Taking Stock 

Northern exposure: Norway unsettles oil majors

Taking Stock

Northern exposure: Norway unsettles oil majors

George Orwell identified the great English vice as hypocrisy; recent events suggest that with the Norwegians it’s ingratitude. How else to explain the proposal by Norges Bank Investment Management, the entity that runs Norway's $1 trillion sovereign wealth fund, to sell off its oil & gas assets? The policy proposal had been mooted earlier this year, but it still seemed somewhat churlish given it came shortly after The Norwegian Ministry of Petroleum and Energy announced record interest in its latest North Sea licensing round. After all, thanks to the likes of Statoil (NO:STL), Norwegian workers are paid on average about €1,000 a month more than their counterparts in Germany. And since 1990 the Oslo-based fund has been able to squirrel away the equivalent of £151,000 for every man, woman and child in Norway.

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