“We’ve been fortunate in Norway. Very fortunate. But luck alone doesn’t build a nation. What truly matters is how we’ve used that luck,” says President and CEO Kristin F. Kragseth.

Since the 1970s, the Norwegian petroleum model has provided the foundation for high value creation, safe operations, and stable framework conditions. The model is characterized, among other things, by a clear division of roles between authorities and companies, state ownership of the resources, and active state participation through mechanisms such as the State’s Direct Financial Interest (SDFI), managed by Petoro.

“The result is an industry that has been fundamental to Norwegian welfare, has created jobs across the country, and has ensured energy supply to Europe,” says Kragseth.

The value creation from petroleum activities has been substantial. Since its establishment in 2001, around NOK 3,500 billion has been transferred to the state from Petoro, in addition to approximately NOK 5,000 billion in taxes paid by oil and gas companies over the same period.

“These are values that have contributed to financing public services and have provided Norway with economic security in a changing world,” says Kragseth.

Norway also plays an important role in Europe’s energy supply. Around 30 percent of Europe’s gas consumption is covered by Norwegian production.

“In today’s situation, stable and predictable energy deliveries are more important than ever,” she says.

Petoro manages the state’s direct ownership interests on the Norwegian continental shelf (SDFI) on behalf of the Norwegian people. The company has approximately 80 employees, with the mission of contributing to the highest possible value creation, efficient resource utilization, and safe and efficient operation of oil and gas infrastructure.

“We are a small company with a significant mandate. With our expertise and comprehensive overview of the shelf, we aim to be a constructive partner that challenges plans, drives continuous improvement, and ensures sound decision-making,” says Kragseth.

She emphasizes that the anniversary is first and foremost an opportunity to thank everyone contributing to the industry. Today, around 200,000 people across Norway work directly or indirectly in the petroleum sector – from offshore control rooms to shipyards and supply bases, in public authorities, supplier companies, and technology environments.

“This is a celebration of the people behind the value creation. At the same time, it is a reminder that our model works. It is worth understanding, further developing, and protecting.”