Address
Løkkeveien 103B
4007 Stavanger
Norway
http://www.petoro.no/eng
Telephone
51 50 20 00
Fax
51 50 20 01
Description
Petoro AS was established by the Ministry of Petroleum and Energy (MPE) on behalf of the Norwegian government on 9 May 2001. The company's object is to be responsible for and manage the commercial aspects of the state's direct financial interest (SDFI) in petroleum operations on the NCS, and activities associated with this.
The government is the majority shareholder in Statoil ASA and owner of the SDFI. On this basis, Statoil handles sales and marketing of the government's petroleum. Petoro is responsible for ensuring that Statoil discharges this duty in accordance with the government's sales and marketing instruction.
Petoro is also responsible for presenting separate annual accounts for the SDFI portfolio, and SDFI cash flows are accordingly excluded from the limited company's annual report.
The state's direct interests (SDFI)
The SDFI represents a substantial proportion of Norway's national wealth, and must be managed on commercial terms in a long-term perspective.
All parts of the NCS are represented in the portfolio of production licences and permits for installation and operation of transport systems and terminals.
The NCS is divided into the following areas:
• Barents Sea
• Norwegian Sea (Vøring/Halten Bank)
• Tampen, North Sea
• Troll/Oseberg/Heimdal area, North Sea
• Southernmost NCS.