En drivkraft på norsk sokkel
The Norwegian State has substantial holdings in several oil and gas fields, pipelines and land facilities linked to the Norwegian continental shelf through the State’s Direct Financial Interest (SDFI). Petoro AS manages these interests. The Company’s most important task is to ensure maximum value and achieve the highest possible income to the State from SDFI. The entire cash flow from SDFI is transferred to the Government Pension Fund Global (the Petroleum Fund).
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The Snorre A platform in the North Sea. (Photo: Bo B Randulff - Even Kleppa - Woldcam / Equinor ASA)

Start-up of the Snorre Expansion Project

[14.12.2020]
Production from the Snorre Expansion Project started on 12 December. This is a major project that will yield nearly 200 million barrels of extra oil while also extending the lifetime of the Snorre field through 2040. The project is extremely important for Norway as a mature oil and gas nation, and illustrates the great remaining opportunities in the further development of the Norwegian Shelf.
Kristin Kragseth new CEO of Petoro
Kristin Kragseth new CEO of Petoro
[10.12.2020] - Press release
Kristin Kragseth has been appointed new CEO of Petoro. Kragseth comes from the position as CEO of Vår Energi.
Increased cash flow and high activity level
Increased cash flow and high activity level
[30.10.2020] - Press release - third quarter 2020
Petoro has delivered a cash flow of NOK 45 billion to the state as of the third quarter. This is a decline of 42 per cent compared with the same period in 2019. The cash flow for the third quarter was NOK 12 billion, which represents a cash flow improvement of five billion compared with the second quarter. The increase was caused by temporary easing of global infection control measures, which led to growth in demand and an increase in oil and gas prices.
New Vice President Legal Affairs
New Vice President Legal Affairs
[02.10.2020]
Kjersti Bergsåker-Aspøy took up her position as Vice President Legal Affairs
in Petoro on October 1st and is a member of Petoro's management team.
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SDFI facts

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.
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Results

Results

Petoro shall, on a commercial basis, create the greatest possible financial value from the SDFI.
Organisation

Organisation

Petoro has a small and flat organisation with employees who have long and broad-based experience from the petroleum industry.
Main tasks

Main tasks

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.