EnergyWatch

Petoro's lucrative 2018 enriches Norwegian treasury

Norwegian state-owned oil company Petoro made a handsome contribution to the country's treasury in 2018, however, rising production costs cause concern.

Photo: Øyvind Hagen/Equinor

Petoro, which manages the Norway's state oil and gas activities on the Norwegian shelf, poured NOK 120 billion (EUR 12.2 billion) into the country's treasury, the company informs in a press release in connection with its annual report.

That is NOK 33 billion more than the preceding year and one the company's best results to date, which Petoro attributes to higher oil and gas prices as well as fewer investments.

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