Looking for a specific product?

Make a search for products & suppliers, articles & news.

Record cash flow from oil activity

Petoro's accounts for the first half 2012 shows the highest highest-ever net cash flow to the government from the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS).

This totalled NOK 84.5 billion, up 24 per cent from first half of last year, despite the fact that oil prices fell below USD 90 per barrel for a short period in the early summer.

The second quarter net cash flow was NOK 41.6 billion, up 22 per cent from the second quarter of 2011.

The strong results are mainly due to higher sales volumes and prices.

Head of Petoro, Kjell Pedersen, regards the production result as an indication that the steep decade-long decline in Norwegian oil output is now leveling off.

The state-owned limited company Petoro AS manages the State’s Direct Financial Interest (SDFI) on behalf of the State. Petoro is the licensee for, not the owner of, the SDFI shares on the Norwegian Continental Shelf.

The company's main objective is to maximise the economic value of the state's oil and gas portfolio on the basis of sound business principles.

Associated companies:


Related news

Latest news

New barge to Målsøval Fiskeoppdrett

Akva Master 320 Classic is a modern feed barge optimized for efficient operations.

Supply chain management survey indicates greater pressure on companies to demonstrate sustainability

Companies are struggling to take efficient action across their supply chains, while facing increased demands from stakeholders.

From stamp to screen: DNV GL issues over 50,000 electronic certificates

Since the launch in mid-October 2017, DNV GL has issued approximately 50,000 certificates, 

THERMO-TRANSIT FURTHER STRENGTHENS THE COMPANYS GROWTH

THERMO-TRANSIT FURTHER STRENGTHENS THE COMPANYS GROWTH BY APPOINTING JESPER HANSEN AS CHAIRMAN AND JAKOB HOLM AS CEO.

New Zealand Navy turns to Vestdavit for hands-on experience

Since 2000, Vestdavit has supplied 14 davits for seven NZ Navy vessels.

DNV GL and AEP Ohio win Energy Award for helping new energy efficient technology in ultra-low temperature freezers reach the market

Stirling ultra-low temperature freezers now ENERGY STAR certified

New 4K Displays Enable Cutting-Edge Multi-Data Fishing Vessel Bridge Solution from Furuno Norway

Newbuild Danish trawler 'Gitte Henning' first to benefit from large-format, ultra high definition bridge display innovation.

New DNV GL class notations aim to improve stern tube bearing performance

In the “Shaft align” class notations and the revised main class requirements for single stern tube bearing installations,

DNV GL provides due diligence to institutional lenders for investment in 659 MW Walney offshore wind project

Through DNV GL’s technical assessment to the group of lenders,