News

Government approves Gullfaks development

[14.06.2019]
On Friday, 14 June 2019, the Government approved development of the Gullfaks field, which will yield 17 million new barrels of oil.
The estimated costs of the development is NOK 2.2 billion, and will make it possible to enhance recovery from the field.
“Gullfaks is one of Norway’s largest oil and gas fields. The field is a fabulous success story. According to the original plans for the field, the three platforms should have been shut down by now. However, today’s plans call for production well into the 2030s,” says Minister of Petroleum and Energy Kjell-Børge Freiberg.

Previously it was not possible to recover these resources, but with the development of new advanced technology and re-use of infrastructure low costs and good profitability for the project is ensured. This illustrates the crucial role of technological development for competitiveness on the Norwegian shelf.

The project is profitable with an oil price of 27 USD, and Petoro has a 30 per cent ownership interest in the field.

The partnership: Equinor (operator) 51%, Petoro 30% and OMV 19%.
 

Other news

[15.05.2019]
Plan for phase 2 of Johan Sverdrup construction approved
Read more
[09.05.2019] - Press release – First quarter 2019
Increased investments secure future revenues
Read more
[07.03.2019] - Press Release - Petoro 2018 results
Best result in five years, but inefficiency costs too much
Read more
[01.11.2018] - Press Release – Third quarter 2018
Strong increase in SDFI income – Petoro’s result as of the 3rd quarter of 2018
Read more
[02.08.2018] - Press Release – Second quarter 2018
Great opportunities on the Norwegian continental shelf
Read more
[09.05.2018] - Press release 1st quarter 2018
Strongest start of the year since 2014
Read more
[14.03.2018] - Press Release - Petoro 2017 results
Hard work yields new opportunities
Read more
Petoro Iceland relinquishes last licence on the Icelandic shelf
Read more
(02 01 2018) - New head of finance
New head of finance
Read more
(21 12 2017) PDO submitted for Snorre expansion
PDO submitted for Snorre expansion
Read more