Petoro was established on 9 May 2001 as a result of the partial privatisation of Statoil. The mandate from the Storting (parliament) was clear, the new company should create the greatest possible value and achieve the highest possible revenues for the state on a commercial basis.
Since then, Petoro has provided more than NOK 2,000 billion to the Norwegian treasury. This makes Petoro one of the top global companies as regards revenue from a single company to the state. Petoro's vision is to be a driving force on the Norwegian shelf, and thereby fulfil its mandate.
"Petoro practices active ownership through the state's ownership interests on the Norwegian shelf, both to increase and secure the values so that the Norwegian state receives its share of both revenues and expenses from the SDFI portfolio," says Acting Petoro CEO Kjell Morisbak Lund.
Over 20 years, Petoro has delivered an average of more than NOK 100 billion per year to the Norwegian state, which has helped build the Government Pension Fund - Global (the Petroleum Fund) to the 11,000 billion it manages today. This is Norway’s shared wealth, which is soundly managed to secure the welfare state well into the future.