10. January 202615. January 2026 by olekvadsheim

The Gullfaks license from 1978 to 2025

BY OLE KVADSHEIM, NORWEGIAN PETROLEUM MUSEUM

The ownership structure of the Gullfaks license has changed several times since 1978. What started as almost exclusively a Statoil project (with 85 percent ownership in 1978) has gradually shifted and is now shared between Equinor (51 percent), OMV (19 percent), and Petoro (30 percent).

— The six columns show the ownership structure of the Gullfaks license in the years when changes occurred. The Y-axis indicates the percentage share in the license. Source: Offshore Directorate fact pages

The Gullfaks license initially consisted of three Norwegian oil companies: Statoil (85 percent), Hydro (9 percent), and Saga (6 percent). With the restructuring of Statoil in 1984 and the creation of the State’s Direct Financial Interest (SDFI), the Norwegian government could directly enter into ownership of licenses on the Norwegian continental shelf. At the start of 1985, just under two years before Gullfaks A began production, 73 percent of the Gullfaks license was transferred from Statoil to SDFI, leaving Statoil with a 12 percent stake.

Statoil buys SDØE shares on the Norwegian continental shelf. The agreement was signed and announced at the Ministry of Petroleum and Energy on May 3, 2001, at a press conference with Minister of Petroleum and Energy, Olav Akselsen and Statoil CEO, Olav Fjell. Photo: Arvid Steen/Equinor

Formally, the SDFI shares remained under Statoil’s management between 1985 and 2001, meaning Statoil managed these shares on behalf of the state. The purpose of separating out these shares into a state-owned portfolio was to prevent too much of the field’s super-profits from going directly to Statoil.

The next change in ownership occurred in 1999 when Saga Petroleum, facing significant financial difficulties, sold its 6 percent share of the license to Statoil. This brought Statoil’s stake to 18 percent, while Hydro retained its 9 percent ownership.

In 2001, Statoil was publicly listed, which meant it could no longer manage the SDFI portfolio. The portfolio was transferred to a newly established state-owned company, Petoro. At this time, the option to sell SDFI shares in selected fields was introduced. Statoil took the opportunity to increase its share in the Gullfaks license from 18 percent to 61 percent. The SDFI share, now managed by Petoro, accounted for 30 percent of the Gullfaks license, a share Petoro has retained ever since.

The next shift occurred in 2007, when Statoil merged with Hydro’s oil and gas division. Hydro’s 9 percent share in Gullfaks became part of Statoil’s portfolio, giving Statoil-Hydro a 70 percent stake in the license.

The most recent change in ownership occurred in 2013, when OMV purchased a 19 percent share of the license from Statoil. This reduced Statoil’s stake from 70 percent to 51 percent, though Statoil remained the majority shareholder. The ownership structure has remained unchanged since 2013.

Few changes in the Gullfaks license

Overall, the ownership structure of the Gullfaks license has been remarkably stable. All changes before 2013 were due to government restructuring (Statoil’s reorganization and the creation of Petoro), a merger (Statoil and Hydro), or the exit of a company (Saga). Statoil’s sale to OMV in 2013 is, strictly speaking, the only true commercial transaction involving ownership stakes in the field’s history. Compared to other major fields on the Norwegian continental shelf, Gullfaks has seen significantly less trading of ownership shares.