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%.
Kjell Morisbak Lund appointed as acting CEO
Grethe Moen resigns as Petoro CEO
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Substantial cash flow from Petoro in the first half of 2020 despite challenging 2nd quarter
[11.05.2020] - Press release - First quarter 2020
Solid 1st quarter in a demanding market situation
[06.03.2020] - Press Release Petoro 2019 results
Solid cash flow – impacted by weaker gas market
14 licences to Petoro
40 per cent cut in greenhouse gas emissions by 2030 – net zero in 2050
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New projects provide a basis for increased revenue