Kristin Kragseth to become CEO of Petoro

Kristin Kragseth has been appointed new CEO for Petoro, the management company for the Norwegian state-owned oil and gas interests, leaving Vår Energi after almost 30 years in the company and its predecessors. She will accede her new position once her replacement in Vår Energi is in place, no later than June 1st 2021.

“It has been a great privilege to be part of the establishment of the largest independent operator on the Norwegian continental shelf,” Kragseth says in a comment.

“I am proud of what we have achieved over the past two years. Vår Energi is now a strong organisation, set to continue to deliver on our ambitious growth targets with highly valuable assets across the entire continental shelf. We have created a company that makes a difference, not just by being one of the largest producers of oil and gas in Norway, but also for all the opportunities we are creating for thousands of people offshore and onshore, for many suppliers across the country and for the communities in which we operate. We have also taken several steps on the path to reducing our carbon impact and will continue to do so in the future,” Kragseth says.

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,” Kragseth continues. “Taking on the position as CEO for Petoro represents a unique opportunity to impact the future of such an important company to the benefit of all of us.”

Phil Hemmens, Vår Energi chairman says in a comment: “We thank Kristin for her efforts in building Vår Energi to be the successful company it is today, and wish her every success in her new role and particularly look forward to continued good cooperation between Petoro and Vår Energi. We have started work to find the best possible candidate to lead 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 of Petoro, Gunn Wærsted.

Kristin Kragseth has nearly 30 years of industry experience, having spent most of her career with ExxonMobil, holding various managerial positions in Norway and globally. She came to HitecVision portfolio company Point Resources in 2017 when Point acquired ExxonMobil’s operated business in Norway, and was appointed CEO when Vår Energi was established in 2018 through the merger between Eni Norge and Point Resources. In 2019 Vår Energi acquired ExxonMobil’s remaining assets on the NCS, making it the second largest operator and the largest independent E&P company in Norway.