Bank Norway and member of Group Executive Management Nordea Bank AB. Per-Olaf Hustad was elected new board member of Petoro AS. Hustad has broad experience from the oil and gas industry, most recently as technical director of Norske Shell.


      Petoro - en drivkraft på norsk sokkel
      [07.08.14] - 2nd quarter 2014
      Investment remains high

      Oseberg B - Photo:Harald Pettersen - Statoil
      Higher efficiency and reduced cost key to future value of
      fields like Oseberg. 
      Photo: Harald Pettersen - Statoil
       
      The high level of investment in the Norwegian state’s own oil and gas portfolio continued in the second quarter of 2014. Petoro has not registered any reduction in operating costs during the first half of the year. Grethe Moen, the company’s chief executive, says that greater efficiency and lower costs are important for realising the future value of the state’s oil and gas holdings.
      Read the press release
      Read the board of director´s report


        Petoro - en drivkraft på norsk sokkel
        [08.05.14] - 1st quarter 2014:
        Costs must be halved for wells and the annual number doubled

        gkm - fotoemileashley08?x1=0&x2=2365&y1=536&y2=2618The State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS) yielded a net cash flow of NOK 38.9 billion for the first quarter of 2014, up NOK 1.6 billion from the same period of last year. Chief executive, Grethe K. Moen, wants to double the number of wells and halve their cost in order to realise the great value potential of the SDFI portfolio. To achieve this, she will attack creeping inefficiency through simplification, technology for cost efficiency and a cultural shift from "fault-free" to "efficient". 
        Read the press release
        Read the board of director´s quarterly report


          Petoro - en drivkraft på norsk sokkel
          Visiting adress: Øvre Strandgate 124, 4005 Stavanger
          Mail adress: PO Box Sentrum, 4002 Stavanger

          Telephone:   51 50 20 00

          epost:
          post@petoro.no
          Contact information
          Publications
          What we do
          About Petoro