Growing on the NCS
Petoro follows up the state’s interests in production licences and other partnerships. The number of licences has increased from 80 when the company was founded in 2001 to 190 in the spring of 2014. Fields in production total 34.
The company is involved in fields and projects in all three provinces on the NCS – the North, Norwegian and Barents Seas. Exploration activity was substantial in 2013, and a promising discovery was made in the Hoop area of the Barents Sea where Petoro is a licensee. Agreement was reached with Iceland in January 2014 on an interest in a third licence on the Icelandic continental shelf.
Mature fields have been retained as a main priority in the revised strategy. Together with the other partners in the Snorre licence, Petoro reached a choice of concept in 2013 for further development of this field up to 2040 on the basis of a new platform.
Investment in 2013 set a new record. Activity increased as a result of several new drilling rigs, a larger number of wells and big development projects, but also because costs are rising. Petoro has worked to boost the pace of production drilling from mature fields. More wells are the most important way to maximise the value of these producers within their commercial lifetime.