Petoro is a

company A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared ...

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 i ...

Norway Norway, officially the Kingdom of Norway, is a Nordic countries, 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 ...

. Established in 2001, it manages the Government's portfolio—collectively called State's Direct Financial Interest (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 carbon d ...

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 Extractivism is the process of extracting natural resources from the Earth to sell on the world market. It exists in an economy that depends primarily on the extraction or removal of natural resources that are considered valuable for exportation w ...

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 {{norway-gov-stub