Var Energi’s chief executive officer (CEO) Kristin Kragseth has been appointed the new CEO of Petoro.
Kragseth, who has worked at the company and its predecessors for almost 30 years, will take up her new position once her replacement at Var Energi is in place, according to the company, which revealed that this would be no later than June 1, 2021. The outgoing Var Energi CEO has previously worked for ExxonMobil and Point Resources.
“It has been a great privilege to be part of the establishment of the largest independent operator on the Norwegian continental shelf,” Kragseth said in a company statement.
“I am proud of what we have achieved over the past two years. Var Energi is now a strong organization, set to continue to deliver on our ambitious growth targets with highly valuable assets across the entire continental shelf,” Kragseth added.
“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,” the Var Energi CEO continued.
Phil Hemmens, the Var Energi chairman, said, “we thank Kristin for her efforts in building Var 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 Var Energi”.
“We have started work to find the best possible candidate to lead Var Energi,” he added.
Petoro’s chairman, Gunn Waersted, said, “we are very pleased that Kristin Kragseth has accepted role as Petoro’s new CEO”.
“She has the right prerequisites and qualifications to further develop Petoro in a very exciting but also challenging period,” he added.
Kragseth was appointed CEO at Var Energi when the company was established in 2018 through the merger between Eni Norge and Point Resources. In 2019 , Var Energi acquired ExxonMobil’s remaining assets on the Norwegian Continental Shelf, forming the second largest operator in Norway.
Var Energi is jointly owned by Eni (69.6 percent) and the Norwegian based private equity investor HitecVision (30.4 percent). Petoro is a state-owned limited company which manages the State’s Direct Financial Interest in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities.
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