The Norwegian Experience

The oil age in Norway has spanned 30 years and it appears that it will continue for many years ahead. Petroleum activities give Norway an economic base that is not available to many other countries. But it also presents us with challenges. The establishment of the Government Pension Fund and the spending guidelines for petroleum revenues together with the monetary policy regulation are intended to meet these challenges. Below is two articles describing the Government Pension Funds role in handling the States income from petroleum activities.

• The Norwegian Petroleum Sector and the Government Pension Fund – Global, by Secretary General Tore Eriksen, Ministry of Finance, Norway.

• Fiscal Policy and Petroleum Fund Management in Norway, by Director General Martin Skancke, Ministry of Finance, Norway.