Norway Drops Upstream Oil Companies From Wealth Fund

Norway has decided to remove upstream oil companies from its sovereign wealth fund to reduce risk and diversify its investments. This decision, despite a government report advising against it, is seen as a significant move impacting major oil companies like BP, Shell, and Exxon. The decision reflects concerns over being overly exposed to the oil sector, given Norway's status as a major oil producer. While some view this as a betrayal to the oil industry, Norway maintains its focus on diversification, retaining shares in Ecuador's state-run oil company.

What are the potential consequences for companies heavily invested in the oil and gas sector due to this decision?

How long did the Norwegian government deliberate before making the decision to divest?