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

Servogear has achieved the ISO 14001: 2015 environmental certificate

The certificate provides a framework that an organization can follow,

TechnipFMC opens 18,000m² facility to support Middle East market

The opening of the 18,000 m2 facility,

INDUSTRY 4.0 WILL CHANGE ISS

The 2017 Beerenberg seminar held earlier this year addressed the fourth industrial revolution.

The upside down advocate

The hulls of the robust Polarcirkel boats consists of resistant PE plastic,

DNV GL presents GTT and TECHNOLOG with GASA statement for exoskeleton LNG tanks

The solution has been developed for VLCVs with a capacity of 14,000 to 18,000 

DNV GL: Mix of flexibility solutions needed to stabilize power grids and avoid outages

In its recently published Energy Transition Outlook report (ETO),

Marintec China: DNV GL awards DSIC a pair of AiP certificates

Lu Xiao Hui, Vice President and Chief Technical Officer of DSIC,

DNV GL partners with SP Energy Networks to develop local flexibility market and reduce carbon emissions by over 3 megatonnes

The flexibility market will be based on the Universal Smart Energy Framework (USEF),

DNV GL Supports Hawaii Counties in Department of Energy’s Better Communities Alliance

After reviewing the competitive applications,