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FOR the Sdfi and PETORO 2012 Petoro Årsrapport 2012 | Kapittelnavn

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FOR the Sdfi and PETORO 2012 Petoro Årsrapport 2012 | Kapittelnavn ANNUAL REPORT FOR THE SDFI AND PETORO 2012 Petoro Årsrapport 2012 | Kapittelnavn 1 250 000 000 000 Since its creation in 2001, Petoro has transferred a net cash fl ow of more than NOK 1 250 billion to the Norwegian government. CONTENTS 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 benefi ts the whole of Norway. 2 Petoro Årsrapport 2012 | Kapittelnavn CONTENTS — Petoro in brief Page 4 Chief executive Page 6 Key fi gures Page 8 Highlights Page 10 — Safety in 2012 Page 14 — Corporate governance Page 18 Corporate social responsibility Page 22 Petoro’s board Page 24 Petoro’s management Page 26 Directors’ report 2012 Page 28 — Accounts SDFI Page 43 Accounts Petoro AS Page 66 3 SDFI and Petoro annual report 2012 | Petoro in brief PETORO IN BRIEF Petoro’s principal job is to maximise the value of the State’s Direct Financial Interest (SDFI) in Norway’s petroleum industry. This portfolio embraces a third of the oil and gas reserves on the Norwegian continental shelf (NCS) as well as platforms, pipelines and land-based plants. BIGGER ON THE NCS in the company’s strategy. In seeking to slow the decline in oil output and maintain overall PRINCIPAL Petoro follows up the state’s interests in production licences and other partnerships. production at today’s level until 2020, Petoro has OBJECTIVE: The number of licences has increased from 80 devoted particular work to Gullfaks, Snorre and to create the highest when the company was founded in 2001 to 158 Heidrun. It has not least sought to increase the possible financial value at the end of 2012. Fields in production total 33. pace of production drilling on these and other from the state’s oil and mature fields. More wells are the most gas portfolio on the The company is involved in fields and projects important way to maximise the value of these basis of sound business in all three provinces on the NCS – the North, producers within their commercial lifetime. principles. Norwegian and Barents Seas. Agreement was also reached with Iceland before Christmas ROLE AS LICENSEE 2012 on interests in two licences in the Dreki Petoro pursues its strategy by virtue of acting as area of the Icelandic sector on the Jan Mayen the licensee for the SDFI’s interests on the NCS. Ridge. The company was founded on 9 May 2001, In early 2013, the Skrugard licence resolved that after the partial privatisation of Statoil made it VISION: a subsequent development of the Skrugard/ necessary to find a new arrangement for the A driving force on the Havis discoveries would be based on a floating commercial management of the SDFI. The Norwegian continental platform and subsea installations, plus an oil company works on the basis of a mandate from shelf. pipeline to Eidnes in Nordkapp local authority. the Storting (parliament), which requires it to manage the state’s oil and gas in a commercial Development of Skrugard/Havis in the Barents manner and to maximise its economic value. Sea, Linnorm and the Polarled pipeline in the Norwegian Sea and Johan Sverdrup in the North Since its creation, Petoro has transferred a net Sea are examples of major projects with Petoro cash flow averaging some NOK 100 billion KEY DUTIES: involvement in all parts of the NCS. In addition annually to the government. This cash flow Management of the come a number of smaller developments. represents one of three principal sources of government’s holdings revenue for building up the government pension in the partnerships. Securing value in and close to the big mature fund – global, colloquially known as the oil fund. fields nevertheless represents the top priority Monitoring Statoil’s sale of the petroleum GUNNAR BERGE produced from the CHAIR SDFI, as specified in the sales and marketing PRESIDENT & CEO instruction. Financial management, including accounting, LEGAL ASSISTANT for the SDFI. GAS FIELDS/ MATURE OIL OIL & GAS STRATEGY AND TECHNOLOGY NEW FINANCE FIELDS MARKET & SALES ORGANISATION DEVELOPMENTS 4 SDFI and Petoro annual report 2012 | Petoro in brief BIG ASSETS PROVIDE EXCITING OPPORTUNITIES Petoro’s big portfolio makes it a very interesting workplace for about 70 highly competent em- Skrugard ployees at its Stavanger office. Snøhvit The combination of a large portfolio and a small organisation gives staff big opportunities for Melkøya professional development through their HAMMERFEST encounters with senior personnel from other oil companies in licences and other joint ventures. Petoro works closely with Statoil as the operator for a very large proportion of the company’s TROMSØ output, but also with the international oil companies and other players on the NCS, with government agencies, with suppliers and with other external centres of expertise. CASH FLOW TRANSFERRED TO THE GOVERNMENT 1 500 000 BODØ 1 200 000 900 000 600 000 Heidrun 300 000 Åsgard NOK billion 0 Draugen 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net cash flow Ormen Lange TRONDHEIM Tjeldbergodden Nyhamna Snorre Statfjord Gullfaks Kvitebjørn Troll Mongstad Sture Oseberg Kollsnes BERGEN IMPORTANT MATURE OIL FIELDS: Oseberg, Heidrun, Gullfaks, Snorre, Visund, Draugen, Ekofisk, Grane, Norne. Grane Kårstø Johan Sverdrup IMPORTANT GAS FIELDS: STAVANGER Troll, Ormen Lange, Åsgard, Snøhvit, Kvitebjørn, Gjøa. 5 Ekofisk SDFI and Petoro annual report 2012 | Chief executive VIEW FROM THE TOP OF THE ROLLER COASTER 120 100 80 60 40 USD / barrel 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Oil price developments 2001-2012 Petoro’s birth in 2001 licences – that fi gure has risen to 158. Cash the discoveries remained few and small. occurred during what was in fl ow from its operations is up from NOK 94.5 The Barents Sea became more like a distant billion to NOK 147 billion in 2012, and it still dream. However, rising oil prices eased several respects a memo- produces an average of 1.13 million barrels the mood – until the fi nancial crisis in 2008 rable year for Norway’s oil of oil equivalent per day (boe/d). caused us to start worrying about pressures in the economy and the labour market. So and gas industry. Statoil was Major changes have also occurred in the sub-prime mortgages in the USA pulled us privatised and had to trans- world market for oil and gas. The USA is down again, into uncertainty and fears that moving from heavy dependence on imported the oil companies would be reluctant to fer the State’s Direct Finan- Middle Eastern oil to energy independence. invest. cial Interest (SDFI) portfolio We thought Europe would embrace gas as an energy source, but coal is once again But the mood changed once more, and to Petoro. And oil output bigger than gas in UK electricity generation. has since turned to jubilation over high oil peaked at an average of 3.1 The gas market has become more uncer- prices, a world-class Johan Sverdrup dis- million barrels per day. tain, and a bigger commitment is needed to covery and a Skrugard fi nd which sparked defend Norway’s interests as a substantial a completely new level of interest in the exporter. Barents Sea. That once again proved too The Norwegian continental shelf (NCS) much of a good thing for those who like has subsequently experienced an extreme Mood swings related to the NCS have been to surf ahead of the mood wave. They are transformation. Production has halved for considerable among players, government worried about pressures in the economy and crude and doubled for gas. Oil prices have and general public. During the fi rst few contracts going abroad. tripled. The number of oil companies on years of our millennium, exploration activity the NCS has risen from 14 to 54. Statoil and slowed down to an extent which prompted Are we at the top of the roller coaster, or Hydro have become a single dominant oper- the government to establish generous starting a stomach-clenching descent? ator. Petoro originally managed assets in 80 incentives for new players. That helped. But 6 SDFI and Petoro annual report 2012 | Chief executive We will probably not learn the answer In the present circumstances, too, when by these developments in a commercial and until it is too late to turn. That dynamic many other companies are devoting most fl exible manner. has characterised the petroleum industry of their attention to new developments and ever since “colonel” Drake drilled the fi rst to exploring for more oil, Petoro has an That is why it is so important that the cost modern oil well in 1859. Hydrocarbons are important commercial job to do in safe- of operating Petoro becomes a fl exible the world’s largest source of energy – and guarding time-critical investment in order component of the SDFI budget, rather than thereby of growth and prosperity for billions. to maximise the value of the big mature a fi xed item in the annual government Big fl uctuations in supply or demand for fi elds. It will also contribute to maintaining budget – where expenditure which increases such a commodity could cause major price our position as a big exporter to Europe by long-term state revenues must compete swings in themselves. And the fear of even exploring for more gas at a time when most with spending on what many people regard bigger price swings might cause them to of the attention is on oil.
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