Petoro

Petoro AS is a wholly state-owned Norwegian company that manages the commercial aspects of the State’s Direct Financial Interest (SDFI) in petroleum activities on the Norwegian continental shelf. Established in 2001 and headquartered in Stavanger, it acts as licensee on behalf of the state for about one third of Norway’s oil and gas reserves, with interests in 44 producing fields and major gas transport and processing infrastructure. Petoro holds license interests but is not an operator; operatorship remains with companies such as Equinor and others. The company also manages the state’s ownership in central gas infrastructure, including a fully state-owned Gassled system, and presents separate SDFI accounts that form part of the Norwegian government’s accounts, with all cash flow transferred to the Government Pension Fund Global. Petoro’s mandate is to create the greatest possible financial value and revenue for the state from the SDFI, ensure efficient operations and promote holistic development of gas infrastructure. Its three core duties are management of the state’s participating interests in joint ventures, following up Equinor’s marketing and sale of petroleum from the SDFI in line with a dedicated instruction, and financial management, including accounting for the SDFI. Strategically, Petoro prioritises mature fields, area development across the portfolio, low-cost gas infrastructure, and safeguarding people and nature, supported by digitalisation, improved drilling efficiency, better reservoir understanding and long-term field development solutions. The company embeds sustainability and climate considerations in its strategy and governance, reports extensively on corporate social responsibility, and has been ranked in the Arctic Environmental Responsibility Index for its role in resource extraction north of the Arctic Circle. Petoro operates with a small, flat organisation of experienced petroleum professionals.