Article | Last updated: 2016-07-20 | Ministry of Petroleum and Energy
The Ministry of Petroleum and Energy administers the state's ownership of the companies Petoro, Gassco, Statnett, Enova and Gassnova.
Established in 2001, Petoro is a wholly state-owned company that manages the commercial aspects of the State’s Direct Financial Interest (SDFI). Through the SDFI, the Norwegian State participates directly in petroleum activities on the Norwegian continental shelf. Petoro is the licensee for the state’s share of production licences and ownership in fields and pipelines on the Norwegian shelf and associated onshore facilities.
Petoro’s main objective in managing the SDFI is to maximise state revenues from the portfolio. The Minister of Petroleum and Energy represents the state as the sole owner through the general meeting, which is the supreme body of the company.
Gassco AS is a state-owned limited company established in 2001. It is responsible for operating the transport systems for natural gas (GTS) on behalf of the owners, Gassled Joint Venture. Gassco has been the operator of the integrated transport system for piped gas from the Norwegian Continental Shelf to Europe since 2002. The company's duties are laid down in the Petroleum Act and in agreements with Gassled. Gassco is assigned a central role in the further development of the GTS. Transport- and processing facilities shall benefit all producers of gas and contribute to efficient resource managment on the Norwegian Continental Shelf.
The Minister of Petroleum and Energy represents the state as the only owner of Gassco through the company's supreme body: the enterprise general meeting.
Statnett is a state enterprise owned by the Ministry of Petroleum and Energy. Established in 1992, it is the transmission system operator in the Norwegian power system. Statnett is responsible for ensuring the rational operation and development of the transmission grid in accordance with socio-economic criteria. Statnett owns around 90 per cent of the transmission grid. The State's ownership of Statnett has primarily sectoral-policy objectives.
The Ministry of Petroleum and Energy has two roles with regard to Statnett: as a corporate owner and as the regulatory body.
Owner's meetings take place twice a year. These meetings provide a forum to raise matters that both the owner and the board of directors find appropriate to discuss. In these meetings there is no delegation of responsibility. The ordinary enterprise general meeting is held once a year, and extraordinary enterprise general meetings are held when required. The ministry's authority in the enterprise may not be exercised outside the enterprise general meeting.
As the responsible authority in energy policy matters the ministry issues several decisions (for example licenses) and sets framework conditions (for example the economic regulation of the grid companies) which affect Statnett. Statnett's revenues are regulated by the Norwegian Water Resources and Energy Directorate, a subordinate agency to the ministry. The Directorate also issues direct regulations like the regulation on system responsibility, rules on quality of delivery, connection duties and tariffs.
Enova SF is a state enterprise owned by the Ministry of Petroleum and Energy. Established in 2001, its task is to promote a shift towards more environmentally friendly energy consumption and production, as well as the development of energy and climate technology. Enova's activities should strengthen energy security of supply as well as reducing greenhouse gas emissions. With the the transport sector being added to Enova's areas of responsibility in 2015 , Enovas activities now cover the majority of energy use and GHG emissions in Norway.
Enova is governed according to the principles of goal attainment and performance targets. A four-year agreement between Enova and the Ministry governs its activities. Enova's work is funded by the Energy Fund, which is financed mainly via an additional charge on the net tariffs and the proceeds from the “Fund for Climate, Renewable Energy and Energy Transition”. This model ensures a long-term, predictable and stable source of financing enabling Enova to address the market barriers hindering the introduction of energy and climate efficient technologies and solutions. In 2016 the Energy Fund will be provided with around NOK 2.3 billion.
Gassnova SF is the state's enterprise for Carbon Capture and Storage (CCS). It was established in 2007 and is owned by the Ministry of Petroleum and Energy.
The purpose of Gassnova is to manage the Norwegian state's interests regarding technology development, capture, transport, injection and storage of CO2 and to implement the projects determined by the enterprise meeting. Gassnova's work is aimed at reducing the costs of CCS, as well as advising the Ministry on CCS matters.
Gassnova administers the state's interest in the CO2 Technology Centre Mongstad DA (TCM). TCM provides an arena for long-term and goal-oriented development, testing and qualification of CO2-capture technology.
Another tool for supporting technology development is CLIMIT, the national programme for research, development and demonstration of CCS technologies. Gassnova manages the demonstration part of CLIMIT while Norway's Research Council manages the R&D parts of the programme.