Petoro

Petoro

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Petoro

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Description:
Petoro, a company wholly owned by the state of Norway, manages Norwegian offshore oil and natural gas properties, State's Direct Financial Interest (SDFI), on behalf of the government. The company functions as a manager for the government and does not directly own the licences. The company also has a control function surveying Statoil's production on behalf of the government. The company is not an operator of any fields.

The company was established in 2001 though SDFI has existed from the dawn of the Norwegian oil era. As of 1 January 2006 the value of the portfolio was NOK 875 billion. In 2005, the company produced 1.2 million barrels of oil equivalents per day and had an operating income of NOK 113 billion. In 2008, the average number of barrels of oil equivalents produced was 1.199 million.

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