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


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

On 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 executive vice president of Nordea Bank Norway and member of group executive management, Nordea 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
[08.05.14] - 1st quarter 2014:
Costs must be halved for wells and the annual number doubled

Grethe K. Moen - Photo: Emile AshleyThe 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
    [27.02.14] - SDFI 2013:
    Major investments slow production decline, cost rises threaten projects

    grethemoen fotoemileashley03?x1=0&x2=2365&y1=1408&y2=3318Cash 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
      Creeping cost increase – need to simplify

      petoro annual report2013 frontpage?x1=0&x2=609&y1=123&y2=597Petoro’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.

      Read the report

        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.

        Read more

          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


          Contact information
          What we do
          About Petoro