The increase was primarily caused by higher gas prices and tariff revenues as a result of increased ownership in key gas infrastructure. The increase was partly offset by lower gas sales and oil prices, as well as higher operating expenses.<\/p>\n\n\n\n
“Our fields delivered yet another strong year, demonstrating that the Norwegian continental shelf still has the strength, competence and importance needed,” says Petoro CEO Kristin F. Kragseth. Recent times have been marked by growing geopolitical tensions and uncertainty in the global economy, with sharp and rapid fluctuations in both oil and gas prices. Such market movements underscore how closely energy markets are linked to global political and security developments.<\/p>\n\n\n\n \u201cFor Petoro and the SDFI portfolio, this further reinforces the importance of sound operations, a long-term perspective and high security of supply. The Norwegian continental shelf plays a key role as a stable and predictable supplier of energy to Europe,\u201d Kragseth says.<\/p>\n\n\n\n Our best year for safety<\/strong><\/p>\n\n\n\n The safety results in 2025 were the best in the company’s history. Long-term and systematic efforts throughout the entire value chain are delivering clear results.<\/p>\n\n\n\n “Safety is our most important value. Our responsibility is to ensure that the people who work on the NCS and at the onshore plants have a safe workplace and always return home safe from work. The results from last year show that we’re headed in the right direction, but this is no time to rest on our laurels. We know we can do even better,” Kragseth says.<\/p>\n\n\n\n New opportunities in the portfolio<\/strong><\/p>\n\n\n\n 2025 was a year characterised by growth and new opportunities. Johan Castberg came on stream in late March, and the Isflak discovery has already yielded promising additional volumes. Johan Sverdrup delivered a record year for production, and the decision to move ahead with the phase 3 development paves the way for further value creation for decades to come.<\/p>\n\n\n\n Verdande came on stream, \u00c5sgard increased gas recovery through new technology, and the Omega Alfa discovery in the Frigg Formation contributed to the best exploration year since 2009.<\/p>\n\n\n\n At the same time, Petoro and the Norwegian continental shelf face a clear challenge. From the mid-2030s, production will decline, and current activity levels and reserve additions will not be sufficient to replace the volumes being produced.<\/p>\n\n\n\n “This amplifies a clear message to the entire industry that we need to explore more, invest more, and not least \u2013 work even smarter in the years to come,” Kragseth says.<\/p>\n\n\n\n The Troll field remains the powerhouse of Norwegian gas exports. This field alone covers about ten per cent of Europe\u2019s gas consumption, and continuous efforts are underway to maintain a high level of gas production going forward. Norway is continental Europe’s most important and most reliable energy partner \u2013 a role poised to become even more important once all Russian gas imports to Europe end in 2027.<\/p>\n\n\n\n In 2026, Petoro plans to invest about NOK 35 billion in projects we are involved in.<\/p>\n\n\n\n Competitiveness must improve<\/strong><\/p>\n\n\n\n Petoro’s forecasts show that the SDFI portfolio is on track to achieve a 40 per cent reduction in emissions by 2030 compared with 2005. This has largely been achieved through electrification projects.<\/p>\n\n\n\n “To ensure competitiveness in the years ahead, we must succeed in both cost efficiency and emissions reductions. Smarter operations, improved reservoir management and efficient project execution are critical to delivering the energy Europe needs \u2013 while at the same time maximising the value we manage on behalf of society,” Kragseth says.<\/p>\n\n\n\n At our fixed drilling facilities, 47 percent more wells were drilled in 2025 compared with the previous year. The improvement was driven by better planning, clearer priorities and closer cooperation with suppliers.<\/p>\n\n\n\n To ensure future value creation, we see a need to step up our efforts in research and development. New and improved use of technology, digitalisation and artificial intelligence holds potential that exceeds what we are currently able to realise.<\/p>\n\n\n\n We face many opportunities and challenges ahead. To address them, we need highly skilled people. Norway is facing a serious STEM challenge, as the share of students choosing advanced studies in science and mathematics is declining. The EU\u2019s target is 32 percent; Finland stands at 35 percent, while Norway is below 18 percent.<\/p>\n\n\n\n \u201cThis is not sustainable for a country and an industry that depend on world\u2011leading competence to succeed both in the energy transition and in the further development of the continental shelf. We need a clear national commitment. Our future depends on it,\u201d Kragseth says.<\/p>\n\n\n\n Financial results<\/strong><\/p>\n\n\n\n Net cash flow to the state from SDFI totalled NOK 243 billion in 2025, NOK 23 billion higher than the year before. This is the third-highest cash flow the company has ever achieved.<\/p>\n\n\n\n The increase was primarily driven by higher gas prices and tariff revenues as a result of increased ownership in key gas infrastructure. The positive effect was partly offset by lower gas volumes, lower oil prices, and higher operating costs.<\/p>\n\n\n\n Total production reached 1,049 thousand barrels of oil equivalent per day (kboed), a reduction of 15 kboed compared with 2024.<\/p>\n\n\n\n Gas production amounted to 108 million standard cubic metres (mill. scm) per day, a reduction of four per cent compared with the year before. This reduction was mainly caused by a maintenance shutdown at Hammerfest LNG, as well as lower production from Troll due to capacity issues at Kollsnes. The average realised gas price was NOK 4.86, compared with NOK 4.50 per scm the year before. Prices were thus higher than in 2024, driven by a tight European gas market, characterised by high LNG competition, robust demand and reduced supplies of Russian pipeline gas.<\/p>\n\n\n\n Liquids production amounted to 366 kboed, an increase of 12 kboed compared with the previous year. This increase was primarily caused by higher production from Johan Castberg, as well as Tyrving and Breidablikk. This was partly offset by natural decline in mature fields and a reduced ownership interest in Heidrun following the ownership swap with Equinor. The average realised oil price was USD 69, compared with USD 82 per barrel the year before. This price drop reflects high global production, tapering growth in demand and increased oil inventories, which overall have led to an oil market in surplus and put pressure on prices. <\/p>\n","protected":false},"featured_media":3414,"template":"","meta":{"_acf_changed":true},"tags":[90],"class_list":["post-3412","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-90"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/3412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/3414"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=3412"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=3412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2474,"date":"2025-08-07T15:55:00","date_gmt":"2025-08-07T13:55:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/139-milliarder-kroner-fra-sdoe-i-forste-halvar\/"},"modified":"2026-03-19T09:34:50","modified_gmt":"2026-03-19T08:34:50","slug":"139-milliarder-kroner-fra-sdoe-i-forste-halvar","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/139-milliarder-kroner-fra-sdoe-i-forste-halvar\/","title":{"rendered":"139 billion for the state in the first half of 2025"},"content":{"rendered":"\n “The first six months of the year have seen good, stable production from existing fields in the SDFI portfolio, and new important volumes have been added through the start-up of two new fields in our licences. The demand for Norwegian gas is still strong in the European market, with a gas price that ended somewhat higher compared with the same period last year,” says Petoro CEO Kristin F. Kragseth.<\/p>\n\n\n\n New fields on stream<\/strong> “Johan Castberg, with its surrounding areas, illustrates the opportunities on the Norwegian continental shelf (NCS), even in a mature phase,” Kragseth says.<\/p>\n\n\n\n In early July, the Johan Sverdrup licence decided to invest NOK 13 billion in the third phase of one of the world’s most carbon-efficient oil fields. New infrastructure on the seabed will improve recovery by 40-50 million barrels of oil equivalent.<\/p>\n\n\n\n “This project is one of the first to use artificial intelligence in the field development, a method that has helped reduce costs and risk in the project. It’s very inspiring to see the digital focus yet again creating substantial values in new areas. This is how we’ll ensure that we maintain the competitiveness of the NCS,” Kragseth says.<\/p>\n\n\n\n The expected recovery rate from Johan Sverdrup is already world-class, at 66 per cent. The Phase 3 project is an important step towards achieving the ambition of 75 per cent.<\/p>\n\n\n\n Resource utilisation<\/strong> “Norway has become the symbol of guaranteed deliveries of stable and competitive gas to Europe. In order to maintain this position, we as an industry need to work even smarter together to make the best possible use of our remaining resources. This will require continued good operations on existing fields and infrastructure, increased exploration activity, and the development of new and profitable production with low greenhouse gas emissions,” Kragseth says.<\/p>\n\n\n\n One good example of this is the Shell-operated Ormen Lange field, which started up seabed compression in late June. Petoro is the largest partner in the licence.<\/p>\n\n\n\n “With new seabed compressors installed, the goal is to improve the gas recovery rate from 75 to 85 per cent. This project is an excellent example of how the industry still works together to find good technological solutions to extend the lifetimes of mature fields,” Kragseth says.<\/p>\n\n\n\n Result as of the 1st<\/sup> half of 2025<\/strong> Net cash flow to the state from the SDFI as of the 1st quarter totalled NOK 139 billion. Total production amounted to 1,029 million barrels of oil equivalent per day (kboed), a decrease of 44 kboed compared with the same period last year. Gas production amounted to 108 million standard cubic metres (mill. scm) per day, down six per cent compared with the first half of last year. The average realised gas price was NOK 5.42 per scm, compared with NOK 3.84 in the same period last year. Liquids production totalled 352 kboed, a reduction of 1 kboed compared with the first half of 2024. The average realised oil price was USD 71, compared with USD 85 per barrel in the same period last year.<\/p>\n\n\n\n Please refer to our interim report for additional information.<\/a><\/p>\n\n\n\n Press contact<\/strong> <\/p>\n","protected":false},"featured_media":2475,"template":"","meta":{"_acf_changed":true},"tags":[90],"class_list":["post-2474","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-90"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/2475"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2474"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2661,"date":"2025-03-18T16:01:00","date_gmt":"2025-03-18T15:01:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/the-third-highest-cash-flow-in-petoros-history\/"},"modified":"2026-03-19T09:40:22","modified_gmt":"2026-03-19T08:40:22","slug":"the-third-highest-cash-flow-in-petoros-history","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/the-third-highest-cash-flow-in-petoros-history\/","title":{"rendered":"The third highest cash flow in Petoro’s history"},"content":{"rendered":"\n Lower gas prices and higher investments reduced the total cash flow by NOK 57 billion from the previous year. The reason for the lower gas prices is complex, but the primary cause was lower demand, large LNG imports and high storage levels in Europe.<\/p>\n\n\n\n Good operations in the portfolio<\/strong> Total production reached 1,063 thousand barrels of oil equivalent per day (kboed), an increase of 70 kboed compared with the previous year. Gas production amounted to 113 million standard cubic metres (mill. scm) per day, an increase of eleven per cent compared with the year before.<\/p>\n\n\n\n “This increase was primarily caused by higher gas production from Troll following a capacity increase at Kollsnes, but also good and stable production from fields such as Oseberg and Dvalin,” Kragseth says.<\/p>\n\n\n\n Oil production has dropped by one thousand barrels of oil equivalent. This reduction was primarily caused by natural production decline and turnarounds on multiple mature fields, but this effect was partly offset by new production from the Breidablikk field.<\/p>\n\n\n\n The powerhouses keep delivering<\/strong> These fields have delivered impressive results and the company’s Licence and Technology department has contributed new ideas and innovative solutions in close cooperation with operators and partners.<\/p>\n\n\n\n “The Troll field has continued to maximise value creation through accelerated gas extraction, and Johan Sverdrup, with its phase 3 expansion, has reached crucial milestones and contributed to stable and increasing production,” Kragseth says.<\/p>\n\n\n\n Lower emissions with power from shore<\/strong> It will be challenging to achieve these ambitious goals. Electrification of Halten, Tampen and Grane is in an early planning phase, and the state has given the green light for announcing early agreements to expedite the start-up of new projects in these areas. The licensees in these three projects are working toward a potential investment decision in the first quarter of 2026, with associated start-up from 2030.<\/p>\n\n\n\n “Electrifying selected installations with power from shore is the most important climate measure if we’re going to reach our goals,” Kragseth says.<\/p>\n\n\n\n Petoro achieved a net reduction of seven per cent in CO2<\/sub> emissions from 2023 to 2024. This is a result of the Troll B and C platforms being partly electrified, the shutdown of the Heimdal field and optimised operations on several fields. As the steward of about 30 per cent of the remaining resources, Petoro will be a driving force in the cooperative effort to ensure that the NCS delivers on its mission. This requires continuous efforts and engagement.<\/p>\n\n\n\n The positive results from operations in 2024 stand in contrast to increasing cost challenges and lack of industrial improvement in a few of our core processes, such as the drilling area. Multiple factors indicate that, once again, we\u2019re heading into a period where stronger measures will be necessary, as continuous improvement alone will not be sufficient. As opposed to the situation in 2014 with low product prices, we need to create this sentiment ourselves.<\/p>\n\n\n\n “One important factor is acknowledging the weak reserve replacement rate we’ve been struggling with on the NCS for many years. Of course we’re hoping for new, major discoveries, but until then, we need to make sure that we’re doing everything we can with the resources we have. Along with operators and our other partners, Petoro will be a constructive partner in creating industrial improvements, Kragseth says.<\/p>\n\n\n\n In 2025, Petoro plans to invest about NOK 33 billion in projects we are involved in.<\/p>\n\n\n\n Financial results<\/strong> Total production reached 1,063 thousand barrels of oil equivalent per day (kboed), an increase of 70 kboed compared with the previous year.<\/p>\n\n\n\n Gas production amounted to 113 million standard cubic metres (mill. scm) per day, an increase of eleven per cent compared with the year before. This increase was primarily caused by higher gas production from Troll following a capacity increase at Kollsnes, but also robust and stable production from fields such as Oseberg and Dvalin. The average realised gas price was NOK 4.50, compared with NOK 5.76 per scm the previous year. The reason for the lower gas prices is complex, but the primary cause was lower demand, high LNG imports and high storage levels in Europe.<\/p>\n\n\n\n Liquids production amounted to 354 kboed, a reduction of 1 kboed compared with the previous year. The reduction in liquids production was primarily caused by natural production decline and turnarounds on multiple mature fields. This effect was partly offset by new production from Breidablikk, which started up in 2023. The average realised oil price was USD 82, compared with USD 83 per barrel the previous year. Measured in Norwegian kroner (NOK), the oil price was 871, compared with NOK 876 per barrel the previous year. The marginal reduction in the oil price compared with the previous year was caused by growth in global oil production and lower growth in demand, but this effect was offset by voluntary production restrictions among OPEC+ members and higher geopolitical risk. <\/p>\n","protected":false},"featured_media":2519,"template":"","meta":{"_acf_changed":true},"tags":[90],"class_list":["post-2661","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-90"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/2519"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2661"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2476,"date":"2024-11-06T16:11:00","date_gmt":"2024-11-06T15:11:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/god-drift-ga-sterk-kontantstrom-fra-sdoe-portefoljen\/"},"modified":"2026-03-19T09:42:52","modified_gmt":"2026-03-19T08:42:52","slug":"god-drift-ga-sterk-kontantstrom-fra-sdoe-portefoljen","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/god-drift-ga-sterk-kontantstrom-fra-sdoe-portefoljen\/","title":{"rendered":"Solid operations yield strong cash flow from the SDFI portfolio"},"content":{"rendered":"\n “We’re on track to deliver yet another good annual profit from the SDFI. Good production from existing fields and new ones coming on stream have contributed to an increase in overall volumes. There is high demand for oil and gas in the European market, despite oil and gas prices being somewhat lower this year compared with the previous year,” says Petoro CEO Kristin F. Kragseth. <\/p>\n\n New production from Tyrving<\/strong> “This is the kind of project we like; delivered in line with the original budget and with very low emissions, estimated at 0.3 kilos of CO2 per barrel. Production also started five months ahead of the original schedule,” Kragseth says. <\/p>\n\n Further emission reductions on the Troll field “Emissions have been reduced by 250,000 tonnes of CO2 per year, the equivalent of average emissions from around 28,000 Norwegians. Along with Troll A, which has been running on electricity since the start-up in 1996, this makes the Troll field overall very well-equipped for high value creation for many years to come,” Kragseth says. <\/p>\n\n Result as of the 3rd quarter Net cash flow to the state from the SDFI as of the third quarter of 2024 totalled NOK 174 billion. Total production amounted to 1,053 million barrels of oil equivalent per day (kboed), an increase of 95 kboed compared with the corresponding period last year. Gas production amounted to 112 million standard cubic metres (mill. scm) per day, up 16 per cent compared with the third quarter of last year. The average realised gas price was NOK 4.06 per scm, compared with NOK 5.75 in the same period last year. Liquids production totalled 351 kboed, a reduction of 1 kboed compared with the third quarter of 2023. The average realised oil price was USD 84, compared with USD 83 per barrel in the corresponding period last year. <\/p>\n\n Press contact “The cash flow in the second quarter of 2024 remains high, despite being nine billion kroner lower than the same period last year. The decline was primarily caused by lower gas prices. We’re closing the books on a quarter of stable, good operations in our licences. This is the veritable backbone of a strong and competitive NCS over the long term,” says Kristin F. Kragseth, CEO of Petoro. <\/p>\n\n Ownership swaps bolster long-term strategy “We have a long-term strategy where, among other things, we work to create more investment opportunities in mature fields and find good area solutions. This agreement will lead to increased harmonisation and equalisation of crucial participating interests in the Heidrun and Kristin\/Tyrihans areas. This will contribute to more comprehensive and profitable development of these fields in the best interests of all involved partners and for society,” Kragseth says. <\/p>\n\n Result as of the 2nd quarter Net cash flow to the state from the SDFI as of the second quarter of 2024 totalled NOK 114 billion. Total production amounted to 1,082 million barrels of oil equivalent per day (kboed), an increase of 78 kboed compared with the same period last year. Gas production amounted to 116 million standard cubic metres (mill. scm) per day, up 13 per cent compared with the second quarter of last year. The average realised gas price was NOK 3.84 per scm, compared with NOK 6.34 in the same period last year. Liquids production totalled 352 kboed, a reduction of 6 kboed compared with the second quarter of 2023. The average realised oil price was USD 85, compared with USD 80 per barrel in the same period last year. <\/p>\n\n Rystad Energy has conducted a valuation of the SDFI portfolio on assignment from the Ministry of Trade, Industry and Fisheries. The report was published in June and values the portfolio at NOK 1,486 billion. The last valuation took place in 2022. <\/p>\n\n “Overall for years 2022 and 2023, we’ve delivered more than 800 billion kroner in cash flow from the state’s assets (SDFI). This cash is deposited in the Government Pension Fund Global (the Oil Fund) and helps keep Norway a welfare state. The direct state ownership in the petroleum activities will benefit both current and future generations for several decades to come,” Kragseth says. <\/p>\n\n Press contact <\/p>\n","protected":false},"featured_media":2673,"template":"","meta":{"_acf_changed":true},"tags":[89],"class_list":["post-2674","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-89"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/2673"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2676,"date":"2024-05-14T16:16:00","date_gmt":"2024-05-14T14:16:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/petoro-as-sdfi-and-equinor-asa-to-swap-ownership-interests\/"},"modified":"2026-03-19T09:47:13","modified_gmt":"2026-03-19T08:47:13","slug":"petoro-as-sdfi-and-equinor-asa-to-swap-ownership-interests","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/petoro-as-sdfi-and-equinor-asa-to-swap-ownership-interests\/","title":{"rendered":"Petoro AS (SDFI) and Equinor ASA to swap ownership interests"},"content":{"rendered":"\n The companies believe this is a balanced and productive agreement for the parties. In particular, the agreement will facilitate increased value creation for the Heidrun and Kristin\/Tyrihans areas. <\/p>\n\n Petoro will swap out ownership interests of 21.4 per cent in Heidrun and 7.5 per cent in Noatun. Petoro will receive ownership interests of 22.5 per cent in Tyrihans, 3.7 per cent in Johan Castberg, 9.3 per cent in the Carmen discovery and 10 per cent in the Beta discovery. <\/p>\n\n \u201cOur good dialogue with Equinor has allowed us to reach an agreement that will lead to greater harmonisation and equalisation of important ownership interests. We are very confident that this will contribute to a more comprehensive and value-driven development of these fields, in the best interests of all involved parties,\u201d says Petoro CEO Kristin Kragseth. <\/p>\n\n The agreement is value-neutral, which means that the interests the companies are swapping are assessed as having equal value.<\/p>\n\n The agreement is contingent on approval by the authorities and consent from the Parliament (Storting). The plan is for the agreement to take effect from 1 January, 2025. <\/p>\n","protected":false},"featured_media":3443,"template":"","meta":{"_acf_changed":true},"tags":[89],"class_list":["post-2676","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-89"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/3443"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2676"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2680,"date":"2024-05-02T16:18:00","date_gmt":"2024-05-02T14:18:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/high-production-and-good-cash-flow-in-the-first-quarter\/"},"modified":"2026-03-19T09:51:00","modified_gmt":"2026-03-19T08:51:00","slug":"high-production-and-good-cash-flow-in-the-first-quarter","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/high-production-and-good-cash-flow-in-the-first-quarter\/","title":{"rendered":"High production and good cash flow in the first quarter"},"content":{"rendered":"\n “The cash flow from our production is still high in a historical perspective,” says Petoro CEO Kristin Kragseth. “We need to electrify our activities in order to achieve these ambitious goals. Access to power from shore is currently under pressure, and industry leaders have partnered with the authorities in an important effort to implement systems that provide the best possible overall solution for the power system, the industry and the environment. All of the choices we make have consequences,” says Kragseth. <\/p>\n\n Result as of the 1st quarter Net cash flow to the state from the SDFI as of the 1st quarter of 2024 totalled NOK 60 billion. Total production amounted to 1,119 thousand barrels of oil equivalent per day (kboed), an increase of 31 kboed compared with the same period last year. <\/p>\n\n Gas production amounted to 121 million standard cubic metres (mill. scm) per day, up five per cent compared with the first quarter of last year. The average realised gas price was NOK 3.71 per scm, compared with NOK 7.61 in the same period last year. Liquids production totalled 357 kboed, a reduction of 8 kboed compared with the first quarter of 2023. The average realised oil price was USD 85, compared with USD 82 per barrel in the same period last year. <\/p>\n\n Press contact The company delivered a cash flow of NOK 57 billion in the fourth quarter, compared with 126 billion in the same quarter in 2022. The substantial difference was mainly caused by lower gas prices. <\/p>\n\n The portfolio Petoro manages consists of 43 producing fields, and in 2023, gas accounted for about two-thirds of overall production.<\/p>\n\n Good and stable operations “In spite of lower gas sales and the achieved gas price being cut in half from the year before, we’re very satisfied with the operation of the fields in our portfolio. Ensuring that the installations are well maintained is a necessary prerequisite for reliable deliveries from Norway to Europe,” says Kristin Kragseth, President and CEO of Petoro. <\/p>\n\n Norwegian gas is important for Europe today and in the future “Today, Norwegian natural gas is crucial for Europe\u2019s energy security, and we believe that this will continue to be the case on the road toward a climate-neutral continent in 2050. There will be a demand for the gas in both direct applications, and eventually also as a decarbonised product in the transition to new low-carbon value chains. In order for Norway to continue playing such an important role, the exploration activity must be maintained,” says Kragseth. <\/p>\n\n Mature fields and realising deferred projects “Activity on the Norwegian shelf will remain high over the next few years, and this year, Petoro is planning to invest about NOK 30 billion. Our strategy is both to help create additional investment opportunities on mature fields, in addition to finding good area solutions for multiple licences in the portfolio. And to accomplish this with the lowest possible emissions. It’s been challenging to realise the two major Linnorm and Wisting projects, but smart solutions and hard work lead us to believe that these projects can provide good profitability and that we can find good environmental solutions,” says Kragseth. <\/p>\n\n Climate targets can be reached with power from shore “Access to power from shore is currently under pressure, and industry leaders have partnered with the authorities in an important effort to implement systems that provide the best possible solution for the power system, the industry and the environment. All of the choices we make have consequences,” says Kragseth. <\/p>\n\n HSE results “The financial results would never have been possible without the comprehensive, long-term safety efforts on the Norwegian shelf over several decades,” says Kragseth. Total production reached 994 thousand barrels of oil equivalent per day (kboed), a reduction of 50 kboed compared with the previous year.<\/p>\n\n Gas production amounted to 102 million standard cubic metres (mill. scm) per day, a reduction of seven per cent compared with the year before. The decline was primarily caused by a turnaround on Troll, as well as the temporary shutdown of fields tied back to the process plant at Nyhamna. The reduction was partly offset by production from Sn\u00f8hvit, which was shut down during the first half of 2022, and Dvalin, which came on stream in 2023. <\/p>\n\n The average realised gas price was NOK 5.76, compared with NOK 11.95 per scm the previous year. The reason for the lower gas prices is complex, but this was mainly caused by historically high LNG imports and filling up inventories in Europe, combined with lower demand. The average realised oil price was USD 83, compared with USD 104 per barrel the previous year. However, the reduction measured in Norwegian kroner was somewhat offset by a weakened NOK exchange rate, leading to an achieved oil price of NOK 876, compared with NOK 988 per barrel the year before. The oil price reduction was caused by lower demand growth than expected due to rising interest rates, lower economic growth and a fear of recession in several parts of the world. This effect was offset by increased geopolitical unrest and persistent cuts from OPEC+. <\/p>\n","protected":false},"featured_media":2683,"template":"","meta":{"_acf_changed":true},"tags":[89],"class_list":["post-2682","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-89"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/2683"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2682"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":2700,"date":"2023-11-07T16:24:00","date_gmt":"2023-11-07T15:24:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/continued-strong-cash-flow-despite-lower-gas-prices-and-maintenance\/"},"modified":"2026-03-19T09:54:24","modified_gmt":"2026-03-19T08:54:24","slug":"continued-strong-cash-flow-despite-lower-gas-prices-and-maintenance","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/continued-strong-cash-flow-despite-lower-gas-prices-and-maintenance\/","title":{"rendered":"Continued strong cash flow despite lower gas prices and maintenance"},"content":{"rendered":"\n “Our cash flow is still at historically high levels, despite the gas price for the first nine months this year being 52 per cent lower than for the same period last year,” says Petoro CEO Kristin F. Kragseth. Net cash flow from the State’s Direct Financial Interest (SDFI) in the oil and gas activities totalled NOK 219 billion as of the 3rd quarter, a reduction of 182 billion from the same period last year. The decline was mainly caused by lower oil and gas prices and maintenance on certain fields and onshore plants. Net cash flow during the third quarter came to NOK 39 billion. \u201cPetoro turned in yet another good quarterly profit, despite declining gas prices and certain production shutdowns in the second quarter. This illustrates that the SDFI portfolio, with its more than one million barrels produced per day, is solid and creates results,\u201d says Petoro CEO Kristin F. Kragseth. <\/p>\n\n Projections point to continued high revenues and strong cash flow over the next few years, in which the Troll and Johan Sverdrup fields form an important pillar in the SDFI portfolio. Johan Sverdrup set a production record in May \u2013 755,000 barrels of oil per day. This alone accounts for one-third of Norwegian production, or about seven per cent of daily demand in Europe. <\/p>\n\n \u201cA fantastic record, and every single week this one field can be credited with adding nearly four billion new kroner to the Government Pension Fund Global,\u201d says Kragseth.<\/p>\n\n In late June, the Ministry of Petroleum and Energy approved a record number of new development applications on the Norwegian Shelf. Petoro participates as a licensee in the Irpa, Verdande, Dvalin Nord and Maria fields, where total expected recoverable resources are 267 million barrels of oil equivalent. The energy content in the gas from the Dvalin Nord field alone is equivalent to nearly one entire year of overall Norwegian hydropower generation. <\/p>\n\n \u201cFlourishing activity on the Norwegian Shelf over the next few years and the resulting pressure on deliveries of goods and services highlight the importance of careful monitoring of project progress and quality,\u201d Kragseth says.<\/p>\n\n Higher costs increase the challenge of achieving the industry\u2019s climate goals leading up to 2030, an issue also highlighted in the most recent Konkraft report.<\/p>\n\n \u201cThe industry is working diligently to find solutions that will enable us to reduce emissions from the Norwegian Shelf by 55 per cent by 2030. Many solutions have already been approved, but we see that it\u2019s becoming more challenging to ensure that we make the remaining measures good enough. Both the discussion surrounding and the access to power from shore, coupled with higher cost levels, are significant contributors to this challenge. Electrification with power from shore is still the best alternative we have, both as regards the time it takes to implement such measures, as well as the costs,\u201d says Kragseth. <\/p>\n\n In May, the authorities published a report on value chains for hydrogen, including topics such as which considerations must be taken and which trade-offs might be needed in order to position Norway in a future hydrogen market. The report points to the fact that national consumption is insufficient to trigger investments in production of blue hydrogen. On the other hand, demand for blue hydrogen in the EU is projected to be so great after 2030 that it could trigger such investments. In a high demand scenario, natural gas consumption in 2050 will be 31% of the current gas production level. <\/p>\n\n \u201cProfitable blue hydrogen production will demand a large-scale, long-term mindset. It\u2019s important to acknowledge that our known gas reserves on the Norwegian Shelf fall far short in such a scenario. Maintaining robust exploration activity is crucial,\u201d Kragseth says. <\/p>\n\n Second quarter results <\/p>\n","protected":false},"featured_media":2701,"template":"","meta":{"_acf_changed":true},"tags":[92],"class_list":["post-2707","nyhet","type-nyhet","status-publish","has-post-thumbnail","hentry","tag-92"],"acf":[],"_links":{"self":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet\/2707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/nyhet"}],"about":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/types\/nyhet"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media\/2701"}],"wp:attachment":[{"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/media?parent=2707"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petoro.no\/en\/wp-json\/wp\/v2\/tags?post=2707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}]
Geopolitical instability<\/strong><\/p>\n\n\n\n
Please see the annual report for additional details <\/a>
Press contact<\/strong>
Head of Communications \u00d8rjan Heradstveit
Telephone: 917 78 161<\/p>\n\n\n\n
Production started in March on the two Equinor-operated fields Johan Castberg and Halten \u00d8st, where Petoro is a partner. Halten \u00d8st is tied back to the \u00c5sgard area in the Norwegian Sea, and produces gas and condensate for export to Europe. The Johan Castberg field came on stream on 31 March this year and has already reached plateau production. A new discovery in the Tub\u00e5en Formation will provide additional reserves for the field.<\/p>\n\n\n\n
Norwegian gas is transported to Europe through an 8800-kilometre network of pipelines. In recent years, following the substantial reduction in gas supplies from Russia, Norway has been Europe\u2019s largest supplier of gas, and has stabilised continental Europe’s energy supply in a time of significant uncertainty.<\/p>\n\n\n\n
Seven serious incidents have been registered so far this year in the SDFI portfolio, which yields a serious incident frequency of 0.60 over the last 12 months. This is an increase from 0.53 in the same period last year. The personal injury frequency is 5.1, compared with 4.2 in the same period last year.<\/p>\n\n\n\n
Head of Communications
\u00d8rjan Heradstveit
+47 917 78 161<\/p>\n\n\n\n
“In spite of the reduction compared with 2023, the cash flow is still the third-highest in Petoro’s history. A lot of good work is being done in our industry, and we’re closing the books on yet another year of good operations and high production on the fields we participate in,” says Kristin F. Kragseth, Petoro CEO.<\/p>\n\n\n\n
The Troll field in the North Sea delivered a historic production record with 42.5 billion standard cubic metres of gas in 2024, an increase of nearly 10 per cent from the previous record in 2022. The Johan Sverdrup field also set a record and produced an average of 755,000 barrels of oil per day.<\/p>\n\n\n\n
Petoro is planning major investments in emission-reducing measures in existing facilities, with the goal of reducing scope 1 emissions from the portfolio by 55 per cent by 2030, and near-zero emissions by 2050. The measures sanctioned so far will reduce emissions by about 30 per cent from the 2005 reference year.<\/p>\n\n\n\n
It’s up to us<\/strong>
In an age of substantial geopolitical unrest, Norway is playing a key role for European energy security through secure and stable gas supplies to mainland Europe.<\/p>\n\n\n\n
Net cash flow to the state from the SDFI at year-end amounted to NOK 220 billion, 57 billion lower than the previous year. This cash flow reduction was primarily caused by lower gas prices and higher investments. The decline was partly offset by increased gas sales and lower expenses for purchasing third-party gas. In spite of the significant reduction compared with 2023, the cash flow for the year is still the third-highest in Petoro’s history.<\/p>\n\n\n\n
Press contact<\/strong>
Head of Communications \u00d8rjan Heradstveit
Telephone +47 917 78 161<\/p>\n\n\n\n\n
\n
\n
\n
\n
\n
\n