Petoro follows up the state’s interests in production licences and other partnerships. The number of licences has increased from 80 when the company was founded in 2001 to 190 in the spring of 2014. Fields in production total 34.

Petoro serves as the licensee for the state’s direct interests in a total of 190 licences on the NCS, including 34 producing fields. My three years in the company – most recently as chief executive - have shown me that we have the opportunity to engage with many issues and business matters.

Net income for the portfolio in 2013 came to NOK 132.8 billion, compared with NOK 150 billion the year before. Total operating revenue was NOK 194.3 billion, compared with NOK 213.9 billion in 2012. This yielded a cash flow to the government of NOK 124.8 billion as against NOK 146.9 billion the year before. 

The level of exploration activity on the NCS was high in 2013, and 20 new discoveries were made. Investment increased by 34 per cent from 2012 to reach a record level. Grethe Moen took over as chief executive in June 2013.

Results for health, safety and the environment on facilities in the SDFI portfolio have been improving for a number of years. The serious incident frequency (SIF) per million working hours was 0.9 in 2013.

Managing huge assets makes big demands on corporate governance in Petoro. The company’s management system builds on recognised principles and keeps attention focused on goals and risks.

Petoro undertakes to pursue its business activities in an ethically acceptable, sustainable and responsible manner.

The directors’ report describes financial and operational results for the SDFI. It also presents Petoro’s own contribution to added value, which is in the order of NOK 5-10 billion.

Administration of the portfolio is subject to the accounting regulations for the government. Accounts for the portfolio are presented both on the cash basis used by the government and in accordance with the Norwegian Accounting Act.

The company maintains separate accounts for all transactions relating to the participatory interests, so that revenue and expenses for the portfolio are kept apart from operation of the company. Petoro’s operating revenue takes the form of a contribution from the government.