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

Grethe Moen - Photo: Emile Ashley

Positive development and increased competitiveness

[10.05.2017] - Press release 1st quarter of 2017
Major efficiency improvements have been achieved in recent years to increase competitiveness on the Norwegian Shelf. “We are seeing an industry with a completely different cost awareness than just a few years ago,” says Petoro’s President and CEO Grethe Moen. “This, along with a substantially higher oil price, means that Petoro can deliver a cash flow that is NOK 4.7 billion higher compared with the first quarter of last year.” However, Moen also emphasises that the job is far from done. “It is essential that competitiveness is strengthened even further, and HSE results must improve.”

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Troll A. Photo: Øyvind Hagen, Statoil
[15.03.2017] - Press Release - Petoro 2016 results

Unpredictability requires improved competitiveness

The industry is still characterised by considerable uncertainty. The ability of the Norwegian Shelf to compete in a demanding global energy market requires cost-effective production, with the lowest possible emissions. The adjustment work undertaken in 2016 has yielded impressive results. For example, field costs have been reduced by a further 12% since 2015, and we have drilled a record number of wells on our permanent installations.

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Management team of Petoro. Photo: Kjetil Alsvik
[13.03.2017 ]

Two new VP's join Petoro's management team

Petoro has recently hired two new Vice presidents as additions to its management team. Hege Waldenstrøm Manskow was hired as Vice president organisation and business support, while Ole Njærheim joined the team in the position of Vice president marketing and sales. 

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Grethe Moen - Photo: Emile Ashley
[03.11.2016] - Press release 3rd quarter of 2016

Additional innovation is essential for increased activity

The future of the Norwegian Shelf depends on further innovation to maintain our position as a global competitor and ensure new activity..

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