Downturn in Petoro

PetoroPetoro.Photo:: Alf Ove Hansen / Scanpix .

Petoro could, in the third quarter, transfer 12 billion kroner to the state. This is a decrease of 31 percent compared with the same period last year.

So far this year the manager of state assets in the oil and gas industry transferred 51 billion to the government’s coffers, against 72 billion in the same period last year.

The decline is due to a 4 percent lower gas production on the Norwegian continental shelf and continued low prices in the oil and gas market.

The CEO of Petoro Grethe Moen reiterates that continued innovation and adaptation is necessary for further cost and profitability in the industry.


Source: NTB scanpix / Norway Today