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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Snorre A. Photo: Bo B. Randulff & Even Kleppa / Equinor

Substantial cash flow from Petoro in the first half of 2020 despite challenging 2nd quarter

[05.08.2020] - Press release - second quarter 2020
Petoro has delivered a cash flow of NOK 34 billion to the state as of the first half of 2020. This is a decline of 43 per cent compared with the same period in 2019. As previously announced, the cash flow for the 2nd quarter was sharply reduced and ended at NOK 7 billion, the lowest since Petoro was established in 2001. The drop in oil and gas prices was generally caused by a loss of demand as a result of global measures initiated to prevent the spread of Covid-19 infection, and the impact this has had on the global economy.
Solid 1st quarter in a demanding market situation
Solid 1st quarter in a demanding market situation
[11.05.2020] - Press release - First quarter 2020
Petoro delivered a cash flow of NOK 27 billion in the first quarter of 2020. This represents a decline of 18 per cent compared with the first quarter of 2019. This downturn was mainly caused by lower prices, while underlying operations have been good throughout the quarter.
Solid cash flow – impacted by weaker gas market
Solid cash flow – impacted by weaker gas market
[06.03.2020] - Press Release Petoro 2019 results
Petoro delivered 96 billion kroner to the state in 2019. That is 24 billion kroner less than the previous year, a fact which is mainly due to lower gas production and lower gas prices. Even with this decline, the cash flow remains solid.
14 licences to Petoro
14 licences to Petoro
[14.01.2020]
On 14 January, the Ministry of Petroleum and Energy awarded 69 production licences in APA (Awards in pre-defined areas) 2019. Petoro received a total of 14 licences for administration, 7 in the North Sea, 3 in the Norwegian Sea and 4 in the Barents Sea.
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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.