News, Oil & Gas

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.