1 000 billion to Norwegian government since Petoro was founded in 2001

Net cash flow to the government from the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf since Petoro’s creation in 2001 has topped NOK 1000 billion. Cash flow in 2010 was NOK 104 billion, up almost NOK 7 billion from the year before. Petoro chief executive Kjell Pedersen is satisfied with the fact that several development projects came back on track last year, and particularly so with the Valemon development being brought forward. At the same time, he still believes that too little is being done to optimise profitable recovery from the major mature fields on the NCS. He adds that to maintain production and substantial revenues for the government in the longer term, the SDFI portfolio will also need to secure additional resources from new exploration areas offshore Norway.