Petoro delivers 113 billion kroner to the Norwegian state 

Johan Sverdrup oil fieldPhoto: Carina Johansen / NTB

Petoro delivered a record-high NOK 113 billion in cash flow to the Norwegian state from the SDFI portfolio in the first quarter of 2022. 

This is 87 billion higher than in the first quarter of 2021. The reason for this record-breaking result was good operations and exceptionally high product prices as a result of the war in Ukraine.

“Our results are the fruit of many years of hard work, but also the difficult position Europe is in due to the war in Ukraine,” Petoro CEO Kristin Kragseth said. 

“As I’ve said before, this is not a good situation for a world that relies on energy. Now we’re in the midst of an energy crisis, but it’s still important that we don’t lose sight of the big picture and the road ahead. This is why I’m proud and happy to see that, for the first time, Petoro is publishing its own sustainability report, where one of the goals we’ve set is to cut CO2 emissions from our share of production by 55% by 2030.”

Russia’s invasion of Ukraine poses a challenge to Europe’s gas supply, it has contributed to extreme prices, and it has particularly raised awareness surrounding Norwegian gas exports. 

“The war has put security policy and security of supply squarely on the agenda. It matters where the energy is produced, and we’re now clearly seeing Norway’s significance as a safe and reliable supplier of energy for Europe,” Kragseth says.

Gas exports

Gas exports from Norway have been stable and high throughout the first quarter. In mid-March, the Ministry of Petroleum and Energy increased the production permits for gas from the Oseberg, Troll, and Heidrun fields. 

“The increased production permits will mean that the overall gas export capacity can be fully utilized through the summer as well when exports are normally lower. Export capacity will also be bolstered when liquid gas (LNG) from the Snøhvit field can again be shipped to the markets via Melkøya, which will be starting up again on 17 May, following the fire in September 2020.”

Petoro’s mission to realize resources and create value from the portfolio is no less meaningful in the current context. 

“We work every day to help ensure that our record-breaking portfolio of ongoing projects leads to the best possible results. At the same time, we do what we can to extract more from the fields that are already in production. This secures the future energy supply for Europe and value creation for the Norwegian economy,” Kragseth said.

Petoro is wholly owned by the Norwegian government. It was established in 2001, and it manages the government’s portfolio of exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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