The Government of Norway announced in an official statement on Friday (8), the exclusion of companies classified as exploration and production of the energy sector of the sovereign fund of the country, with the aim of reducing the aggregate risk of the price of oil in its economy . The decision was made after the recommendation of Norges Bank, the central bank of the country. The Norwegian sovereign fund is the largest in the world, with assets valued at more than US $1 trillion.
According to the statement, the determination was defined for economic, non-environmental reasons. However, in addition to the impact on the market, the output of an investor valued at more than a trillion dollars in the oil sector thrives on optimism for sustainability. For the Minister of Finance in Norway, Siv Jensen, the goal is "to reduce the vulnerability of the country's common wealth to a permanent process of oil prices," he said.
Norwegian exploration and production companies will gradually be eliminated from the sovereign fund over time, and plans will be prepared in consultation with Norges Bank. The text also provides that "a permanent reduction in the price of oil will have long-term implications for public finances".
Protagonism in the market
Norway is the largest oil producer in Western Europe. Oil and natural gas represent almost half of the exports and 20% of the state's revenues, which enrich the sovereign fund, to which Oslo — the capital and largest Norwegian city — resorts to finance its budget.
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