PETORO | A driving force on the norwegian continental shelf
A driving force on the norwegian
Petoro’s most important job is to help ensure the highest possible value creation from The State’s Direct Financial Interests (SDFI) – value which benefits the whole of Norway.
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Annual report for 2014
[27.03.15] - SDFI 2014:
Petoro's annual report for 2014 is now available on this website and can be accessed by clicking either on the link here or on the Publications tab at the top of this page. The report includes reflections from Petoro chief executive Grethe Moen on the dramatic changes experienced in 2014, the directors’ report and the accounts for both the State's Direct Financial Interest (SDFI) and Petoro AS as the management company for the SDFI
Click here to read the report
[13.03.15] - SDFI 2014:
Mature fields more important than ever
Oseberg field centre - Photo Harald Pettersen - Statoil
A cash flow of NOK 111 billion in 2014 represented a continued high level of revenues from the State’s Direct Financial Interest (SDFI) in Norway’s oil sector. Petoro chief executive Grethe Moen notes that fewer new developments mean income from the SDFI will be more dependent than ever on the mature fields over the next few years.
Read the press release
Read the Director's report
[04.11.14] - 3rd quarter of 2014
Lower prices highlight the need for efficiency offshore Norway
A decline in oil and gas prices is the main reason why net cash flow was down 35 per cent from the third quarter of 2013 to the same period this year from the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS). Petoro chief executive Grethe Moen says that the fall in oil prices emphasises the importance of improving cost efficiency in order to strengthen projects on the NCS in the global competition for investment capital.
Read the press release
Read the board of directors´report
[13.02.2015] - Press release
The Johan Sverdrup plan - a historic milestone and industrial foundation
“The plan we are submitting today for development and operation of the Johan Sverdrup field represents a milestone in Norwegian petroleum history,” says Grethe Moen, president and CEO of Petoro. “It also provides an industrial foundation for further progress on the Norwegian continental shelf. And 13 February 2015 is without doubt also a big day for Petoro, which is responsible for managing the state’s interest in this field. That’s a task we accept with both pride and respect.”
Well into the future
is the main theme of Petoro’s participation at the ONS 2014 oil show in Stavanger from 25-28 August. On behalf of the Norwegian government, the company spent NOK 16 billion on production wells last year – or almost half the total investment made in the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS).
The combination of higher drilling costs and lower production per well poses a threat to profitability on the NCS. Petoro wants to see a halving of drilling costs and a doubling in the annual number of production wells drilled from fixed installations.
Interviews in the Petoro Perspective magazine with petroleum and energy minister Tord Lien and industry leaders reveal broad agreement that the cost problem must be overcome collectively.
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