Petoro - a driving force on the Norwegian continental shelf

PETORO  |  A driving force on the norwegian continental shelf
PETORO  |  a driving force on the Norwegian continental shelf
The Norwegian government has large holdings in oil and gas licences on Norway’s continental shelf (NCS) through the State’s Direct Financial Interest (SDFI). These are managed by Petoro AS. The company’s most important job is to help ensure the highest possible value creation from the SDFI – value which benefits the whole of Norway.
Petoro - en drivkraft på norsk sokkel

NEWS

Petoro - en drivkraft på norsk sokkel
[27.02.14] - SDFI 2013:
Major investments slow production decline, cost rises threaten projects

[Foto: Grethe K. Moen - Fotograf: Emile Ashley] Cash 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]

Read the press release
Annual report from The Board of Directors
 


    Petoro - en drivkraft på norsk sokkel
    [ 13.02.2014 ]
    Solution ensures big long-term government revenues

    13feb johan sverdrup c?x1=0&x2=2000&y1=1065&y2=2250“The decision taken by the licensees on a development solution for the first phase of Johan Sverdrup will secure profitable production and big revenues for our owner for a long time to come,” says Jan Terje Mathisen, Petoro’s project director for this North Sea field.
     
    He is pleased that the solution includes improved oil recovery (IOR) from day one, as well as opportunities for future utilisation of more advanced measures for enhanced oil recovery (EOR). This is in line with Petoro’s strategy.

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      Petoro - en drivkraft på norsk sokkel
      [31.10.13] - SDFI in the first nine months of 2013:
      Activity high – investment up

      fotoemileashley11Investment in the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS) in the first nine months of 2013 increased by no less than 29 per cent from the same period of last year. This contributed to a decline in cash flow from NOK 115.1 billion – nearly a record – for January-September 2012, to NOK 97.8 billion. Petoro's chief executive, Grethe K. Moen is favourable to the investment growth, but concerned about the subsequent cost increase. 
      [Photo: Grethe K. Moen - Photographer: Emile Ashley]

      The Board of Directors's quarterly report

      Press release

        Petoro - en drivkraft på norsk sokkel
        [12.12.13]
        New vice president for strategy and organisation at Petoro

        nashaterdeusolheim%5b1%5d?x1=0&x2=250&y1=13&y2=196Nashater Deu Solheim (45) has been appointed vice president at Petoro for strategy and organisation (start date TBA), and becomes a member of the company’s executive management team. Solheim has been with Statoil since 2009, and its vice president for learning and development since 2012. She is educated as a clinical psychologist and holds a doctorate in psychology from the University of Surrey.
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          Petoro - en drivkraft på norsk sokkel
          [ 30.10.13 ]
          New vice president for licences at Petoro

          kjell 3[Photo: Liv Kari Birkelund Kartnes]
          Kjell Morisbak Lund (45) has been appointed vice president at Petoro responsible for work with licences on the Norwegian continental shelf (NCS) except Johan Sverdrup. He becomes a member of the company’s executive management team. Lund comes from Statoil, where he has been vice president for health, safety and the environment since 2012 in the marketing, processing and renewable energy (MPR) business area.

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            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

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