The purpose of the company is, on behalf of the state and at the expense and risk of the state, to be responsible for the commercial aspects related to the state's direct involvement in petroleum activities on the Norwegian continental shelf (NCS), and business associated herewith.
Petoro’s principal objective is to create the highest possible financial value from the state’s oil and gas portfolio on the basis of sound business principles.
The company has three main duties:
- management of the state’s participatory interests in the joint ventures where the state has such interests at any given time
- monitoring Statoil’s marketing and sale of the petroleum produced from the state’s direct participatory interests, pursuant to the marketing and sale instruction issued to Statoil
- financial management, including preparation of budgets and keeping of accounts, of the state’s direct participatory interests.
Petoro’s operations are subject to the Norwegian Limited Liability Companies Act and the Norwegian Petroleum Act, and to the government’s financial regulations – including the rules on appropriations and accounting. Its activities are governed by the Ministry of Petroleum and Energy’s instruction for financial management of the SDFI and the annual letter of assignment (previously the letter of award). In addition, the company’s articles of association, strategy, values and guidelines on business ethics, including its guidelines for exercising the company’s CSR, provide guidance for the conduct of Petoro’s business.