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OIL SPILL

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

Reuters/Supri
Not the future.
  • Akshat Rathi
By Akshat Rathi

Senior reporter

Published Last updated This article is more than 2 years old.

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.

Advantage Oil and Gas
Canada
Alexandria Mineral Oils Company
Egypt
Altagas
Canada
Anadarko Petroleum
US
Bashneft
Russia
Apache
US
ARC Resources
Canada
Bangchak Corporation
Thailand
Baytex Energy
Canada
Beach Energy
Australia
Birchcliff Energy
Canada
Cabot Oil & Gas
US
California Resources
US
Callon Petroleum
US
Caltex Australia
Australia
Canadian Natural Resources
Canada
Carrizo Oil & Gas
US
Cenovus Energy
Canada
Centennial Resource Development
US
Cheniere Energy
US
Chesapeake Energy
US
Cimarex Energy
US
CNOOC
China
CNX Resources
US
Concho Resources
US
Continental Resources
US
Cresecent Point Energy
Canada
CVR Energy
US
Delek US Holdings
US
Denbury Resources
US
Devon Energy
US
Diamondback Energy
US
Dommo Energia
Brazil
Empresas Copec
Chile
Encana
Canada
Enerplus
Canada
EOG Resources
US
EQT
US
Esso Thailand
Thailand
Extraction Oil & Gas
US
Formosa Petrochemical
Taiwan
Fuji Oil
Japan
Gibson Energy
Canada
Gran Tierra Energy
Canada
Gulfport Energy
US
Hankook Shell Oil
South Korea
HollyFrontier
US
Idemitsu Kosan
Japana
Indian Oil
India
Inpex
Japan
Ipek Matbaacilik Sanvetc
Turkey
IRPC
Thailand
Jagged Peak Energy
US
Joel
Israel
K&O Energy Group
Japan
Karoon Energy
Australia
Kelt Exploration
Canada
Keyera
Canada
Kosmos Energy
US
Kunlun Energy
China
Laredo Petroleum
US
LNG
Australia
Lundin Petroleum
Sweden
MNGL
India
Marathon Oil
US
Matador Resources
US
Maurel et Prom
France
Medco Energi
Indonesia
MEG Energy
Canada
Motor Oil
Greece
Murphy Oil
US
Naphtha
Israel
Newfield Exploration
US
Noble Energy
US
Nostrum Oil & Gas
UK
Novatek
Russia
Nuvista
Canada
Oasis Petroleum
US
Obsidian Energy
US
Occidental Petroleum
US
Oil & Gas Development Company
Pakistan
Oil & Natural Gas
India
Oil India
India
Oil Refineries
Israel
Oil Search
Australia
Ophir Energy
UK
Pakistan Oil Fields
Pakistan
Pakistan Petroleum
Pakistan
Paramount Resource
Canada
Parex Resources
Canada
Parsley Energy Class A
US
Paz Oil
Israel
PBF Energy
US
PDC Energy
US
Peyto Exploration & Development
Canada
Pioneer Natural Resources
US
PraireSky Royalty
Canada
Permier Oil
UK
Propetro Holding
US
PTT
Thailand
PTT Exploration
Thailand
QEP Resources
US
QGEP Participacoes
Brazil
Range Resources
US
Reliance Industries
India
Russneft
Russia
S-Oil
South Korea
San-ai Oil
Japan
Santos
Australia
Saras
Italy
Senex Energy
Australia
Seven Generations Energy
Canada
SK Innovation
South Korea
SM Energy
US
Soco International
UK
Southwestern Energy
US
SRC Energy
US
Sunshine Oilsands
Hong Kong
Targa Resources
US
Thai Oil
Thailand
The New Zealand Refining Company
New Zealand
Toa Oil
Japan
Torc Oil & Gas
Canada
Tourmaline Oil
Canada
Tullow Oil
UK
Tupras
Turkey
United Energy Group
Hong Kong
Valero Energy
US
Vermilion Energy
Canada
Whitecap Resources
Canada
Whiting Petroleum
US
Wildhorse Resource Development
US
Woodside Petroleum
Australia
WPX Energy
US

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