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CloseANNUAL REPORT FOR THE SDFI AND PETORO 2017
The Norwegian state has large holdings in oil and gas licences on Norway’s continental shelf (NCS) through the State’s Direct Financial Interest (SDFI). These are managed by Petoro AS. The company’s most important job is to help ensure the highest possible value creation from the SDFI – value which benefits the whole of Norway. 2017 proved the possibilities - now the good work must continue
The directors’ report describes financial and operational results for the SDFI and Petoro AS. Furthermore developments in the environment and outlook are discussed.
Net income for the portfolio in 2016 came to NOK 99 billion, compared with NOK 57 billion the year before. Total operating revenue was NOK 151 billion, compared with NOK 121 billion in 2016.
The letter of assignment describes the framework and priorities, targets and reporting requirements for the company in 2017. In this chapter Petoro describes the company's performance in relation to this.
Managing huge assets on behalf of the Norwegian state makes big demands on corporate governance in Petoro that meet expectiations from stakeholders and the society.
Petoro undertakes to pursue its business activities in an ethically acceptable, sustainable and responsible manner.
Managing 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. Group accounts also include the accounts for Petoro Iceland AS.
