Norway’s Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund valued at $1.9 trillion, has reduced its holdings in some of the biggest international oil and gas companies during the first half of 2025 as crude prices weakened.

Often referred to as “Norway’s oil fund” due to its origins in petroleum revenues, GPFG disclosed in its latest half-year report that it cut equity stakes in ExxonMobil, Shell, BP, TotalEnergies, and Chevron.

Key Reductions in Oil Major Holdings

• ExxonMobil — reduced from 1.46% at the end of 2024 to 1.32% as of June 30, valued at $6.12 billion.
• Shell — lowered from 2.78% to 2.55%, worth $5.3 billion.
• BP — cut to 3.15%, valued at $2.5 billion.
• TotalEnergies — reduced to 1.49%, worth $2.1 billion.
• Chevron — lowered to 1.07%, valued at $2.7 billion.

Energy accounted for 2.9% of the fund’s equity portfolio in the first half of the year, according to the report from Norges Bank Investment Management (NBIM), which manages GPFG.

Performance and Market Conditions

Between January and June, the fund recorded a total return of 5.7%, slightly underperforming its benchmark index by 0.05 percentage points. Energy sector equities delivered a 6.3% return in the same period.

NBIM noted that financials, telecoms, and utilities provided the strongest returns, while political developments—particularly in the United States—contributed to volatility in fixed-income markets.

Background on the Oil Fund

Established in the 1990s, GPFG began receiving transfers from Norway’s oil and gas revenues in 1996. Over the decades, the fund has diversified into global equities, bonds, and other assets, using returns to grow its value while safeguarding wealth for future generations.