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ANNUAL REPORT for the SDFI and PETORO 2018 Petoro Årsrapport 2012 | Kapittelnavn CONTENTS

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ANNUAL REPORT for the SDFI and PETORO 2018 Petoro Årsrapport 2012 | Kapittelnavn CONTENTS ANNUAL REPORT FOR THE SDFI AND PETORO 2018 Petoro Årsrapport 2012 | Kapittelnavn CONTENTS The Norwegian state 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. Front cover: Johan Sverdrup DP jacket launch 2018 Photo: BO B. Randulff / Woldcam / Statoil Right: Troll phase 3 Photo: Equinor 2 Petoro Årsrapport 2012 | Kapittelnavn CONTENTS 1. President and CEO’s letter and Directors’ report President and CEO Page 6 Directors’ report Page 8 — 2. Introduction to the enterprise and key figures 2018 Petoro AS Page 18 SDFI Page 22 — 3. Activities and results in 2018 Side 23 — 4. Management and control Board of directors Page 40 Executive management of Petoro AS Page 42 Corporate governance Page 44 Corporate social responsibility Page 48 — 5. Outlook Page 40 — 6. 2018 annual accounts Accounts SDFI Page 52 Accounts Petoro AS Page 84 3 Petoro Årsrapport 2012 | Kapittelnavn Johan Sverdrup Phase 2 PUD Photo: Christian Buch Hansen, Petoro 4 Petoro Årsrapport 2012 | Kapittelnavn 1 CEO’S REPORT AND DIRECTORS’ REPORT — Chief executive Page 6 Directors’ report Page 8 5 SDFI and Petoro annual report 2018 | Chief executive Grethe K. Moen. Photo: Anne Lise Norheim A SOLID FOUNDATION HAS BEEN MADE – LET’S USE THE OPPORTUNITIES 2018 has been an active year for Petoro, are all projects with great significance long-term perspective. The plan calls during which many important decisions for the long-term perspective of the for the first phase to start up at the end have been made. These decisions will Norwegian shelf. Each of these projects of 2019, at which time the field by itself be decisive in determining the future of contributes in its own way with major will represent around 20 per cent of the the SDFI portfolio, and they relate both reserves and are competitive at far lower production from the Norwegian shelf. to the further development of mature prices than we see today. fields and the development of new fields. The industry has succeeded in building a Petoro works to increase the value of the In this respect, the Johan Sverdrup field solid foundation during the challenging SDFI portfolio, and projects adopted in is an industrial milestone in a class of its years that are behind us. Now we must 2018 support the company’s goals and own. The government approved phase use the opportunity that has been strategy. 2 of the project in December, which is created. There is a positive momentum an important step in ensuring optimal throughout the sector, and the activity The three most important strategic exploitation of the resources in the field. on the Norwegian shelf is considerably projects for Petoro have been The estimated lifetime of the field is higher than in recent years. This is redevelopment of Troll and Snorre, and almost 50 years, which underlines the motivating and contributes to a sense of development of Johan Sverdrup. These importance of an industry embracing a pride for everyone who works in Norway’s 6 SDFI and Petoro annual report 2018 | Chief executive most important industry! The supplier industry employs the this provides opportunities to explore majority of the personnel in the oil for gas that can fill the pipelines as We face global competition on a daily and gas industry. A sustainable and capacity becomes available. Norway is basis, while figures from the Norwegian profitable supplier industry is important an important supplier of gas to Europe, Petroleum Directorate show that the for everyone on the Norwegian shelf. and in this way contributes to cutting Norwegian shelf still has almost half While 2018 has been a very good year greenhouse gas emissions by displacing of its resources left to produce. If for the oil companies, we see that the use of coal. At the same time, gas we are to succeed in realising these many of the supplier companies are plays an important role along with values, I believe that broad-based still facing challenges. Fortunately, renewable energy production to ensure cooperation among all players, including indications are also on the way up here, secure energy supplies. implementation of new digital technology, and it is important that the supplier will be crucial. We need more power industry perceives the Norwegian Cooperation has always been a strength in the change processes if we are to shelf as attractive. If not, we run the in the Norwegian culture. I believe extract the gains, and we also need more risk of important suppliers pulling out that we have not yet extracted the full momentum in the business units that of the shelf, or not achieving further potential that lies in our culture when it will be using this technology. Part of the development. The suppliers are entirely comes to the gains that can be realised issue will be allowing for more sharing essential for innovation and technological from effective cooperation. Everyone of data, so that we achieve a better basis development that will, in turn, secure talks about it; however, it still seems to for making decisions and thus reduce the the competitiveness of the Norwegian be difficult to achieve genuine interaction risk inherent in our activity. Leadership, shelf. Therefore, it is important that the characterised by openness and trust cooperation and innovation are keywords, suppliers take active part on an equal in practice and at all levels: internally so that we utilise the overall expertise of footing with the operators in the ongoing in companies – between authorities, the industry in the best way possible. change processes to extract the benefits operators, partners, suppliers and of implementing new digital technology. between the oil and gas industry and The years to come will be important in those who drive the development of strengthening the industry with a view to One of the issues that has been of renewable energy. enhanced expertise within digitalisation prime importance for Petoro over many and technology development where we years has been the need for more This will lay the foundation for increasing can harvest substantial competitive wells. Drilling more wells is the most efficiency, reducing the cost level, and advantages. The industry as a whole has important instrument to ensure increased ensuring that the Norwegian shelf will a responsibility to contribute to lift up production and an improved recovery rate remain sustainable. the significant opportunities found in a on the Norwegian shelf. The key to this future-oriented industry. This applies work is further improvement in efficiency, both within traditional oil and gas, but exploration wells to identify more also within the development that is taking resources that can yield new development “We must all hang together, or assuredly place all across the energy field. opportunities, in addition to wells at we shall all hang separately” and near existing fields to maintain Benjamin Franklin Recruiting young people is one of production from mature fields. the biggest challenges we face when questions are raised regarding the The production forecast for the shelf legitimacy of the oil and gas industry in is rising going toward 2023, while Norway. The number of applicants to oil- production is projected to decline after related education is declining, a statistic this. The infrastructure on the Norwegian which I view with great concern. It will be shelf is of high quality and can be Grethe K Moen challenging to replace retiring employees used for a long time. This means that President and CEO, Petoro AS with long years of experience if we cannot exploration near existing infrastructure encourage young people to commit to is profitable. The gas infrastructure is petroleum subjects. particularly comprehensive, and very cost-effective. Among other things, 7 SDFI and Petoro annual report 2018 | Directors’ report DIRECTORS’ REPORT 2018 Petoro is the manager of the State’s Direct Financial Interest (SDFI), which represents about one-third of Norway’s total oil and gas reserves. The company’s goal is to maximise the value of SDFI, on a commercial basis. The SDFI arrangement was established October describes with even greater Driven by the need to further improve in 1985. The arrangement entails that the clarity than before the consequences competitiveness, it is important that we state participates as a direct investor in of global warming, and that today’s continue the work to reduce uncertainty the petroleum activity on the Norwegian climate measures are far from sufficient. in reserve estimates, improve efficiency, shelf, so that the state receives revenues Rapid and far more sweeping measures develop cost-efficient solutions and and incurs costs associated with the SDFI are called for, and in November, the reduce emissions. Recent years’ shares. Petoro acts as a licensee for the EU Commission announced its vision strong and rapid development of digital state’s interests in production licences, for a climate-neutral Europe by 2050. technologies on a global basis are among fields, pipelines and onshore facilities. While the greenhouse gas emissions the most important strategic instruments As manager of SDFI, Petoro contributed from the Norwegian shelf are low in an in most oil and supplier companies. a cash flow of NOK 120 billion in 2018, international context, it is important The main challenge when it comes to a significant part of the state’s total that we implement climate measures realising the potential in digitalisation revenues from the petroleum activity. to further reduce emissions, and thus is not primarily technology, but bringing strengthen competitiveness. about the changes that are needed in the DEVELOPMENT TRENDS IN GENERAL way we work.
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