Petoro

The Norwegian State has substantial holdings in several oil and gas fields, pipelines and land facilities linked to the Norwegian continental shelf through the State’s Direct Financial Interest (SDFI). Petoro AS manages these interests. The Company’s most important task is to ensure maximum value and achieve the highest possible income to the State from SDFI. The entire cash flow from SDFI is transferred to the Government Pension Fund Global (the Petroleum Fund).

Petoro AS (SDFI) and Equinor ASA to swap ownership interests

[14.05.2024]

Petoro and Equinor will implement extensive swaps of ownership interests on the Norwegian shelf. The agreement will ensure higher value creation and more efficient resource management in the companies’ activities on the Halten Bank.

Petoro AS (SDFI) and Equinor ASA to swap ownership interests - 2024-05-14 11:00

High production and good cash flow in the first quarter

[02.05.2024] - Press release - First quarter 2024

In the first quarter of 2024, Petoro delivered a cash flow of NOK 60 billion from the State's Direct Financial Interest (SDFI). This is 57 billion less than in the first quarter of 2023.

High production and good cash flow in the first quarter - 2024-05-02 10:00

“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”, says Kristin Kragseth, President and CEO of Petoro. Photo: Anne Lise Norheim.

3000 billion kroner from the SDFI since 2001

[11.03.2024] - Press Release Petoro 2023 results

Petoro delivered a cash flow of NOK 277 billion to the state in 2023. This is the second-highest cash flow ever recorded in the company's history. Since Petoro was established in 2001, the company has delivered more than NOK 3000 billion to the state from the State's Direct Financial Interest (SDFI)

3000 billion kroner from the SDFI since 2001 - 2024-03-11 10:00

-Our number one job at all times is to ensure that the values in our oil and gas portfolio are realised. Our goal is also to create additional values through pro-active and strategic work in our partnerships on the Norwegian shelf. Petoro plays a key role here,- Kragseth says. Photo: Elisabeth Tønnesen

Continued strong cash flow despite lower gas prices and maintenance

[07.11.2023] - Press release - Third quarter 2023

Petoro has delivered a net cash flow from the State's Direct Financial Interest (SDFI) of NOK 219 billion as of the third quarter of 2023. Cash flow in the third quarter alone came to NOK 39 billion. The cash flow will be transferred to the Norwegian state in its entirety

Continued strong cash flow despite lower gas prices and maintenance - 2023-11-07 10:00

SDFI facts

Petoro manages the State’s Direct Financial Interest and is a licensee for about 1/3 of the oil and gas reserves, with interests in 43 producing fields on the Norwegian shelf.

Results

Petoro shall, on a commercial basis, create the greatest possible financial value from the SDFI.

Results

Organisation

Petoro has a small and flat organisation with employees who have long and broad-based experience from the petroleum industry.

Organisation

Main tasks

Petoro is a state-owned limited company which manages the SDFI in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities.

Main tasks