Opening new plays through innovative exploration processes

Petrolia Noco AS is an independent E&P company that utilises efficient and intelligent exploration process together with machine learning. Our focus is on finding more oil and gas in prolific areas of the Norwegian continental shelf in order to maximise utilisation of existing infrastructure in sustainable way and create next generation value.

Agile exploration strategy

We believe in creating value through innovative and cost-efficient exploration by challenging underexplored play models and discovering more resources in near-field core areas on the Norwegian continental shelf. With focus on early monetization, we combine traditional exploration methods with new AI and machine learning technologies. We take advantage of being a young, lean and data driven exploration team, free from established “truths”, motivated by strong and innovation focused management.

Our creative business approach is based on building strong strategic alliances with our license partners and technology companies. We aim to change the traditional license partnership model from an organization consisting of different partners to one collaborative team — sharing openly and transparently instead of selectively. All with the shared objective of creating more value for the next generation.

Our strategy is two-pronged

Exploration: early monetization through near-field exploration in core areas, unlocking potential high value uplift with lowest possible capex requirements

Production: gain production assets (and cash flow) and contribute to increased recovery by reducing costs and applying new technology

The common denominator for both the exploration and production approach is active portfolio management designed to create value for the company’s shareholders.

About Petrolia Noco

In total 12 licenses, partner in 10 exploration licenses with Equinor, AkerBP, DNO, Lundin, Neptune, PGNiG, Concedo, WinterhallDEA, Idemitsu, Spirit and Skagen44
Operator in two licenses with Equinor and INEOS as partners
Actively using newest technologies, such as machine learning and artificial intelligence, to unlock additional reserves

Advancing the full potential of prolific areas on the Norwegian continental shelf
Young, flexible and agile subsurface team, working together in seamless and swift process
We never stop searching for new insights
Collaboration with our partners and stakeholders is at our core

Board of directors

Dr. Robert Arnott

Executive Chairman

Experienced geologist and board director with specialist competence within mature oil and gas provinces – an area he is recognised for his research into. Has held board-level positions at numerous E&P companies including Hurricane Energy plc, Rocksource ASA, Core Energy AS, Spring Energy AS and DNO ASA. Started his career with Royal Dutch Shell before becoming an oil and gas equity analyst at Goldman Sachs and Morgan Stanley.

Sjur Storås

Board Director

Executive who has held numerous board-level positions at various oil and gas organisations and been managing director of several companies within oil and gas such as CCB, the largest oil service base in Norway, and HOG, the main oil and gas interest organization in oil and gas in Hordaland county, Norway. Is today a partner at engineering and consulting company Head Energy Consulting AS and director of the board of Petrolia SE.

Brede Bjøvad Larsen

Board Director

Professional investor with broad industry and international experience. Has been a board director at Petrolia NOCO AS since 2016. Also holds board-level positions at oil services company Independent Oil Tools AS, plus several private board roles. He holds a masters degree in global management from RBS London, UK.

Investment Highlights

Creative Board and Team

Young and dynamic exploration team working with experienced management
Challenging conventional thinking

Early Monetization

Focused on the exploration part of the EP cycle
Looking to maximize value at minimum cost
Smart explorer and active portfolio manager

Assets with High Impact Potential

Unlocking the basement potential on the NCS, similar to the recent giant Lancaster discovery in the UK
Seeking near field undiscovered potential

Fast Mover

A small team able to make quick decisions
Successful track record of deal completion and in license awards

Management team

Linn Katrine Høie

Managing Director

Oil industry executive with unique insight into utilisation of artificial intelligence, digitalisation and machine learning in the offshore oil and gas industry. Managed a prestigious digitalisation and project improvement project for Aker BP prior to joining Petrolia NOCO AS in 2019. Broad technical, managerial and cross-discipline understanding of the oil industry. Holds a MSc in Risk Management and Societal Safety from the University of Stavanger.

Dr. Anette B. M. Tvedt

Exploration Manager

Exploration manager that is triggered by combining proven exploration methods with new exploration technologies driven by machine learning and artificial intelligence. Geologist with experience from both the Norwegian continental shelf and the Santos basin offshore Brazil. Holds a PhD in Structural Geology from the University of Bergen.

Sølve Nilsen

CFO

CFO with broad experience from listed and privately held companies. Has held the role of finance manager for Oslo-listed oil industry group Petrolia SE since 2010. Was group financial manager at Oceanteam ASA from 2003 to 2010. Prior experience includes roles with Norwegian FMCG brand group Kavli and Deloitte. Holds a masters degree in finance and economics from the Norwegian School of Economics.

Joanna Ponicka

Business Development Manager

Explorationist with seven years’ experience from Brazil plus the UK and Norwegian continental shelves. Has a broad range of experience covering APA rounds, license management, farm-ins/farm-downs. Holds an MSc in Petroleum Geoscience from Aberdeen University, UK. Responsible for portfolio management in Petrolia NOCO.

Kjetil Forland

COO

25 years’ experience from offshore E&P, oil services, rig and offshore operations. Previous roles include managing director of Oslo-listed Petrolia SE, EVP of Bergen Group’s offshore division, and operations director for Odfjell Drilling. Experienced board director in the oil industry. Degree in management from BI and business economist from NHH, the Norwegian School of Economics.

Meet some of our team

Dr. Tore Grane Klausen

Sr. Explorationist

Dr. Tore Grane Klausen is an experienced sedimentologist with a solid background from academia, focused on regional exploration projects in the Barents Sea supported by different industry sponsors. His industry experience before joining Petrolia NOCO involves consultancy work for several different companies interested in anything from regional research projects, licensing rounds and APA. He now works as an explorationist and is thriving in a very knowledgeable and agile group of geologists, geophysicists and reservoir engineers.

Helge Ivar Sognnes

Sr. Explorationist

Helge is an experienced reservoir geophysicist with technical background from exploration and field development in the North Sea, and several years of international exposure in North Africa and the Far East. Before joining Petrolia NOCO in Bergen, he worked for PTTEP in Bangkok, where he was an integral part of the corporate geophysics team supporting both exploration and field development projects. He has now found his way home to Bergen and is eagerly participating within our dynamic exploration team to find hidden gems on the NCS.

Maria Marvik

Explorationist

Maria did her MSc in geology at the University of Bergen and has since 2017 been a part of the team in Petrolia NOCO. As an Explorationist she is collaborating with the rest of the team to unlock great values on the NCS. During her years in Petrolia she has worked on both fractured basement rocks and more conventional prospects. Maria is passionate about the outdoors, which is the main reason she became a geologist in the first place.

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