A driving force offshore Norway
The Norwegian state has substantial holdings
in production licences on the Norwegian
continental shelf (NCS) through the State’s
Direct Financial Interest (SDFI).
These assets are managed by Petoro AS.
The company’s most important job is
to help ensure the highest possible
value creation from the SDFI to the
benefit of the whole of Norway
0069196 - oseberg field centre - photo %c3%98yvind hagen - statoil
Johan Sverdrup plan approved

0094661 - johan sverdrup field centre - photo statoil - statoil
[21.8.2015]

The plan for development and operation (PDO) of the first phase of the Johan Sverdrup project in the Norwegian North Sea was approved by the Ministry of Petroleum and Energy yesterday, 20 August.
 
In addition, two plans for installation and operation (PIO) of transport pipelines and facilities for power from shore were given the green light.
Read more
Petoro - en drivkraft på norsk sokkel
[06.08.2015] Press release, 2nd quarter of 2015
Cost trend breached, efficiency improvements still much needed

grethemoen fotoemileashley03“We see now that the cost trend has been breached for operations on several fields in our portfolio,” says Grethe Moen, president and CEO of Petoro in a comment relating to the half year results for the State Direct Financial Interest offshore Norway. “But continued efficiency gains are needed to help boost earnings and improve profitability for future projects. We haven’t seen so far that the restructuring has led to proposals for more new projects in the licences.” 
Read the press release
Read the directors' report
Petoro - en drivkraft på norsk sokkel
[26.06.2015]
Geir Gjervan new head of communications in Petoro

geir gjervan - web 01Geir Gjervan (44) has been employed as new head of communications in Petoro, succeeding Sveinung Sletten  who will retire this autumn. Gjervan comes from the consultant company First House. He has a long career as information manager in the oil and gas industry, and as an adviser to the industry. Gjervan has been a press spokesman for Statoil's upstream business in Norway and head of information in Wintershall Norge. His education is within journalism and history, and he has worked in several media.  Gjervan took over the responsibilities as head of communications and the company's spokesperson as from Monday 10 August.
Petoro - en drivkraft på norsk sokkel
[2 July 2015]


Holding in Johan Sverdrup reduced – redetermination possible

13feb johan sverdrup cThe Norwegian Ministry of Petroleum and Energy announced its decision today on the division of the Johan Sverdrup field in the North Sea between the five licensees involved.
  
This involves a slight reduction in the share of Petoro/the State’s Direct Financial Interest (SDFI) compared with the comprise – to which Petoro was a party – reached in February between four of the five companies. The new Petoro/SDFI holding is set at 17.36 per cent.
  
Jan Terje Mathisen, Petoro’s vice president responsible for Johan Sverdrup, says that the 0.48 per cent reduction is a disappointment but limited in scope.
  
He also notes that the ministry’s decisions refers to the agreement between the four companies responsible for the February compromise, which means that each of the partners will be able to initiate a redetermination at a later date.
 

Petoro - en drivkraft på norsk sokkel
[05.05.2015] - Press release, first quarter 2015
Restructuring well under way, now we need to get more out of mature fields

sverdrup-pud“We see clearly that the oil industry is taking the challenges seriously,” says CEO Grethe Moen in connection with the presentation of Petoro’s results for the first quarter of 2015. “Costs for fields in production were cut by seven per cent in the first quarter. Real efficiency improvements to achieve a substantially lower level of costs will call for hard work over a long time to come and is a necessary correction. At the same time, it’s important that new business opportunities are brought forward. Priorities must be discussed in every licence.”
Read the press release
Read the ​directors’ report
Petoro - en drivkraft på norsk sokkel
Petoro has since 2001
passed on a net cash flow of
1500 billion NOK to the
government
CONTACT INFORMATION
Visiting address: Øvre Strandgate 124, NO-4005 Stavanger
Mailing address: P O Box 300 Sentrum, NO-4002 Stavanger

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