Norway Revokes Cairn, Kosmos Investment Exclusions

Tuesday, November 27, 2018

Norway's sovereign wealth fund, the world's largest, will no longer exclude Cairn Energy Plc and Kosmos Energy Ltd from its portfolio of investments, the Norwegian central bank said on Tuesday.

The companies were excluded in 2016 based on advice from the fund's ethics watchdog, which found "an unacceptable risk related to petroleum prospecting off the coast of Western Sahara".

The companies made it clear they had discontinued their business in the area and the exclusion was revoked, the central bank, which manages the fund, said in a statement.

The fund was created from the proceeds of Norway’s oil industry and operates under ethical guidelines set by parliament.

It owns shares in 9,100 companies, 1.4 percent of the world’s listed equity, so its decisions to drop or reinstate firms from its investments carry considerable weight among investors.

(Reporting by Terje Solsvik; Editing by Gwladys Fouche and Edmund Blair)

Categories: Finance Europe Africa Government Regulations

Related Stories

Bowleven Pushes Ahead With Etinde Despite Losses

DeepOcean Wins IMR Work from Equnior

BP Awards Cypre FEED to Aker Solutions

New Well Stimulation Method Debuts Offshore

US Gulf: Infrastructure-led Exploration

Timeline: Saudi Aramco's Winding Road to IPO

Relieving the Pressure of Subsea P&A Activity

Petrobras CEO Says Too Early to Make Carbon Commitment

China to Launch State Pipeline Group

Majors Press Mexico to Resume Oil Auctions

Current News

First Dussafu DTM-4H Production Well Completed

New Well Stimulation Method Debuts Offshore

Coast Guard Ends Search for Crashed Helicopter

AUV Project Boosts Endurance, Navigation Capabilities

Ocean Infinity to Perform Angola Survey for Total

BP Awards Cypre FEED to Aker Solutions

Danos Promotes Hebert and Theriot

Vår Energi Completes ExxonMobil Norway Acquisition

Seatool’s Plug-and-Play Subsea HPU Range

Ørsted Announces STEM Skills Fund


Offshore Engineer (Sep/Oct 2019)

This issue of Offshore Engineer is dedicated to Big Data and Digitalization


Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week