Norway Sets Up Independent Panel to Study Investment Decisions

Norway’s wealth fund, which owns more than 1% of all global shares, could pull out of hydrocarbon investments should an independent panel find any middle ground for such a revolutionary change.

"This panel will study the advantages and disadvantages of the fund's investments in fossil fuels," Progress Party parliamentary group leader Harald Nesvik told Reuters.

Earlier this February, Norwegian officials confirmed their intention to go back to a period of higher competition, creating incentives for other big players to join the declining local oil and gas industry.

The Norwegian government underlined several times that it is preparing the transition to an economy less reliant on hydrocarbon exports.

Erna Solberg’s won the elections expressing her intention to sell public stake in Statoil and promote changes in the energy market. Experts foresee that the country will pave the way to more competition in the national gas market. This would be part of a broader change of direction in national energy policies.