The Norwegian Petroleum Fund will in the future let artificial intelligence make decisions about certain investments. This was announced by representatives of the fund on Tuesday.
The Norwegian Petroleum Fund - officially called the State Pension Fund - is the world's largest fund. At the end of 2025, it had a value of just over 21,000 billion Norwegian kroner - equivalent to almost 14,000 billion Danish kroner.
As it stands today, a large part of the fund's 700 employees program their own AI tools, which collect information that helps them make investment decisions. This is what Stian Kirkeberg, the fund's AI manager, says at a seminar on artificial intelligence.
Among other things, the employees use AI to monitor the 7,000 companies in which the fund invests, based on a number of parameters, including financial risk.
- The principle is that we make better human decisions by having AI analyze it for us, says Stian Kirkeberg and adds:
- At some point, we will trust that the agent (the AI tool, ed.) can make some of the decisions, and we will simply monitor what it does.
He emphasizes that the Norwegian Oil Fund does not yet let AI make investment decisions, but that it is moving in that direction. At the same time, he emphasizes that human monitoring will continue to be crucial.
Manages oil revenues
The oil fund was established after oil was found in the North Sea. The purpose of the fund is to protect Norway's economy against fluctuations in oil revenues.
It also functions as a financial reserve and long-term savings, so that both current and future generations can benefit from the country's oil revenues.
Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the oil fund, has previously declared himself a strong advocate for the use of AI - both internally in the fund and in the companies the fund invests in.
He has said that the fund has invested "millions of kroner" in artificial intelligence, and that it has achieved results "in the billions", without going into details about the exact amounts.
Even if AI is increasingly used in the fund, it will not affect the number of employees. Nicolai Tangen has previously stated that.
- Because then you just create a lot of resistance. I believe instead that the goal should be to increase revenue, profits and efficiency to gain market share and do what you do better, he has said.
The CEO instead expects that the roles of employees will change as a result of the use of AI.
/ritzau/Reuters
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
