PETORO | A driving force on the norwegian continental shelf
A driving force on the norwegian
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
Well into the future
is 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.
[07.08.14] - 2nd quarter 2014
Investment remains high
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
[08.05.14] - 1st quarter 2014:
Costs must be halved for wells and the annual number doubled
The 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
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 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.
Creeping cost increase – need to simplify
Petoro’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
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Visiting adress: Øvre Strandgate 124, 4005 Stavanger
Mail adress: PO Box Sentrum, 4002 Stavanger
Telephone: 51 50 20 00
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