Oil fund management 'under fire'

Auditing giant KPMG has been highly critical of the management of Norway’s oil fund in an ongoing review, it was reported today.

In a report published by Upstream’s sister paper Dagens Naeringsliv, it emerged that the comments were made when KPMG was carrying out a review for the Norges Bank Investment Management (NBIM), part of the country’s central bank, Norges Bank.

The review is believed to be ongoing.

NBIM spokesman Dag Dyrdal told the paper: “I can confirm that KPMG is one of several external consultants we have used in ongoing internal efforts to improve our management.”

In its report, Dagens Naeringsliv said that KPMG singled out some aspects of management and of the mandates given to agents for the fund for criticism.

Upstream Online