Petronor eyes African expansion

The Norwegian firm is looking for new opportunities on the continent

Oslo-listed independent Petronor is seeking to expand further in sub-Saharan Africa, CEO Knut Sovold tells Petroleum Economist. The firm—a joint venture between Norway’s Norenergy and Abu Dhabi’s Petromal—recently increased its stake in the Republic of Congo’s PNGF Sud field, operated by Anglo-French explorer Perenco, to 16.8pc from 10.5pc. The move follows Petronor’s takeover of fellow indie African Petroleum in 2019. Now the firm is seeking to expand further, and is considering both more equity stakes in assets and possible mergers. “We are growing into the role of operator,” Sovold says, and whether expanding through equity or takeovers, the key will be shareholder value, he adds. The co