"I'm looking forward to getting to work and meeting all my new colleagues. Until now, I've observed Petoro from the outside, and I've seen what the organisation has contributed to the joint ventures. I have a lot of respect for the work Petoro does by actively seeking constructive solutions. My goal is for us to continue the balance between challenging established ideas and finding good solutions for increased value creation," says Kristin Kragseth, who has been formally installed as the new CEO of Petoro as of today, 1 June.
Petoro acts as steward for substantial resources and assets on behalf of the Norwegian state. The company is a licensee for about one-third of the oil and gas reserves on the Norwegian shelf, with ownership interests in 195 licences and 35 producing fields. Since its inception 20 years ago, the company has delivered more than NOK 2,000 billion in cash flow from the State's Direct Financial Interest (SDFI) to the Norwegian state.
" I recognize it as a unique opportunity to be a part of managing something that belongs to all of us in Norway along with an organisation that has my utmost respect," says Kragseth. "These times demands great changes, and I regard this as an opportunity for cooperation. Finding good solutions in a long-term perspective based on the industry's competences and experience, Petoro's role will be crucial in creating future value from the Norwegian shelf."
Kragseth comes from the position as CEO of Vår Energi. She is a marine engineer by trade, with a master's degree from Texas A&M University and has close to 30 years of experience from the oil and gas industry, from ExxonMobil, Point Resources and Vår Energi.
Petoro's 20th anniversary
[05.05.2021] - Press release - First quarter 2020
26 billion to the state – strong profit increase from Petoro
Development plans submitted for electrification of Troll Vest
[09.03.2021] - Press Release Petoro 2020 results
Solid revenues for the state in an unprecedented year