AGR Secures Frame Agreement with Petoro for Oil and Gas Work

April 2, 2024

AGR Secures Frame Agreement with Petoro for Oil and Gas Work
© MR.Zanis / Adobe Stock

Norwegian state-owned company Petoro has awarded a frame agreement to AGR for the provision of independent consultancy and third-party verification studies within subsurface, drilling and wells and field development.

Petoro is a state-owned limited company which manages the Norwegian state’s direct financial interest in the Norwegian oil and gas sector.

The company’s most important task is to ensure maximum value and achieve the highest possible income to the state from its oil and gas assets. Petoro is not an operator, but has the same rights and obligations as other licensees on the Norwegian continental shelf (NCS).

The frame agreement is valid for three years, plus options for two one-year extensions (3+1+1).

The scope under the frame agreement covers the majority of AGR’s services within the entire petroleum asset lifecycle, including reservoir and well management, well control and blowout contingency, operations geologists, and resourcing.

“We have extensive expertise from IOR/EOR with reservoir modelling, well integrity and well control, concept and production technology, field development and verification. This competence, combined with in-depth experience from the NCS, enabled us to win this frame agreement,” said Erik Lorange, VP Reservoir Management at AGR, which is part of Oslo-listed energy and marine consultancy group ABL Group.

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