The world’s largest public fund, Norway’s Oljefundet, did very well in 2024. The value increased by almost EUR 340 billion (NOK 4,000) in a year time. In 2024, the Oil Fund had more than 11,000 investments in companies and projects in 69 countries worldwide. The total value of the Oljefundet landed on almost 1.7 trillion (NOK 19.7 trillion) by 31 December 2024, according to data provided by the Norwegian Bank of Investment Management.
Investment by the Norway’s public fund have been made in many of the usual countries like those in the EU and in North America, but also included more questionable countries like Russia and Israel.
First offshore oil field in 1969
The base income of the oil fund comes from Norway’s offshore fossil fuel activities, and discussion about using the revenue for the future started right after the first of such oil and gas fields was found in 1969. The Oljefundet was officially installed in 1996.
Future of the Norwegian economy
“Oil revenue has been very important for Norway, but one day the oil will run out. The aim of the fund is to ensure that we use this money responsibly, think long-term and so safeguard the future of the Norwegian economy,” writes the Norwegian Bank of Investment Management that controls the fund on behalf of the state and thus of behalf of the 5.5 million Norwegians. | © 2025 Marcel Burger, nordicreporter.com. Featured press photo of Troll A offshore platform near Norway: Øyvind Knoph Askeland, Norsk olje og gass