Petoro is the licensee for The State’s Direct Financial Interests (SDFI) in production licences, fields, pipelines and land-based plants. These holdings are managed by Petoro on behalf of the government. As partner in joint ventures Petoro represents the biggest owner on the Norwegian Continental Shelf in addition to Statoil. Petoro safeguards the state’s interests in these joint ventures by protecting assets and creating value. The company does this through technical and financial activities which form the basis for its own assessments, as well as through participation in discussions and decisions on exploration, development and operation. In addition, Petoro monitors the sale of the state’s oil and gas by Statoil.
At the time of Petoro's 10thanniversary in May 2011, the SDFI had yielded a net cash flow to the government of NOK 1000 billion under Petoro's management. This represents about a third of the government’s revenues from the petroleum sector.
Petoro has been given three main duties by the Ministry of Petroleum and Energy:
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Managementof the government’s holdings in those joint ventures where such interests exist at any given time.
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MonitoringStatoil’s sale of the petroleum produced from the state’s direct financial interest (SDFI), as specified in the sales and marketing instruction issued to Statoil.
- Financial management, including accounting, for the SDFI.
