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Norway Uses Oil Exploration Money for the Benefit of Its People and There Is No Crisis There

Written by Paulo Nogueira

Published on 18/11/2017 at 08:51

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With a 1990s Background, Norway Has Trillions Saved for Future Generations

[supsystic-social-sharing id=’1′]In times of crisis in the oil industry, Norway and its citizens could be desperate, with chaos throughout the country and their economy going down the drain, considering that 25% of Gross Domestic Product comes from fossil fuel extraction. But astonishingly, no one there knows what a crisis is, at least it’s not felt like in other continents. But why does that not happen there?

Very simple! Starting in 1990, Norway initiated the Oil Fund (“Oljefondet”), with the aim of saving resources from oil extraction to ensure the quality of life for its citizens in the future. This model served as a template for the creation of a similar program here in Brazil for the pre-salt reserves.

Besides being brilliant, this is the largest sovereign fund on the planet, and “belongs to the people and for the people”. In other words, this money can never be touched by high-ranking politicians for trivial reasons; there are strict criteria where transparency and control are fundamental. If you go out on the streets and ask a Norwegian about this fund, they will say the following: “The fund was created to benefit our children, and also our children’s children”. See the video below, then continue reading:

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Corruption Scandals at Petrobras Left the Norwegian Government on High Alert

They care so much about their sovereign fund that in 2016, motivated and concerned by the repercussions of the corruption scandals at Petrobras “in Brazil”, the country’s ethics council requested that the state fund be put under observation. The control chain of the Oljefondet works as follows: The Ministry of Finance controls this fund, but it is managed by the Central Bank of Norway.
The Norwegian concept is very simple and clear: The money generated from the fund can only be touched under very special circumstances and only on the earnings at a maximum rate of 4% per year. Surprisingly, this has never happened since the fund was created. This maintains a society with equal rights and a stable economy.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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