Norway Fund to Sell E&P Firms

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Norway’s trillion-dollar sovereign wealth fund, the world’s biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.

..fund’s stakes in integrated companies, such as Royal Dutch Shell, ExxonMobil and other majors involved in everything from exploration to selling fuel at the roadside, would not be sold.

The fund’s shares in the 134 firms to be excluded have a value of about $8 billion, the ministry said. The fund said the shift would affect 1.2 percent of its equity holdings…

An excerpt from Offshore Engineer