PETORO

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. Petoro’s formal role as the licensee acting on behalf of the state is described in this two-minute film. Petoro’s purpose is to be responsible for and manage the commercial aspects related to the SDFI on behalf of the state and at the state’s expense and risk. Its objective is to create the high... est possible financial value from the state’s oil and gas portfolio on the basis of sound business principles. Petoro was founded following a vote in the Storting (parliament) on 26 April 2001. Read more (in Norwegian only) about preparations to establish a new management system for the SDFI in Proposition no 36 (2000-2001) to the Storting. Three principal duties have been assigned to Petoro by the Ministry of Petroleum and Energy: management of the state’s participatory interests in the joint ventures where the state has such interests at any given time, monitoring Statoil’s marketing and sale of the petroleum produced from the SDFI, pursuant to the marketing and sale instruction issued to Statoil, and financial management, including preparation of budgets and keeping of accounts, for the SDFI.More