OSLO, March 14 (Reuters) - Norwegian state energy firm
Petoro reported on Tuesday more than a doubling of its annual
earnings thanks to soaring gas prices and said it expected the
world to need petroleum supplies "for a long time to come".
The oil and gas company's net profit rose to a record 539
billion Norwegian crowns ($50.74 billion) in 2022 from 222
billion the previous year, its annual report showed.
Norway became Europe's largest supplier of natural gas last
year as Russia's Gazprom cut deliveries over the
West's support for Ukraine, sending European gas prices to
all-time highs.
"Secure and stable gas deliveries to Europe are more
important than ever before, and Norway is guaranteeing this as a
predictable and long-term supplier," Petoro Chief Executive
Kristin Kragseth said in a statement.
Petoro, which is 100% government owned, is not itself an
operator, but is a partner in a large number offshore oil and
gas fields, including many operated by majority-state owned
Equinor .
"The world's energy needs will necessarily include oil and
gas for a long time to come. This underlines the importance of
ensuring that this fossil energy is produced with the lowest
possible emissions," Kragseth said.
The government saves revenue from Petoro and other oil and
gas companies in the Norwegian sovereign wealth fund, one of the
world's largest investors, with assets currently worth $1.3
trillion.
($1 = 10.6220 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.