Norway Seen Tapping Its Wealth Fund to Ward Off Oil Risks
- Oil wealth spending may outstrip petroleum income in 2016: DNB
- Government may be forced to make first withdrawal from fund
The Oseberg A offshore gas platform operated by Statoil ASA stands in the Oseberg North Sea oil field 140kms from Bergen, Norway, on Friday, Jan. 17, 2014. Statoil, Norway's biggest energy company, sees the potential to keep domestic oil and gas output at today's levels until 2025 and possibly beyond even as it tightens spending amid rising costs.
Photographer: Kristian Helgesen/BloombergThis article is for subscribers only.
For Norway, the future may already be here.
The nation could as soon as next year start making withdrawals from its massive $830 billion sovereign wealth fund, which it has built over the past two decades as a nest egg for “future generations.” The minority government will reveal its budget plans on Wednesday and has flagged new spending measures and tax cuts.