Reuters/Supri
Not the future.
OIL SPILL

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

By Akshat Rathi

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.

Name Country
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