Petoro - Årsrapport 2011
 
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Petoro Årsrapport 2011
CONTENTS
Petoro in brief
CEO
Key Figures
Highlights 2011
Safety
Corporate Governance
Board of Directors
Management
Directors´Report
Accounts SDFI
Accounts Petoro AS
Oseberg Field Centre - Photo Øyvind Hagen - Statoil
Annual report sdfi AND Petoro 2011

The Norwegian government has large holdings in oil and gas licences on Norway’s continental shelf (NCS) through the State’s Direct Financial Interest (SDFI). These are managed by Petoro AS. The company’s most important job is to help ensure the highest possible value creation from the SDFI – value which benefits the whole of Norway.

Petoro
petoro in brief
The Norwegian government has large holdings in oil and gas licences on Norway’s continental shelf (NCS) through the State’s Direct Financial Interest (SDFI). These are managed by Petoro AS.
ceo
I am more than happy to join all those who have described the 2011 petroleum year in superlative terms. For Norway, for the industry and for the next generation, fantastic new discoveries extended the national Golden Age ever further towards the next century.
key figures
Net income for the portfolio in 2011 came to NOK 133.7 billion, compared with NOK 105.4 billion the year before. Total operating revenue was NOK 188.8 billion, compared with NOK 159.3 billion in 2010.
highlights
Substantial discoveries were made during 2011, with hydrocarbons proven in 10 wells amounting to a total recoverable volume of 320-550 million boe.
corporate governance
Petoro’s management of substantial assets on behalf of the Norwegian government calls for good corporate governance which fulfils the expectations of its stakeholders and society at large.
Petoro Safety
Results for health, safety and the environment on facilities in the SDFI portfolio were on a par with 2010. The serious incident frequency (SIF) per million working hours was 1.5.
directors report
In addition to safeguarding asset values, the board regards creating added value for the SDFI as an important job for the company. Results of the company’s work are reflected in a wide range of activities which will contribute to substantial added value both in the immediate future and in the long run.
Board of directors


accounts sdfi
Administration of the portfolio is subject to the accounting regulations for the government. Accounts for the portfolio are presented both on the cash basis used by the government and in accordance with the Norwegian Accounting Act.

Management - Petoro


accounts petoro 2011
The company maintains separate accounts for all transactions relating to the participatory interests, so that revenue and expenses for the portfolio are kept apart from operation of the company. Petoro’s operating revenue takes the form of a contribution from the government.
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Copyright 2011 Petoro