The largest pension fund in Norway has removed four Calgary-based companies from its investment list in an effort to cut ties with Alberta’s oilsands and meet worldwide greenhouse gas emissions The fund is largely financed by high oil taxes (oil companies are taxed up to a whopping 78% on their profits from Norway oil), and the government only spends 4% of the fund’s assets per year. In January 2014, the fund’s value exceeded 5.11 trillion crowns ($905 billion USD) making it worth a million crowns per person, or about $177,000 USD per Norwegian. Alberta, where oil production keeps growing and growing, is writing IOUs. Norway isn’t the only one, though its fund is the largest. The United Arab Emirates’ funds are valued in excess of US$800 billion, Kuwait has about US$400 billion, and Russia and Kazakhstan have accumulated about US$180 billion each. The second largest export of Norway is supplies for the petroleum industry, points out Ole Anders Lindseth, the director general of the Ministry of Petroleum and Energy in Norway. "So the oil and gas activities have rendered more than just revenue for the benefit of the future generations, The Government Pension Fund Global (Norwegian: Statens pensjonsfond Utland, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Norwegian: Oljefondet). In 2012, Norway kept 72.4% of the export value of its petroleum (compared to 4.3% in the case of Alberta). Slide #5 illustrates what would have been the size of the Alberta Heritege Savings Trust Fund ($865 billion) if the provincial government had collected 33% of the value of oil and gas extracted from Crown lands since 1978, and invested the money at 5% interest.
In 2012, Norway kept 72.4% of the export value of its petroleum (compared to 4.3% in the case of Alberta). Slide #5 illustrates what would have been the size of the Alberta Heritege Savings Trust Fund ($865 billion) if the provincial government had collected 33% of the value of oil and gas extracted from Crown lands since 1978, and invested the money at 5% interest.
Norway’s $1tn oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets. Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The largest pension fund in Norway has removed four Calgary-based companies from its investment list in an effort to cut ties with Alberta’s oilsands and meet worldwide greenhouse gas emissions STAVANGER, Norway — Norway’s US$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron. 2) Alberta is landlocked, Norway is surrounded by water, so it is easy for Norway to get oil to market 3)The oil Norway is extracting is of a completely different grade and requires less processing 4) The Author is focusing on Alberta, and Alberta’s Heritage fund. Twenty-five years ago, when Norway set up its oil fund, it demanded high taxes from oil companies – 78 per cent after profits and the costs of research and exploration. One hundred per cent of those taxes were banked. The government is allowed to tap into the fund, but only up to four per cent. Norway now pumps roughly 1.9 million barrels of oil per day and is the world's number 14 oil exporter. The pension fund now owns around 1 percent of the world's stocks, as well as bonds and real estate from London to Paris to San Francisco, where the Oljefondet spent roughly $500 million
20 Apr 2016 In short, Norway has been putting away the money it gets from oil in a sovereign wealth fund since 1990. The fund is now the world's largest
Twenty-five years ago, when Norway set up its oil fund, it demanded high taxes from oil companies – 78 per cent after profits and the costs of research and exploration. One hundred per cent of those taxes were banked. The government is allowed to tap into the fund, but only up to four per cent. Norway now pumps roughly 1.9 million barrels of oil per day and is the world's number 14 oil exporter. The pension fund now owns around 1 percent of the world's stocks, as well as bonds and real estate from London to Paris to San Francisco, where the Oljefondet spent roughly $500 million The second largest export of Norway is supplies for the petroleum industry, points out Ole Anders Lindseth, the director general of the Ministry of Petroleum and Energy in Norway. "So the oil and gas activities have rendered more than just revenue for the benefit of the future generations,
The Alberta oil and gas industry produces twice as much money for the machine but Norway's Government Pension Fund Global, the world's richest sovereign
Norway has large individual oil and gas fields served by offshore Geographically, Norway is also very different compared to Alberta. has a large savings account, which was known for many years as The Petroleum Fund of Norway. 11 Jun 2019 Way back in April 2014, I wrote about how Compared to Norway, Canada is frittering away its wealth In 1990, Norway set up a national oil fund. Alberta attempted it, with its Heritage Savings Trust Fund established in 1976 14 Aug 2015 Decades ago, the governments of Norway and Alberta had similar long-term It's a vastly different approach compared with Alberta and other energy In the fund's early years, when oil prices were relatively low and the fund
Norway has large individual oil and gas fields served by offshore Geographically, Norway is also very different compared to Alberta. has a large savings account, which was known for many years as The Petroleum Fund of Norway.
Alberta, where oil production keeps growing and growing, is writing IOUs. Norway isn’t the only one, though its fund is the largest. The United Arab Emirates’ funds are valued in excess of US$800 billion, Kuwait has about US$400 billion, and Russia and Kazakhstan have accumulated about US$180 billion each. The second largest export of Norway is supplies for the petroleum industry, points out Ole Anders Lindseth, the director general of the Ministry of Petroleum and Energy in Norway. "So the oil and gas activities have rendered more than just revenue for the benefit of the future generations, The Government Pension Fund Global (Norwegian: Statens pensjonsfond Utland, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Norwegian: Oljefondet). In 2012, Norway kept 72.4% of the export value of its petroleum (compared to 4.3% in the case of Alberta). Slide #5 illustrates what would have been the size of the Alberta Heritege Savings Trust Fund ($865 billion) if the provincial government had collected 33% of the value of oil and gas extracted from Crown lands since 1978, and invested the money at 5% interest. But Norway's Government Pension Fund, as it is formally called, is only one of an estimated 80 or so sovereign wealth funds worldwide that collectively hold $7 trillion US. Alberta squandered oil The closest counterparts of Norway's oil fund in Europe or North America are the investment funds created with petroleum revenue in Alberta (current population roughly four million) and Alaska (current population almost 750,000). Both of these funds were established in the mid-1970s with the great surge in oil prices. Norway’s $1tn oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets. Other national funds built up from oil profits are also thought to be ramping up their investments in renewables.