Kristin Kragseth new CEO of Petoro

[10.12.2020] - Press release
Foto: Vår Energi
Kristin Kragseth has been appointed new CEO of Petoro. Kragseth comes from the position as CEO of Vår Energi.
"We are very pleased that Kristin Kragseth has accepted the position of new CEO of Petoro. She has the right background and qualifications to further develop Petoro in a very exciting but also challenging time," says Chair of the Board in Petoro, Gunn Wærsted. "Kragseth has broad management experience from the oil and gas industry and has been instrumental in developing Vår Energi to become the largest independent operator on the Norwegian continental shelf.”

Petoro manages large resources and values on behalf of the Norwegian state. The company is the licensee of about 1/3 of the oil and gas reserves on the Norwegian continental shelf with interests in 195 licenses and 35 producing fields. Nearly 1 million barrels of oil equivalent per day are produced from Petoro's portfolio. In addition, the company maintains the largest ownership in pipelines and associated onshore facilities.

“Being given the opportunity to lead a company such as Petoro is a once in a lifetime opportunity. Petoro manages vast assets on behalf of the Norwegian society and is one of the largest value creators in the country. Together with an experienced and very competent organization, I see this as a unique opportunity to contribute to the further development of both the company and the industry," says Kristin Kragseth, while also underlining the importance of Petoro's long-term perspective in terms of future value creation from the NCS.

Kristin Kragseth holds a Master of Science degree (MSc) in Marine Engineering from Texas A&M University. She has nearly 30 years of experience in the oil and gas industry, from ExxonMobil, Point Resources and Vår Energi. Kragseth has previously held several positions at ExxonMobil, both nationally and internationally, including as Technical Manager for the company's operations in Norway.

Kragseth will take up the position of CEO of Petoro when Vår Energi has appointed her successor, no later than 1 June 2021.

Petoro AS was established in 2001 and is state-owned. Since its inception, the company has delivered over NOK 2000 billion in cash flow from the government's direct financial commitment (SDFI) to the Norwegian state.
 
For further information:

Gunn Wærsted
Chair of the Board - Petoro AS
+47 950 45 590

Christian Buch Hansen
Head of Communications - Petoro AS
+47 926 24 255
chha@petoro.no
 

Other news

Start-up of the Snorre Expansion Project
[14.12.2020]
Start-up of the Snorre Expansion Project
Read more
Kristin Kragseth new CEO of Petoro
[10.12.2020] - Press release
Kristin Kragseth new CEO of Petoro
Read more
Increased cash flow and high activity level
[30.10.2020] - Press release - third quarter 2020
Increased cash flow and high activity level
Read more
New Vice President Legal Affairs
[02.10.2020]
New Vice President Legal Affairs
Read more
Green light for Breidablikk
[28.09.2020]
Green light for Breidablikk
Read more
Kjell Morisbak Lund appointed as acting CEO
[07.09.2020]
Kjell Morisbak Lund appointed as acting CEO
Read more
Grethe Moen resigns as Petoro CEO
[12.08.2020]
Grethe Moen resigns as Petoro CEO
Read more
Substantial cash flow from Petoro in the first half of 2020 despite challenging 2nd quarter
[05.08.2020] - Press release - second quarter 2020
Substantial cash flow from Petoro in the first half of 2020 despite challenging 2nd quarter
Read more
Solid 1st quarter in a demanding market situation
[11.05.2020] - Press release - First quarter 2020
Solid 1st quarter in a demanding market situation
Read more
Solid cash flow – impacted by weaker gas market
[06.03.2020] - Press Release Petoro 2019 results
Solid cash flow – impacted by weaker gas market
Read more