Petoro is a
company
A company, abbreviated as co., is a Legal personality, legal entity representing an association of legal people, whether Natural person, natural, Juridical person, juridical or a mixture of both, with a specific objective. Company members ...
that is wholly owned by the
Government
A government is the system or group of people governing an organized community, generally a State (polity), state.
In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...
of
Norway
Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of the Kingdom 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 chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...
and
natural gas
Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...
on the
Norwegian continental shelf. 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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