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An estimate of the financial value added of the Norwegian Petroleum Fund mechanism

Linder, Thomas; Fuglem, Kristoffer
Master thesis
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2288299.pdf (2.042Mb)
Calculations_Finalized.xlsx (7.426Mb)
MatLab_Finalized.m (9.735Kb)
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http://hdl.handle.net/11250/2623049
Utgivelsesdato
2019
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Samlinger
  • Master of Science [1117]
Sammendrag
In this thesis, we quantify the financial valued added from re-allocating oil and gas

resources into a globally diversified financial portfolio. We do this by introducing

an alternative approach to management of the oil and gas at the Norwegian

continental shelf. We perform the analysis ex-ante, assuming that the Norwegian

government at the time before the establishment of the Oil Fund had two choices;

To slow down the rate of production and accumulate oil and gas reserves, or to

extract these resources at high pace and invest the proceeds in financial assets across

the globe. We simulate the expected future values of these approaches over 21

years. Our simulations are highly sensitive to the Brent crude price volatility, and

investors risk aversion levels, and this affects the value added significantly. We

find that the value added by utilizing the fund mechanism is substantial.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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