NEWS
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[02.02.12]
Gullkronen 2012 award to Petoro and Faroe Petroleum
Petoro and Faroe Petroleum were jointly awarded Business Developer prize of the year, during Rystad Energy's "Gullkronen 2012" in Oslo recently. The award was for the swop of assets between Petoro and Faroe last year, where Petoro acquired Faroes 30 per cent share of the Maria discovery in the Norwegian Sea, while Faroe took over shares in a number of producing fields which were of less significance in Petoro's 146 license portfolio. fikk andeler i en rekke mindre felt som er i produksjon.
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[28.10.11]
Giant discoveries, big cash flow and reserve addition
The list of important developments in the 3. quarter of 2011 is topped by the Aldous Major discovery in the North Sea, where Petoro manages a holding of 30 per cent on behalf of the Norwegian state. Petoro president and CEO, Kjell Pedersen, calls for partners in both licences to establish a joint pre-unit at an early stage to manage optimum appraisal and development of the field. The head of Petoro has all the reason to also enjoy other 3. quarter results: A strong cash flow to the government and the highest additions to oil and gas reserves since booking of Ormen Lange gas in 2003.
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[29.08.11]
Petoro paper on EOR methods off Norway for WPC in Qatar
New and advanced methods for enhanced oil recovery (EOR) attracted great attention while crude was expensive in the 1980s, but interest declined as prices fell during the next decade. Petoro’s efforts to get the issue back on the agenda – for Heidrun among other fields – have not gone unnoticed. Erik Søndenå (to the right in the picture) and Adolfo Henriquez have been invited to present a technical paper on the issue to the 20th World Petroleum Congress (WPC) at Doha in Qatar during December.
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[02.08.11]
Results first half 2011 up 23 per cent
First-half income from the State’s Direct Financial Interest (SDFI) in the Norwegian petroleum sector rose by NOK 12 billion from the same period of last year, to NOK 65 billion in 2011. The main reason is higher prices. Production fell compared to first half of last year. Petoro’s CEO, Kjell Pedersen, suggests that some license groups on the Norwegian continental shelf can own mobile drilling rigs themselves, in order to drill more subsea wells and improve oil recovery.
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[29.07.11]
SDFI results on August 2On Tuesday 2 August at 10.00 Petoro will present the interim financial results for the State’s Direct Financial Interest in the first half and second quarter of 2011. The results will be presented at a press conference and at the same time on this web site.
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[09.05.11]
Pedersen says Petoro even more important for the NCS over the next decade”
A first-quarter income improvement of 20 per cent for the State’s Direct Financial Interest (SDFI) in the Norwegian oil sector has been presented by Petoro on its 10th anniversary, May 9th 2011. This represents a 20 per cent increase from the same period of 2010. President and CEO, Mr. Kjell Pedersen, says that Petoro succeeded in creating great value added over these 10 years, but is nevertheless sure that the company will be even more important for the Norwegian continental shelf (NCS) over the next decade.
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[11.04.11]
Swop deal on the Norwegan Continental Shelf
Faroe Petroleum has issued a press release about a swop deal which comprise SDFI shares. According to the deal, SDFI takes over Faroe’s 30 per cent of the production licenses 475BS and 475CS near the Åsgard field in the Norwegian Sea, which contains the Maria discovery. The deal is subject to government approval. Call the Ministry of Petroleum and Energy for more information.
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[23.02.11]
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.
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Petoro reorganises – Grethe Moen joins management team
Changes are being made to Petoro’s organisation to reflect its new strategy, which pays particular attention to mature fields and the gas value chain. Grethe K Moen will be joining the management team on 1 April as head of a newly formed department for mature fields.
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[10.11.10]
NOK 78 billion to the Norwegian government – Petoro not satisfied
CEO Kjell Pedersen finds it strange not to be satisfied with 78 billion kroner - which is the cashflow Petoro transferred to the Norwegian government in the first three quarters of 2010. “It is a conciderable amount of money and a strong financial result. But behind the numbers are continued big drop in oil production from our mature fields and a reduction of our investments which shows that we are not able to maintain planned activity”, said Pedersen.
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