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%.
Start-up of the Snorre Expansion Project
[10.12.2020] - Press release
Kristin Kragseth new CEO of Petoro
[30.10.2020] - Press release - third quarter 2020
Increased cash flow and high activity level
New Vice President Legal Affairs
Green light for Breidablikk
Kjell Morisbak Lund appointed as acting CEO
Grethe Moen resigns as Petoro CEO
[05.08.2020] - Press release - second quarter 2020
Substantial cash flow from Petoro in the first half of 2020 despite challenging 2nd quarter