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

Jonny Mæland. Foto: Petoro

New head of finance

(02 01 2018) - New head of finance
Jonny Mæland took up his position as chief financial officer in Petoro on 2 January 2018, and will become a member of Petoro’s management team.

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snorre pud - overlevering 21 12 2017
(21 12 2017) PDO submitted for Snorre expansion

PDO submitted for Snorre expansion

The Plan for Development and Operation (PDO) of the Snorre Expansion Project was submitted to the Ministry of Petroleum and Energy on Thursday, 21 December, at an event in Stavanger. The project will entail an expansion of the Snorre field to include a seabed solution.
The development solution consists of six seabed templates with a total of 24 well slots. The templates will be positioned directly above pinpointed locations with the highest potential for remaining resources. A total of 11 production wells and 11 injection wells are planned.

Johan Castberg
(05 12 2017) - PDO submitted for Johan Castberg

PDO submitted for Johan Castberg

The Plan for Development and Operation (PDO) of the Johan Castberg field in the Barents Sea was submitted to the Ministry of Petroleum and Energy on Tuesday, 5 December 2017, during a ceremony in Hammerfest. The plan for development of Johan Castberg calls for a large subsea facility tied in to a floating production vessel.

Grethe Moen - Photo: Emile Ashley
[01.11.2017] - Press release – Third quarter 2017

Considerable revenues for the Norwegian society

“The positive profit development we saw in the first six months has continued into the third quarter,” says Petoro’s President and CEO, Grethe Moen. Net cash flow to the State was NOK 65 billion as of the third quarter, which is an increase of 28 per cent compared with the same period last year. The adjustment and streamlining process the industry has undergone is yielding good results. “Continued efficiency improvements are essential because the oil and gas industry will be the locomotive in Norway’s economy for many decades to come. The income potential is still substantial, but will not be realised by itself.”

Read the press release
Read the directors' report