Vision, strategy and values

Petoro’s purpose is to manage the commercial aspects related to the State’s Direct Financial Interest (SDFI), on behalf of the State and for the State’s account and risk. The objective of the activity is to ensure maximum value and achieve the highest possible income to the State from SDFI.

Vision: Petoro – a driving force offshore Norway

Our vision is to be a driving force on the Norwegian shelf. Petoro shall work to increase the competitiveness of the portfolio by ensuring cost-effective solutions, minimal uncertainty regarding the reserve base and sound operations.

Petoro emphasises good interaction with other licensees, the supplier industry, technology communities, authorities and the broader society.

Petoro is not an operator, but looks after the State’s participating interests in the petroleum activity. Petoro has the same rights and obligations as other licensees on the Norwegian shelf.

The Company’s opportunity to create values depends on close cooperation and the ability to influence operators and other partners.

Petoro devotes considerable attention to further developing and strengthening the competitiveness of the Norwegian shelf. We prioritise in-depth efforts on selected fields, in addition to promoting a comprehensive approach in our efforts to manage the SDFI portfolio. 

Strategy

Petoro’s strategy is based on our vision and overarching goals. The strategy is based on that the competitiveness of the portfolio is crucial for both creating and securing values. The mature fields have the greatest potential in the portfolio, and wells are identified as the most important area in terms of increasing revenues going forward. Safety and climate criteria make up an important framework for this strategy.

Values

Petoro has elaborated its values by describing the attitudes which underlie them – and the actions they are meant to support.
Vigorous
Inclusive
Responsible
Bold