- The record result can be attributed primarily to the exceptionally high energy prices that characterize the world today. Good operations and long-term work have enabled us to contribute to a safe and reliable supply of low-emission energy to the market in Europe, which is under great pressure, Kragseth emphasizes. - Therefore, we are also very pleased that the Snøhvit field, after being closed as a result of the Melkøya fire in 2020, is supplying gas again.
Petoro is facing a very busy autumn as a result of a package of measures introduced by the Storting during the pandemic. The record number of projects on the Norwegian continental shelf will now be processed into an investment decision. - Together with the partnerships, Petoro plays an important role in providing a good quality decision-making basis for these projects, says Kragseth and stresses that at the same time we must do everything we can to avoid cost overruns and delays.
The value of the SDØE portfolio increased by 540 billion
There are tremendous future values in the SDØE portfolio and it requires good management and control to uphold and implement these values. Rystad Energy recently performed a valuation of the SDØE portfolio on behalf of the Ministry of Trade and Fisheries. "Since the last assessment in 2020, the value of the SDØE portfolio has increased by 540 billion and the portfolio is now worth 1584 billion," says Kragseth. - At the same time, it should be remembered that in 2020 and 2021 Petoro provided a total of 245 billion cash flows from the portfolio. Much of the increase in value is due to higher prices, but much of it is also a consequence of working to increase the resource base. By comparison, the total market value of all state-owned shares (excluding SDØE), recently published in the state ownership report, was NOK 1174 billion.
Earlier this year, Petoro published its first sustainability report. The report sets the ambitious target of 55% emission reduction from SDØE production by 2030.
"To achieve this goal, it requires our industry to keep pace with the implementation of emissions," reducing measures, says Kragseth.
We also recommend the article: The history of Norwegian oil in 5 minutes
Recently, partners in the Troll and Oseberg fields have begun plans for a study to look at the construction of a large floating offshore wind farm west of Bergen.
- The Trollvind initiative will look at how to tackle the three main challenges; the tense energy situation in the Bergen area, the electrification of fields and the development of offshore wind energy, says Kragseth.
- The development of offshore offshore wind energy in Norway is based on many years of experience of our industry in the offshore industry. In particular, on the experiences of the Hywind Tampen project.
“Our industry shows time and time again that we create new solutions based on what we already know a lot and the experiences we have gained as a port nation throughout history,” says Kragseth.
The result for the second quarter
Net cash flow from government direct economic involvement (SDØE) in oil and gas activities was NOK 234 billion for the second quarter. This represents an increase of NOK 180 billion compared to the same period last year. Net cash flow for the quarter was NOK 121 billion. This is due to soaring prices, increased demand and good operational and safe operation.
Total production of crude oil and gas amounted to 1 thousand tonnes.
Gas production amounted to 109 million standard cubic meters (million Sm 3) a day. This level represents an increase of 11 percent compared to the same period last year. The increase is mainly due to increased gas consumption at Troll and Åsgard, production started last year by Martin Linge, as well as Snøhvit, which resumed production on June 2 following a fire at Hammerfest LNG in 2020. The lower gas consumption in Oseberg and Ormen Lange partially counteracted the increase.
Source: Petoro
Read and learn more: Activities of the Polish-language information portal wataha.no in Norway and Wataha Integrasjon Forening
