Norway Found Oil Twice: The Story of the World’s Most Powerful Sovereign Wealth Fund

Norway found oil twice.

First, beneath the North Sea.

Then, in the global markets.

Today, Norway’s Government Pension Fund Global – better known as the Norwegian Sovereign Wealth Fund or Oil Fund – is one of the most extraordinary financial institutions ever created. But the usual story is wrong.

It is often told as a simple tale: Norway discovered oil, wise politicians resisted the temptation to spend it, created a sovereign wealth fund, invested the money, and became rich.

The real story is much more interesting.

Norway’s legal and political groundwork for oil exploration
Farouk’s influence on Norway’s oil industry
The development of Norway’s sovereign wealth fund itself
Lessons from the UK and Kuwait on resource management
The impact of oil discovery on Norway’s economy and society
The concept of Dutch disease and how Norway mitigated it
The importance of building domestic industry alongside resource extraction
The four per cent rule and sustainable spending
Ethical considerations and ESG in sovereign funds
The paradoxes the fund now faces. No easy answers but nice problems to have!