Petoro AS

Overview

Petoro AS is a Norwegian state-owned company established in 2001 to manage the Norwegian state's direct financial interests in the petroleum sector, known as the State's Direct Financial Interest (SDFI). The company holds approximately one-third of Norway's oil and gas reserves, with interests in 44 producing fields on the Norwegian continental shelf. Petoro's primary objective is to maximize value and income for the state from the SDFI portfolio, ensuring that the entire cash flow is transferred to the Government Pension Fund Global (the Petroleum Fund). The company's responsibilities include overseeing the state's holdings, monitoring the allocation of petroleum resources, and managing financial operations related to the SDFI. Petoro operates with a lean and efficient organization, employing around 60 professionals with extensive experience in the petroleum industry. The company is headquartered in Stavanger, Norway, and is fully owned by the Government of Norway, operating under Norwegian law. Petoro is not an operator of any fields and does not directly own the licenses; instead, it acts as a licensee on behalf of the state, with Equinor ASA responsible for marketing and selling the state's oil and gas in accordance with the allocation instructions set by the company's general assembly.

Investment Focus

• Alignment with the Norwegian state's financial interests
• Compliance with Norwegian laws and regulations
• Focus on maximizing value and income for the state from the SDFI portfolio
• Transfer of entire cash flow to the Government Pension Fund Global (the Petroleum Fund)