Gradual transfer to Petoro

June 22, 2001, 10:00 CEST

Tasks relating to the licence administration of the state’s assets in the blocks, trunkline systems and facilities on the Norwegian continental shelf are gradually being transferred from Statoil to Petoro.

Statoil has, until now, administered the state’s direct financial interest (SDFI). However, the state has founded the company Petoro to take care of this. Despite the fact that the formal date for the transfer was 17 June, the process will continue until the end of this year.

Statoil will receive financial compensation for the work it does – for instance maintaining the accounts for the state assets for the remainder of the year. Petoro is responsible for the 2002 budget.

Petoro will administer around 85 licences and 20 partnerships within transport and treatment in the portfolio for the state. Petoro took over licence administration in four fields from the first day. These are Snøhvit in the Barents Sea, Kristin and Ormen Lange in the Norwegian Sea and Troll in the North Sea.