Petoro is a
company
A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...
that is wholly owned by the
Government
A government is the system or group of people governing an organized community, generally a state.
In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...
of
Norway
Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...
. Established in 2001, it manages the Government's portfolio—collectively called
State's Direct Financial Interest
State's Direct Financial Interest (SDFI) (Norwegian: Statens direkte økonomiske engasjement (SDØE)) is a portfolio of the Norwegian government's directly owned exploration and production licenses for petroleum and natural gas on the Norwegian c ...
(SDFI)—of exploration and production licenses for
petroleum
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...
and
natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...
on the
Norwegian continental shelf
The Norwegian continental shelf ( no, Den norske kontinentalsokkelen) (abbreviated as NCS) is the continental shelf over which Norway exercises sovereign rights as defined by the United Nations Convention on the Law of the Sea.
The area of the s ...
. 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).
[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]
References
External links
Petoro.no: official Petoro website
Government-owned companies of Norway
Ministry of Petroleum and Energy
Companies based in Stavanger
Energy companies established in 2001
Non-renewable resource companies established in 2001
Government agencies established in 2001
2001 establishments in Norway
Petroleum in Norway
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