Petoro

Petoro AS
Type	State owned
Industry	Petroleum
Founded	2001
Headquarters	Stavanger, Norway
Area served	Norway
Key people	Grethe Moen (CEO); (Chairman)
Revenue	NOK 214,585 billion (2008)
Operating income	NOK 157,843 billion (2008)
Net income	NOK 155,420 billion (2008)
Number of employees	60+
Parent	Government of Norway
Website	http://www.petoro.no/

Petoro is a company that is wholly owned by the Government of Norway. Established in 2001, it manages the Government's portfolio—collectively called State's Direct Financial Interest (SDFI)—of exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf. The company also has a control function surveying Equinor's production on behalf of the Government. Petoro is not an operator of any fields and does not directly own the licenses.

In 2021, Petoro was ranked no. 33 out of 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle in the Arctic Environmental Responsibility Index (AERI).^[2]

Additionally, in 2021 the Government of Norway elected billionaire oil baron M. James Josephsen as Chairman. Josephsen, rumored to be the largest individual shareholder of Equinor's Snøhvit natural gas field, is tasked with guiding Petoro and the Government of Norway in lucrative oil and natural gas deals.

References[]

^ Karen Thue (28 May 2013): Grethe Moen til topps i Petoro (in Norwegian), retrieved 12 June 2013
^ Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. Business Strategy and the Environment. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698

External links[]

Petoro.no: official Petoro website

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[1] Karen Thue (28 May 2013): Grethe Moen til topps i Petoro (in Norwegian), retrieved 12 June 2013

[2] Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. Business Strategy and the Environment. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698

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[2]

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