13.06.2014Gunn Wærsted new chair of the board in Petoro ASOn 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.
[06.05.14]Creeping cost increase – need to simplifyPetoro’s annual report contains many numbers and a lot of information about the company and its activities. Click for an overview of the report, and choose what interests you most. Read, for example, the views of chief executive Grethe K Moen on the company’s strategies, creeping cost increase and the need she sees for simplification, enhanced efficiency and cheaper solutions in the oil and gas sector. You can also click on the directors’ report, or delve into a cash flow of
NOK 124 295 673 304.91 by going to the annual financial statements. The whole report or sections of it can be downloaded for reading in an easy-on-the-eye format or for printing out. The environmental report for the SDFI portfolio will be posted when the figures become available.
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[08.05.14] - 1st quarter 2014:Costs must be halved for wells and the annual number doubledThe 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".
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Read the board of director´s quarterly report
[27.02.14] - SDFI 2013:Major investments slow production decline, cost rises threaten projectsCash flow from the government's own oil and gas on the Norwegian continental shelf was NOK 124.8 billion in 2013, compared with NOK 146.9 bn the year before. Capital spending went up 34 per cent to NOK 34.4 bn. The long lasting decline of oil production shows sign of flattening out. Grethe K Moen, chief executive of Petoro said sharp rise in investment is part of the reason for the cash flow reduction in 2013, but added that investment will yield production and income over time. Moen is, however, concerned that a combination of high investment, high cost and stable prices could lead to postponement of projects in mature fields as well as new developments offshore Norway.
[Photo: Grethe K. Moen - Photographer: Emile Ashley]
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Annual report from The Board of Directors