{"id":3027,"date":"2017-11-01T13:26:00","date_gmt":"2017-11-01T12:26:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/store-inntekter-til-samfunnet\/"},"modified":"2026-03-12T08:52:15","modified_gmt":"2026-03-12T07:52:15","slug":"store-inntekter-til-samfunnet","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/store-inntekter-til-samfunnet\/","title":{"rendered":"Considerable revenues for the Norwegian society"},"content":{"rendered":"\n

\u201cProduction will continue to demand major investments,\u201d says Moen. \u201cThe investment and activity level is a measure of the attractiveness and competitiveness of the Norwegian oil industry.\u201d Petoro estimates that it will invest NOK 27 billion on the Norwegian shelf in 2017, while overall planned investments will total NOK 128 billion. \u201cThe result of oil and gas investments has put more than NOK 8000 billion in Norway\u2019s asset column. Forty per cent of this comes from the State\u2019s direct ownership, which is managed by Petoro.\u201d

In the near future, Petoro plans to make two significant investment decisions through participation in the Castberg and Snorre licences, while also continuing the Troll Phase 3 project. Although the summer\u2019s exploration campaign in the Barents Sea did not produce the results we hoped for, it looks as if the Kayak discovery near Castberg alone contains more than enough values to finance this year\u2019s entire exploration campaign in the Barents Sea.

Half of the annual investments from Petoro will go towards drilling wells in mature fields. The income potential is still significant here. Statoil recently published figures that show a so-called breakeven price of less than USD 20 per barrel from these wells. The lifetime of a well is currently about five to eight years. The repayment time is often less than a year. Projects like Sverdrup, Castberg and Snorre are also attractive investments with the current price situation. These investments will contribute both jobs and revenues to Norway\u2019s economy.

This year marks 40 years since the beginning of Norwegian gas export, and two of Petoro\u2019s most important gas fields, Sn\u00f8hvit and Ormen Lange, have produced for 10 years. \u201cGas makes up an increasing share of Petoro\u2019s portfolio. The gas share today is almost 60 per cent, and will only continue to grow,\u201d says Moen. \u201cBoth the Ormen Lange and Sn\u00f8hvit fields still require investments to ensure stable gas deliveries to Europe.\u201d And profits are still good. In 2016, the Ormen Lange field contributed NOK 1 million per hour to the Petroleum Fund, through Petoro\u2019s ownership interest alone.

\u201cNorway has been a strong oil and gas nation for 50 years. We will continue this position in the future. For this to become a reality, the industry\u2019s challenge will be to create cost-efficient, low-emission production and good HSE results. The petroleum industry generates substantial returns for both the Norwegian state and the oil companies,\u201d says Moen.

SDFI result \u2013 third quarter of 2017<\/strong>
Net cash flow from the State\u2019s Direct Financial Interest (SDFI) in the oil and gas activities was NOK 65 billion as of the third quarter, an increase of 28 per cent from the same period last year.
Total oil and gas production was 1.1 million barrels of oil equivalents per day, nine per cent higher than in the same period last year. The average oil price was NOK 431 per barrel, compared with NOK 345 during the same period in 2016. Gas revenues were NOK 51 billion, about NOK 7 billion higher than last year as a result of higher gas prices and volumes.

Costs associated with operating the fields, field costs, were NOK 330 million lower as of the third quarter compared with the same period in 2016. Investments amounted to NOK 20 billion; 7 per cent lower than last year.

The serious incident frequency dropped in the third quarter, but the number is still too high. Continued focus and work is therefore necessary from all players to ensure the positive development continues.<\/p>\n\n\n\n

Press contact:<\/strong>
Head of Communications 
Christian Buch Hansen
+47 926 24 255<\/p>\n\n\n\n