Petoro AS is a Norway State wholly-owned company in charge of the Norwegian Continental Shelf (NCS) oil and gas assets management
Petoro AS (Petoro) is the licensee of the Norwegian State’s Direct Financial Interests (SDFI) representing the assets of the NCS, while Norway as a State is the owner of these assets.
Petoro was established on May 9th 2001 as State owned company as a consequence of the partial privatization and listing of Statoil.
The purpose is to preserve and manage the Norwegian SDFI in the NCS oil and gas operations while Statoil can pursue its own global development and proceed to alliances and joint ventures with foreign partners.
Comparing different solutions the Norwegian Government has decided to create a State owned limited company as the legal entity to handle this task.
Petoro is defined to have minimum organization but requires high standards expertise and a wide range of competences in order to manage the NCS reserves for the greatest interest of Norway with a long term view and regardless the constraints of the short term operations.
– Management of NCS assets through the SDFI operated in joint venture or not
– Monitoring Statoil‘s marketing and sales of the hydrocarbons products extracted from the NCS assets, in line with the Ministry of Petroleum and Energy (MPE)
– Financial management of the SDFI and book keeping
In respect with the Chapter 11 of the Petroleum Act, Petoro is managing the SDFI on behalf of the Norwegian Government through commercial terms and the licenses representing its interests.
Petoro operates at the expense and risks of the Sate, as the licensee of the production assets in the NCS, pipelines or associated onshore facilities.
In the joint ventures with Statoil and any other company involved in the exploration, development and production of oil and gas fields located in the NCS, Petoro will act as the representative of the State.
Since Petoro is not supposed to have any operator role, it will interact as the best partners in the joint ventures considering anyway that defending the State‘s interest is its ultimate goal.
Purchasing, selling or swapping assets or interests must be submitted to the MPE for approval before proceeding.
In its assets management role, Petoro is not in charge of selling and marketing the oil and gas produced from these assets.
This marketing and sales responsibilities are assigned to Statoil.
Anyway, Petoro will monitor that Statoil is proceeding in these marketing and sales missions in respect with the State instructions given to Statoil.
In this monitoring role as in the asset management task, Petoro reports to the MPE.