NOK 277 billion to Norway from Petoro in 2023 – news Rogaland – Local news, TV and radio

The result of 277 billion is 251 less than the previous year. In 2022, Petoro’s annual profit was NOK 528 billion. This was five times a normal year. The decline mainly occurs because oil and gas prices have fallen from very high levels the year before. On average, the oil price was 83 dollars per barrel last year, compared to 104 dollars in 2022. The gas price was roughly halved from 2022 to 2023. Well satisfied with operations After the third quarter, which was the last quarterly result Petoro published, the so-called “cash flow” was 219 billions until then. The last three months of 2023 yielded 57 billion. This is Petoro Statleg limited company which manages SDØE, the state’s directly owned shares in Norwegian oil and gas operations. As manager of SDØE, Petoro is the legal owner of around a third of the Norwegian oil and gas reserves, and in addition to the largest ownership share of the transport system on the Norwegian continental shelf. Established in 2001, when Statoil was privatised. The name is a combination of petroleum and oro (“gold” in Spanish). Source: Petoro / Store norske lexikon – Despite the lower gas price and a halving of the gas price achieved from the previous year, we are very satisfied with the operation of the field in our portfolio, says Kristin Kragseth, managing director of Petoro, according to a statement from the company. Kristin Kragseth, managing director of Petoro. Photo: Tom Edvindsen / news Ho says facilities that are well maintained are a necessary prerequisite for reliable deliveries from Norway to Europe. The volume of gas sold was 7 percent lower in 2023 than the previous year due to audit shutdowns and temporary shutdowns of certain fields. Oil production also fell somewhat from the previous year. Johan Sverdrup nevertheless contributed to the production. In May, there was a production record of 755,000 barrels of oil per day. “Half” exports are oil and gas Equinor’s annual profit in 2023 was around NOK 400 billion, also lower than the previous year. The export report for 2023 shows that revenues from oil and gas exports fell by NOK 800 billion. The main reason is that the gas price has stabilized compared to previous years. Oil and gas exports are nevertheless at a sky-high level, according to the export report, which also includes several export products. But nearly half of Norway’s export earnings come from oil and gas. Petoro has its head office in Stavanger. It was established in 2001, when Statoil was privatized. Photo: Kirsti Wilhelmsen/news



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