Norway’s $1tn oil fund should sell out of upstream oil and gas producers, according to a recommendation from the country’s government that has sent shockwaves through the energy sector.
In response, Catherine Howarth, Chief Executive of ShareAction, says: “Norway’s announcement is further evidence that investors are growing increasingly dissatisfied with oil exploration and production companies. Institutional investors are withdrawing their capital from oil and gas companies on the grounds that quicker-than-expected growth in clean energy and associated regulation is making oil and gas business models highly vulnerable. This announcement will put pressure on investors to ramp up their engagement with integrated oil majors ahead of AGM season.”
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