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

First visible sign of the Johan Sverdrup field in the North Sea. The jacket for the Johan Sverdrup riser platform is being installed. Source: Statoil

Digitalisation requires bold, forward-looking leadership

[03.08.2017] - Press Release – Second quarter 2017
“We note that the positive profit development we saw in the first quarter has continued into the second quarter,” says Petoro’s President and CEO Grethe Moen. Net cash flow to the State was NOK 49 billion in the first half of 2017, which is an increase of 27 per cent compared with the same period last year. This ongoing improvement continues to yield good results, while there is always a need for new policy instruments to reinforce competitiveness for the Norwegian Shelf, according to Moen.

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Grethe Moen - Photo: Emile Ashley
[10.05.2017] - Press release 1st quarter of 2017

Positive development and increased competitiveness

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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