The Norwegian State has substantial holdings in several oil and gas fields, pipelines and land facilities linked to the Norwegian continental shelf through the State’s Direct Financial Interest (SDFI). Petoro AS manages these interests. The Company’s most important task is to ensure maximum value and achieve the highest possible income to the State from SDFI. The entire cash flow from SDFI is transferred to the Government Pension Fund Global (the Petroleum Fund).

DG1 decision on Wisting

[26.06.2019]
On Wednesday, 26 June 2019, the partners in the Wisting licence (PL 537) unanimously approved DG1, and also endorsed Equinor’s takeover as development operator, and that OMV will become the operator for the operations phase.
Government approves Gullfaks development
[14.06.2019]
On Friday, 14 June 2019, the Government approved development of the Gullfaks field, which will yield 17 million new barrels of oil.
Plan for phase 2 of Johan Sverdrup construction approved
[15.05.2019]
On Wednesday, 15 May, the Norwegian authorities approved the plan for development and operation (PDO) for phase 2 of construction for the Johan Sverdrup field. On that same date, construction started on the field’s second processing platform at Aibel in Haugesund.
Increased investments secure future revenues
[09.05.2019] - Press release – First quarter 2019
Petoro delivered a net cash flow of NOK 32 billion in the 1st quarter of 2019. This is on par with the first quarter of last year. “We are pleased to present such a good result, but our revenues could have been higher with increased drilling efficiency,” says President and CEO in Petoro, Grethe Moen.

SDFI facts

Petoro manages the State’s Direct Financial Interest and is a licensee for about 1/3 of the oil and gas reserves, with interests in 34 producing fields on the Norwegian shelf.

Results

Petoro shall, on a commercial basis, create the greatest possible financial value from the SDFI.

Organisation

Petoro has a small and flat organisation with employees who have long and broad-based experience from the petroleum industry.

Main tasks

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.