“The investments in the GPFG and the stake in Statoil result in a total exposure to oil and gas equities for the government that is twice as large as would be the case in a broad global equity index. This exposure is increased several-fold when the government’s future oil and gas revenues are also taken into account,” he added.
Oil and gas equities currently account for around 6 percent of the GPFG’s benchmark index or just over NOK 300bn (€31bn).
According to its website, the oil fund has stakes in 379 different companies in the oil and gas sector. The FTSE 350 Oil & Gas Index was down 2.03% on Thursday.
Dual-listed Shell, the GPFG’s largest single oil and gas holding, was the second worst performer of both the FTSE 100 and Amsterdam’s AEX Index.