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

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Ambitious goals – a precondition

[06.08.2015] Press release, 3rd quarter of 2015
Changes to the operations of fields in the State’s Direct Financial Interest (SDFI) portfolio are moving in the right direction, reports Grethe Moen, CEO of Petoro. “A doubling in the pace of drilling on certain installations shows that it is possible to meet ambitions for efficiency improvements which halve costs. Given what we’ve seen, we still believe a great potential for improvement exists. Further progress in this direction requires a more radical approach.”

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[ 04.09.2015 ]

Plan for Development and Operation for Maria approved

The Norwegian Ministry of Petroleum and Energy has approved the PDO for the Maria-field in the Norwegian Sea. Petoro tok over a 30 per cent share in 2011 and has in the planning phase been keen to see an efficient use of existing infrastructure as part of the Maria field development in this part of the Norwegian Sea.

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[21.8.2015]

Johan Sverdrup plan approved

The plan for development and operation (PDO) of the first phase of the Johan Sverdrup project in the Norwegian North Sea was approved by the Ministry of Petroleum and Energy yesterday, 20 August.
 
In addition, two plans for installation and operation (PIO) of transport pipelines and facilities for power from shore were given the green light.

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[06.08.2015] Press release, 2nd quarter of 2015

Cost trend breached, efficiency improvements still much needed

“We see now that the cost trend has been breached for operations on several fields in our portfolio,” says Grethe Moen, president and CEO of Petoro in a comment relating to the half year results for the State Direct Financial Interest offshore Norway. “But continued efficiency gains are needed to help boost earnings and improve profitability for future projects. We haven’t seen so far that the restructuring has led to proposals for more new projects in the licences.” 

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Read the directors' report