The company’s ability to create value is closely related to its ability to collaborate with and influence operators and other partners. The combination of its very large portfolio by international standards and a small organisation means that Petoro must work in a very special way to make “a positive difference”.
Identifying additional opportunities for enhanced value creation is a key to success for Petoro. A recent example is the company’s efforts to increase the number of production wells in order to maximise the value of the Snorre field.
In 2010, Petoro launched the idea of bringing in a separate wellhead platform to drill such wells. Through its efforts, alone and together with Statoil as the operator, Petoro influence the license group in such a way that a platform is now the preferred development concept. According to the operator, as much as 300 million barrels of oil could be added to the recoverable reserves.
Late 2013, Petoro’s Board of Directors laid a new strategy for the company. The first objective of this strategy is continued investments to improve recovery from mature fields. Under this point, the company will pursue more wells and more efficient drilling; it will reduce risk related to the reserve and resource base of its portfolio; and wants decisions to be made on the bases of more realistic long-term plans.
A stronger focus than in the previous strategy, is on the development of new fields. Petoro is particularly interested in transferring experience from mature fields into new developments to cater for future opportunities. Hence the company will be looking for flexible solutions for long and profitable lifetime of fields. It will furthermore promote early application of technology for improved recovery, reservoir description and subsea processing. A particular focus for this part of the strategy will be on maximising the value of the giant Johan Sverdrup field in the North Sea.
Finally the Petoro strategy prescribes an integrated development of the far north of the Norwegian Continental Shelf. This includes a robust industrial solution for gas from the Barents Sea, and a development of new resources across license boundaries.