From petroleum wealth to financial wealth
Today, Norges Bank and the Norwegian Petroleum Museum are launching the anniversary exhibit «From petroleum wealth to financial wealth» at the Petroleum Museum in Stavanger.
The exhibit provides a unique insight into how Norges Bank manages Norway’s oil wealth on behalf of the Norwegian people.
“The management of petroleum wealth has become an important part of Norges Bank’s activities. The public is quite familiar with the Government Pension Fund Global, also known as the oil fund, but often wonder how the fund is actually managed. We hope that the anniversary exhibit will offer the public insight into how we perform that responsibility”, says Governor Øystein Olsen.
This year it is 200 years since Norges Bank was established in the wake of the Norway’s separation from Denmark. It is also 20 years since the Ministry of Finance made the first capital transfer to the oil fund. The Fund’s capital has since grown to around NOK 7 000 billion.
The exhibit at the Norwegian Petroleum Museum traces the history of the central bank and the oil fund, with a large interactive component. Visitors can, for example, browse the fund’s holdings of equities, real estate and bonds in more than 9 000 companies worldwide. A quiz has been designed to test visitors’ knowledge about the fund and their aptitude as investment managers. The exhibit also includes an information film about the fund and investment management.
Both Norges Bank and the Petroleum Museum have noted considerable interest among foreigners in gaining insight into how Norway has managed to transform Norway’s oil wealth into financial wealth also for the benefit of future generations. The exhibit is therefore available in both Norwegian and English.
The mayor of Stavanger, Christine Sagen Helgø, will open the exhibit on Wednesday 18 May at 11.30. Governor Øystein Olsen and the CEO of the Government Pension Fund Global, Yngve Slyngstad, will be present at the opening.
The exhibit will remain open to the public for one year.
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