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Not the future.
OIL SPILL

All the oil and gas companies Norway plans to dump from its trillion-dollar fund

Akshat Rathi
By Akshat Rathi

Senior reporter

From our Obsession

The climate economy

Every decision counts.

The Norwegian government is recommending that its $1 trillion pension fund divest from some oil and gas companies. It’s a partial step toward completely divesting from the oil and gas sector, which the country’s finance ministry recommended in 2017.

Under the new recommendation, the fund will divest from companies involved solely in exploration and production of oil and gas. Companies that integrate activities, such as retail or renewables, will still remain in the fund’s portfolio.

Sony Kapoor of the think-tank ReDefine—which recommended the Norwegian government fully divest from the sector about a decade ago—called the decision to allow oil majors like Shell, BP, and ExxonMobil to remain in the government fund “unjustifiable.”

Regardless, the stocks of oil majors fell after the news. It’s a “clear market signal about the future of the oil industry,” says Andrew Grant, an oil and gas analyst at the think tank Carbon Tracker.

The government fund will gradually sell approximately $7.5 billion worth of stocks in 134 companies, amounting to 20% of all oil and gas company stocks that the Norwegian fund currently holds.

“The oil industry will be an important and major industry in Norway for many years to come. Therefore this measure is about diversification,” the government said in its announcement. “It is anticipated that almost all of the growth in listed renewable energy over the next decade will be driven by companies that do not have renewable energy as their main business. The Fund should be able to participate in this growth.”

The diversification makes sense. About 20% of Norway’s revenues come from exporting oil and gas extracted from the Norwegian continental shelf. Many environmentalists argue, however, that divesting from fossil fuel companies is one of many necessary steps in climate action needed to cut emissions quickly.

The following is the list of 134 companies that are likely to be affected by the Norwegian government’s proposal, which were previously reported by Financial Times’s David Sheppard.

NameCountry
Advantage Oil and GasCanada
Alexandria Mineral Oils CompanyEgypt
AltagasCanada
Anadarko PetroleumUS
BashneftRussia
ApacheUS
ARC ResourcesCanada
Bangchak CorporationThailand
Baytex EnergyCanada
Beach EnergyAustralia
Birchcliff EnergyCanada
Cabot Oil & GasUS
California ResourcesUS
Callon PetroleumUS
Caltex AustraliaAustralia
Canadian Natural ResourcesCanada
Carrizo Oil & GasUS
Cenovus EnergyCanada
Centennial Resource DevelopmentUS
Cheniere EnergyUS
Chesapeake EnergyUS
Cimarex EnergyUS
CNOOCChina
CNX ResourcesUS
Concho ResourcesUS
Continental ResourcesUS
Cresecent Point EnergyCanada
CVR EnergyUS
Delek US HoldingsUS
Denbury ResourcesUS
Devon EnergyUS
Diamondback EnergyUS
Dommo EnergiaBrazil
Empresas CopecChile
EncanaCanada
EnerplusCanada
EOG ResourcesUS
EQTUS
Esso ThailandThailand
Extraction Oil & GasUS
Formosa PetrochemicalTaiwan
Fuji OilJapan
Gibson EnergyCanada
Gran Tierra EnergyCanada
Gulfport EnergyUS
Hankook Shell OilSouth Korea
HollyFrontierUS
Idemitsu KosanJapana
Indian OilIndia
InpexJapan
Ipek Matbaacilik SanvetcTurkey
IRPCThailand
Jagged Peak EnergyUS
JoelIsrael
K&O Energy GroupJapan
Karoon EnergyAustralia
Kelt ExplorationCanada
KeyeraCanada
Kosmos EnergyUS
Kunlun EnergyChina
Laredo PetroleumUS
LNGAustralia
Lundin PetroleumSweden
MNGLIndia
Marathon OilUS
Matador ResourcesUS
Maurel et PromFrance
Medco EnergiIndonesia
MEG EnergyCanada
Motor OilGreece
Murphy OilUS
NaphthaIsrael
Newfield ExplorationUS
Noble EnergyUS
Nostrum Oil & GasUK
NovatekRussia
NuvistaCanada
Oasis PetroleumUS
Obsidian EnergyUS
Occidental PetroleumUS
Oil & Gas Development CompanyPakistan
Oil & Natural GasIndia
Oil IndiaIndia
Oil RefineriesIsrael
Oil SearchAustralia
Ophir EnergyUK
Pakistan Oil FieldsPakistan
Pakistan PetroleumPakistan
Paramount ResourceCanada
Parex ResourcesCanada
Parsley Energy Class AUS
Paz OilIsrael
PBF EnergyUS
PDC EnergyUS
Peyto Exploration & DevelopmentCanada
Pioneer Natural ResourcesUS
PraireSky RoyaltyCanada
Permier OilUK
Propetro HoldingUS
PTTThailand
PTT ExplorationThailand
QEP ResourcesUS
QGEP ParticipacoesBrazil
Range ResourcesUS
Reliance IndustriesIndia
RussneftRussia
S-OilSouth Korea
San-ai OilJapan
SantosAustralia
SarasItaly
Senex EnergyAustralia
Seven Generations EnergyCanada
SK InnovationSouth Korea
SM EnergyUS
Soco InternationalUK
Southwestern EnergyUS
SRC EnergyUS
Sunshine OilsandsHong Kong
Targa ResourcesUS
Thai OilThailand
The New Zealand Refining CompanyNew Zealand
Toa OilJapan
Torc Oil & GasCanada
Tourmaline OilCanada
Tullow OilUK
TuprasTurkey
United Energy GroupHong Kong
Valero EnergyUS
Vermilion EnergyCanada
Whitecap ResourcesCanada
Whiting PetroleumUS
Wildhorse Resource DevelopmentUS
Woodside PetroleumAustralia
WPX EnergyUS

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