"In terms of results, this is a very good way to start the year, but the income is still extraordinary due to high gas prices as a result of geopolitical unrest," says Petoro CEO Kristin Kragseth, emphasising that good operations and cost discipline also contribute to the record-breaking result.
"At the same time, we're securing future energy deliveries with the current high activity level, where we're now implementing a number of projects," Kragseth says.
Still a driving force for greater sustainability
This year, Petoro is publishing its second sustainability report. Emissions trends are positive, but in order to reach our ambitious climate targets, we need to electrify. Over the next few years, Petoro plans to invest around NOK 25 billion in emission reduction measures in existing installations, and will continuously assess opportunities for additional measures that can be implemented quickly.
Sustainability also includes crucial areas such as health and safety, the environment, equality and good management systems.
"We're developing in the right direction in all these areas, which is the result of solid work over many years," Kragseth says.
This year, Petoro yet again participated in EY's equality index, SHE. We achieved a total score of 89 points, compared with 84 points last year - the highest score among energy companies in Norway.
"This is very encouraging. Diversity and inclusion don't just happen automatically, and these are things we all need to address systematically moving forward," Kragseth says.
High activity level
The activity level in the SDFI portfolio is generally high. Investments totalled NOK 6.2 billion, NOK 0.3 billion higher than the same period last year. The increase is caused by greater activity in the development of Breidablikk and in connection with preparations to start up Dvalin. Dvalin is expected to come on stream in the second quarter.
We just closed the books on a hectic year with several large investment decisions, and moving forward, this will give us the opportunity to bolster our efforts to create new values from our fields.
"I'm very pleased to see that the total number of planned production wells on our fields is growing. This demonstrates that there is still a considerable development potential in the portfolio. It will be challenging to have time to drill these wells within the fields' lifetimes, and the need for industrial improvements in drilling will be no less important than before," Kragseth says.
Result as of the 1st quarter
There were a total of four serious incidents in the SDFI portfolio in the first quarter, which yields a serious incident frequency of 0.57 for the last 12 months. This is a reduction from 0.7 in the first quarter of 2022. The personal injury frequency was 3.9, compared with 3.8 in the same period last year.
Net cash flow to the State from the SDFI as of the 1st
quarter of 2023 totalled NOK 117 billion. Total production amounted to 1,090 million barrels of oil equivalent per day (kboed), an increase of 16 kboed compared with the same period last year. Gas production amounted to 115 million standard cubic metres (mill. scm) per day, up four per cent compared with the first quarter last year. The average realised gas price was NOK 7.61 per scm, compared with NOK 10.22 in the same period last year. Liquids production totalled 364 kboed, a reduction of 12 kboed compared with the first quarter of 2022. The average realised oil price was USD 82, compared with USD 104 per barrel in the same period last year.
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