After two and a half years of construction work, the 3500-tonne Dvalin module was lifted on board the Heidrun platform on Saturday, 3 August. The lifting operation was conducted by the Saipem 7000 lifting vessel. The Dvalin field is a subsea development 15 kilometres northwest of Heidrun.
59 billion to the Norwegian Oil Fund from Petoro first half 2019
[08.08.2019] - Press release - Second quarter 2019
The Norwegian continental shelf remains strong. Stable production contributed to Petoro’s transfer of 59 billion kroner to the Norwegian Government Pension Fund Global (the Norwegian Oil Fund) in the first six months of 2019, three billion more than in the first half of 2018. Petoro’s revenues account for a vital share of the State’s income from the oil and gas industry. “It is very gratifying to note that revenues from the State’s portfolio remain high,” says Grethe Moen, President and CEO of Petoro. “This illustrates that our producing fields are profitable even in a market with fluctuating oil and gas prices.”
DG1 decision on Wisting
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
On Friday, 14 June 2019, the Government approved development of the Gullfaks field, which will yield 17 million new barrels of oil.
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.
Petoro shall, on a commercial basis, create the greatest possible financial value from the SDFI.
Petoro has a small and flat organisation with employees who have long and broad-based experience from the petroleum industry.
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.