The Norwegian Petroleum Directorate (NPD) awarded its Improved Oil Recovery (IOR) prize to Åsgard licensees at ONS 2016. The citation emphasized that through Åsgard subsea compression, the licensees have demonstrated how creativity, persistence and willingness to take risks, both in terms of the use of methods and technology, can increase the recovery of oil and gas beyond previous expectations
- Many innovative solutions were used in developing the Åsgard field. The newly operational subsea compression is a natural continuation of the oil field's exciting history, and will contribute to a long and profitable production for its owners, said Vice President Licenses Kjell Morisbak Lund.
The Norwegian continental shelf is now in a more mature phase, which means further development is very much about turning marginal investments into profitable ones. The need for increased industrialization and efficient application of technology is increasingly more evident. Subsea solutions use technology-driven automations, a classic characteristic of industrialization.
Petoro focuses on targeted technological development in the oil industry, and has advocated for Åsgard’s subsea compression solution for more than ten years.
- I want to emphasize that this is part of what makes Norwegian suppliers stand out globally. Petoro looks forward to capitalizing on this investment, not only as owners of Åsgard, but in realizing the immense potential that the Norwegian continental shelf still has for the efficient production of oil and gas, stated Morisbak Lund.
[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
[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