Norway has reversed its decision to exclude oil and gas producers Cairn Energy and Kosmos Energy from its investment portfolio after they ceased controversial operations off West Africa.
In 2016 the world’s biggest sovereign wealth fund banned Cairn and Kosmos from its energy portfolio, which it once held a 2.85pc and 0.8pc stake in respectively.
This comes as the companies were found to be involved in “serious violations of fundamental ethical norms” over exploration of disputed territory off the coast of Western Africa on behalf of Moroccan Authorities.
However, Norges bank has now stated that it would revoke the decision to exclude the energy giants, based on the recommendations of the independent council of ethics, a panel appointed by the country’s finance ministry, after the two ended their involvement in the exploration operations.
Norges Bank said: “The companies have made it clear for the Council on Ethics that they have discontinued their business in the relevant area. The Council on Ethics has on the basis of this information recommended the bank to revoke the exclusions.”
Operations in the region has ignited controversy due to its disputed ownership between Morocco and the Polisario Front, which has been calling for independence for territory.