The Norwegian state’s direct revenues from the oil business amounted to NOK 26 billion in the first quarter. This corresponds to the cash flow for the last two quarters in 2020.
The cash flow is now on a par with the period before the pandemic, according to Petoro, which safeguards the state’s direct financial involvement in petroleum activities (SDFI).
“The oil and gas prices achieved for Petoro in the first quarter are 15% and 48% higher than in the first quarter of 2020, respectively, and are a sign that the energy markets seem to have stabilized in this phase of the corona pandemic,” Acting CEO of Petoro, Kjell Morisbak Lund, noted.
The corona pandemic hit the state’s oil revenues hard last year. Petoro delivered NOK 59 billion to the Norwegian state in 2020, a decrease of NOK 37 billion from 2019.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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