Petoro appoints new CEO

Source: press release, 10 December 2020

New CEO of Petoro, Kristin Kragseth
New CEO of Petoro, Kristin Kragseth (photo: Vår Energi)

Kristin Kragseth has been appointed new CEO of Petoro. Kragseth comes from the position as CEO of Vår Energi.

“We are very pleased that Kristin Kragseth has accepted the position of new CEO of Petoro. She has the right background and qualifications to further develop Petoro in a very exciting but also challenging time,” says Chair of the Board in Petoro, Gunn Wærsted. “Kragseth has broad management experience from the oil and gas industry and has been instrumental in developing Vår Energi to become the largest independent operator on the Norwegian continental shelf.”

Petoro manages large resources and values on behalf of the Norwegian state. The company is the licensee of about 1/3 of the oil and gas reserves on the Norwegian continental shelf with interests in 195 licenses and 35 producing fields. Nearly 1 million barrels of oil equivalent per day are produced from Petoro’s portfolio. In addition, the company maintains the largest ownership in pipelines and associated onshore facilities.

“Being given the opportunity to lead a company such as Petoro is a once in a lifetime opportunity. Petoro manages vast assets on behalf of the Norwegian society and is one of the largest value creators in the country. Together with an experienced and very competent organisation, I see this as a unique opportunity to contribute to the further development of both the company and the industry,” says Kristin Kragseth, while also underlining the importance of Petoro’s long-term perspective in terms of future value creation from the NCS.

Kristin Kragseth holds a Master of Science degree (MSc) in Marine Engineering from Texas A&M University. She has nearly 30 years of experience in the oil and gas industry, from ExxonMobil, Point Resources and Vår Energi. Kragseth has previously held several positions at ExxonMobil, both nationally and internationally, including as Technical Manager for the company’s operations in Norway.

Kragseth will take up the position of CEO of Petoro when Vår Energi has appointed her successor, no later than 1 June 2021.

Petoro AS was established in 2001 and is state-owned. Since its inception, the company has delivered over NOK 2000 billion in cash flow from the government’s direct financial commitment (SDFI) to the Norwegian state.