Oljefondet

Oljefondet, officially the Government Pension Fund Global (GPFG), is Norway's sovereign wealth fund and the largest of its kind in the world. It manages a portion of Norway's petroleum revenues to support long-term macroeconomic stability, cushion the economy against oil-price swings, and fund public services for future generations. The fund is administered by Norges Bank Investment Management (NBIM) on behalf of the Ministry of Finance, under a framework of rules and ethical guidelines.

The fund originated in the 1990s as Statens Pensjonsfond Utland (SPU) and has since grown into a globally diversified portfolio. Its assets are invested worldwide in equities, fixed income and real estate, with NBIM responsible for day-to-day management. The fund pursues long-term real returns and operates under strict governance, including an ethics council and an exclusions list that can bar investments in companies contravening Norwegian values.

Public withdrawals are governed by a fiscal rule that aims to spend a stable share of the fund’s value over time. Each year the Parliament approves a budget rooted in this rule, typically corresponding to about a 3% real return on the fund, to maintain fiscal sustainability while preserving purchasing power for future generations.

Transparency and reporting are central to Oljefondet. NBIM publishes annual and quarterly reports, and independent evaluations monitor performance, risk, and compliance with ethical standards. The fund is a defining instrument of Norway’s management of its petroleum wealth.