Petrolia NOCO

What Petrolia NOCO does

Petrolia NOCO AS is an independent oil and gas exploration and production company headquartered in Bergen, Norway. Its shares are registered in VPS under ISIN NO0010844301 and trade on the NOTC market for unlisted shares under the ticker PNO. The company has been exploring the Norwegian Continental Shelf since 2012 and is prequalified as an operator on the NCS, participating in annual APA licensing rounds across the Norwegian Sea and the North Sea.

The company's strategy is built on near-field exploration tied to existing infrastructure, designed to minimize tie-in capex and accelerate monetization of discoveries. In 2025 the company acquired a 12.2575% working interest in the producing Brage Unit (PL 055), where OKEA ASA is operator. Subsequent exploration within PL 055 yielded two material discoveries: Talisker (Cook and Statfjord formations, Aug 2025, 16-33 mmboe gross recoverable, later upgraded to 23-44 mmboe combined) and Knockando Fensfjord (Jan 2026, 3.1-9.4 mmboe oil or 2.5-5.7 mmboe gas). The company also operates licenses PL 1221, PL 1273 (Norwegian Sea) and PL 1256, PL 1258 (North Sea). Its subsurface toolkit is described as combining traditional exploration methods with digitalization and data-driven ensemble modelling and QC tools, framed as a productivity differentiator rather than an independent platform.

Revenue is generated by producing-asset working interests (primarily Brage) through commodity sales to offtake buyers, supplemented by exploration asset management activity that may include farm-ins and farm-outs. The company employs 11-50 people and is led by CEO Morten Stenhaug and CFO Erik von Krogh, with Executive Chairman Dr. Robert Arnott; SVP Exploration and Production is Trond Halvorsen Wierød. Customer and revenue data are not disclosed in the source material, and the company's own profile explicitly notes that revenue figures are not available.

Name

Petrolia NOCO

Legal name

Petrolia NOCO AS

Website

https://petrolianoco.no

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Norway-based independent oil and gas exploration and production company on the Norwegian Continental Shelf, holding a 12.2575% interest in the producing Brage Unit and multiple operated exploration licenses, with recent commercial discoveries at Talisker and Knockando Fensfjord. Listed on NOTC as PNO.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Associated Gas Production (Oil-Linked) (EUAAAAAB)

akta.pro secondary industry

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG)

Keywords

• Oil and gas exploration
• Upstream production
• License portfolio management
• Near-field exploration
• Subsurface evaluation

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production: Revenue generated from production and sale of oil and gas extracted from the Brage field and other production assets. Oil and gas commodities are sold at market prices, typically through long-term offtake agreements and spot sales.
2. Exploration Asset Management: Value creation through active portfolio and asset management, including discovering and maturing exploration prospects to production. May include farm-ins/farm-outs and asset transactions.
3. License Participation: Revenue from working interests in production licenses on the Norwegian Continental Shelf, including operated and non-operated positions.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Petrolia NOCO is an independent oil and gas exploration and production (E&P) company that acquires working interests in production licenses and operates exploration activities on the Norwegian Continental Shelf. It combines near-field exploration to monetize discoveries quickly via existing infrastructure with active management of a multi-license portfolio spanning the Norwegian Sea and North Sea, and earns revenue from selling produced oil and gas at market prices.

Product overview

Petrolia NOCO is a NOTC-listed E&P (Exploration & Production) company focused on the Norwegian Continental Shelf (NCS). The company operates a two-pronged strategy combining exploration services (early monetization through near-field exploration in core areas with low capex) and production asset management (gaining production assets and contributing to increased recovery). The company holds interests in multiple North Sea and Norwegian Sea licenses, with operated positions in PL 1221, PL 1273, PL 1256, and PL 1258. Key assets include the Brage Unit where recent discoveries at Talisker and Knockando Fensfjord have been made.

Differentiator

Problem solved

Functional benefit

Products and services

• Brage Field Oil and Gas Production (PL 055)
• Oil and Gas Exploration Services on the Norwegian Continental Shelf
• Norwegian Sea License Portfolio
• North Sea License Portfolio
• Talisker Discovery (Brage field, Cook and Statfjord formations)
• Knockando Fensfjord Discovery (Brage field)

Named customers4 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• OKEA ASAcoreStrategic or Co-development Partner · 25 August 2025Operator of the Brage field (PL 055) with 35.2% interest. PNO holds 12.2575% working interest. OKEA is operator for the Talisker exploration well and development activities, with expected first oil targeted for 2027 and break-even cost below USD 10 per barrel.
• Lime Petroleum AScoreStrategic or Co-development PartnerJoint venture partner in Brage field (PL 055) with 33.8434% working interest. Participates in exploration and production activities at the Brage field.
• DNO Norge AScoreStrategic or Co-development PartnerJoint venture partner in Brage field (PL 055) with 14.2567% working interest. Participates in exploration and production activities at the Brage field.
• M Vest Energy ASminorStrategic or Co-development PartnerJoint venture partner in Brage field (PL 055) with 4.4424% working interest. Participates in exploration and production activities at the Brage field.
• License Partners (General)coreStrategic or Co-development PartnerBuilding strong strategic alliances with licence partners and technology providers. The company engages in collaborative approaches, sharing knowledge openly and transparently to create value for all stakeholders.
• Technology ProviderscoreTechnology or IntegrationStrategic alliances with technology providers to support exploration activities and apply new technologies combined with traditional exploration methods.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Aker BP ASA: One of the largest independent E&P companies on the NCS with a broad production and exploration portfolio. Comparable on NCS E&P activities but at much larger scale and as a broad incumbent rather than niche near-field specialist.
• Vår Energi ASA: Larger Norwegian E&P company with significant NCS production and exploration portfolio, listed on Oslo Børs. Comparable on NCS focus and asset class but materially larger scale and broader portfolio.

Direct peers

• OKEA ASA: Operator of the Brage field (PL 055) and a Norwegian Continental Shelf E&P company focused on production and near-field exploration. Most direct comparable given shared asset exposure, JV partnership, and aligned NCS-focused strategy.
• Sval Energi AS: Norwegian private E&P company focused on NCS exploration and production with a similar small-team, asset-management-led model. Directly comparable on business model and NCS asset focus.
• Lime Petroleum AS: NCS-focused upstream company and JV partner in Brage (33.8434%). Comparable small-to-mid-cap NCS E&P with shared asset exposure and similar near-field exploration strategy around existing infrastructure.
• Pandion Energy AS: NCS-focused E&P company with production and exploration interests in the North Sea. Comparable small-cap Norwegian upstream operator with similar near-field development approach.
• DNO ASA: NCS-active E&P company and JV partner in Brage (14.2567%). Norwegian-listed operator with similar near-field exploration and production model on the NCS, providing a direct like-for-like on licence strategy and asset mix.
• M Vest Energy AS: Norwegian private E&P company and Brage JV partner (4.4424%). Closely comparable small, NCS-focused independent with similar asset scale and exploration-led strategy.

Emerging players

• Wellesley Petroleum AS: Smaller Norwegian E&P focused on NCS exploration and development, pre-production to early production stage. Comparable on NCS asset focus and small-team operating model, though at earlier stage.
• Longboat Energy plc: NCS-focused E&P company with exploration assets in the Norwegian Sea and North Sea. Comparable on NCS asset focus and exploration-led strategy, though UK-listed and at earlier commercial stage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/petrolianoco

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrolia NOCO