Petoro, a company wholly owned by the state of Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...

, manages Norway's portfolio of exploration and production licenses for petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...

 and natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...

 on the Norwegian continental shelf
Norwegian continental shelf
The Norwegian continental shelf is the continental shelf over which Norway exercises sovereign rights as defined by the United Nations Convention on the Law of the Sea...

. This portfolio is collectively called State's Direct Financial Interest
State's Direct Financial Interest
State's Direct Financial Interest is a portfolio of the Norwegian government's directly owned exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf...

 (SDFI). The company also has a control function surveying Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...

's production on behalf of the government. Petoro is not an operator of any fields and does not directly own the licenses.

Petoro was established in 2001 to manage SDFI, which was previously managed by Statoil. As of 1 January 2006 the value of the portfolio was NOK
Norwegian krone
The krone is the currency of Norway and its dependent territories. The plural form is kroner . It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown"...

875 billion. In 2005, the company produced 1.2 Moilbbl of oil equivalents per day and had an operating income of NOK 113 billion. In 2008, the average number of barrels of oil equivalents produced was 1.199 million.
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