Article | Last updated: 11/05/2021 | Ministry of Finance
Government Pension Fund 1996–2020
Market value in NOK billion
The accumulation of capital in the GPFG originates by and large from the conversion of oil and gas resources in the North Sea and Norwegian Sea to financial assets abroad. Petroleum revenues differ from regular government revenues, in that they do not represent income in the traditional sense, but stem from depletion of a non-renewable natural resource. Furthermore, the revenues from petroleum activites fluctuate significantly, in particular due to oil price volatility.
The capital base of the GPFN originates primarily from surpluses in the national insurance scheme between its introduction in 1967 and the late 1970s. The return on the assets in the GPFN is not transferred to the Treasury, but is added to the fund capital on an ongoing basis. There are no transfers of capital between the two parts of the Government Pension Fund.