About Petoro

Petoro is a state-owned limited company which manages the SDFI in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities. Petoro’s formal role as the licensee acting on behalf of the state is described in this two-minute film. Animation on Petoro

Main objective, vision and values

Main objective

Petoro’s purpose is to be responsible for and manage the commercial aspects related to the SDFI on behalf of the state and at the state’s expense and risk. Its objective is to create the highest possible financial value from the state’s oil and gas portfolio on the basis of sound business principles. 

Read more here (in Norwegian only)

Vision: Petoro – a driving force offshore Norway

Petoro is not an operator, but a licensee – normally called a partner. The company’s ability to create value is closely related to its ability to collaborate with and influence operators and other partners.
Petoro has the same rights and obligations as the other licensees on the NCS.
     
Given the objective of achieving the highest possible financial value creation, a very large portfolio in an international context and a lean organisation, Petoro must work in a very special way to make a “positive difference”.
     
The principal arena for the company’s activities is the individual production licences and projects. Another important contribution it can make is to identify opportunities for boosting value creation through collaboration between licences/projects.
     
Such a role and this mode of working form the basis for Petoro’s vision of being a driving force offshore Norway.
     
That vision gives particular emphasis to collaboration with the other partners in the licences. But Petoro also seeks to apply this approach to other relationships – with the supplies industry, technology groups, the government and society as a whole.

Values

Petoro has elaborated its values by describing the attitudes which underlie them – and the actions they are meant to support.
Vigorous
We seize opportunities for value creation, we establish our own positions, take the initiative and clarify expectations, and we deliver.

Responsible
We take an active approach to health, safety and the environment, we care, and we perform in a solid and professional manner with a high level of integrity.

Inclusive
We value the expertise and experience of others, and recognise each other’s contribution. We are open and inquiring, and collaborate internally and externally to create results.

Bold
We think innovatively, and are adaptable in order to achieve results. We dare to try - and learn from our mistakes. We challenge established truths.

Mandate

Petoro was founded following a vote in the Storting (parliament) on 26 April 2001. Read more (in Norwegian only) about preparations to establish a new management system for the SDFI in Proposition no 36 (2000-2001) to the Storting.
Chapter 6 describes the SDFI before the partial privatisation of Statoil. Chapter 8 presents assessments of a future management system which led to the conclusion that a new state-owned limited company should be created to manage the SDFI portfolio.
     
The legal basis for the new system was enshrined in a new chapter 11 in the Petroleum Act.