- The report shows that the SDØE portfolio represents great value for the community. Along with tax and duty revenues from oil and gas activities and dividends from Equinor, the revenues from SDØE make a significant contribution to the Government Pension Fund Global (the "Oil Fund"), says Trade and Industry Minister Jan Christian Vestre.

Value increase by NOK 540 billion from 2020 to 2022

The value of SDØE's portfolio is estimated to have increased by as much as NOK 540 billion from 2020 to 2022. A sharp increase in oil and gas prices, partly also as a result war in Ukraine, largely explains the change in values, according to Rystad. This is somewhat offset by lower oil price estimates in the longer term. The long-term gas price is estimated at approximately the same level as in the 2020 valuation. The increase in resources and slightly reduced investment estimates are largely offset by increased operating costs due to higher energy costs and CO2 prices.

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The valuation of the SDØE portfolio is part of the activities carried out by the Ministry of Trade and Industry with regard to SDØE and Petoro AS. Petoro deals with SDFI on behalf of the state. In 2020 and 2021, the net cash flow from SDFI to the state was NOK 59 and 186 billion respectively.

Statens direkte økonomiske engasjement (SDØE)

SDØE is a portfolio consisting of the state's own shares of production rights on the NCS. Since 2001, SDØE has been managed by Petoro. When a state wants to detect and produce oil in a given area, it issues a production license to one or more cooperating companies.

Source: regjeringen

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