Petroleum Funds as Instruments of Energy Policy and Economic Diversification: A Cross-Country Integrative Review

Authors

  • Teodoro Marcos Mota Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Energy Economics Laboratory, Faculty of Mining and Petroleum Engineering, ITB, Indonesia
  • Adityawarman Adityawarman Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Energy Economics Laboratory, Faculty of Mining and Petroleum Engineering, ITB, Indonesia
  • Tutuka Ariadji Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia
  • Marcelino Freitas Naikosou Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Energy Economics Laboratory, Faculty of Mining and Petroleum Engineering, ITB, Indonesia
  • Mario Viana Guterres Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Energy Economics Laboratory, Faculty of Mining and Petroleum Engineering, ITB, Indonesia
  • Nabil Visi Samawi Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Energy Economics Laboratory, Faculty of Mining and Petroleum Engineering, ITB, Indonesia
  • Miftah Hidayat Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia
  • Utjok W. R. Siagian Department of Petroleum Engineering, Faculty of Mining and Petroleum Engineering, Bandung Institute of Technology (ITB), Indonesia; & Center for Research on Energy Policy, ITB, Indonesia
  • Retno Gumilang Dewi Center for Research on Energy Policy, ITB, Indonesia; & Faculty of Industrial Technology, ITB, Indonesia
  • Estanislau de Sousa Saldanha Graduate School, MBA Program, Dili Institute of Technology (DIT), Timor-Leste, Indonesia

DOI:

https://doi.org/10.32479/ijeep.21267

Keywords:

Petroleum Fund, Governance, Investment Strategy, Economic Diversification

Abstract

This study offers an integrative literature analysis on petroleum funds in 17 resource-rich nations, including governance frameworks, investment strategies, disbursement processes, and project financing decisions. Petroleum funds are crucial tools for sustaining oil-dependent economies, maintaining intergenerational justice, and promoting economic diversification. The research identifies considerable variations in fund efficacy, which are caused by variances in legislative structures, fiscal norms, transparency, and alignment with national development goals. Best practices can be seen in nations such as Norway and Timor-Leste, where rule-based governance and sustainability frameworks are promoted. In contrast, Nigeria, Libya, and Angola confront issues due to political meddling and lax institutional governance. The report also looks at developing trends including the incorporation of Environmental, Social, and Governance (ESG) criteria and the strategic role of sovereign wealth funds in managing energy transitions. The findings show that, while no uniform model exists, open governance, sustainable fiscal policies, and strategic investment alignment improve petroleum fund performance. This study provides policymakers with significant insights on how to maximize petroleum fund management in the face of global economic volatility and altering energy landscapes.

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Published

2025-12-26

How to Cite

Mota, T. M., Adityawarman, A., Ariadji, T., Naikosou, M. F., Guterres, M. V., Samawi, N. V., … Saldanha, E. de S. (2025). Petroleum Funds as Instruments of Energy Policy and Economic Diversification: A Cross-Country Integrative Review. International Journal of Energy Economics and Policy, 16(1), 554–565. https://doi.org/10.32479/ijeep.21267

Issue

Vol. 16 No. 1 (2026)

Section

Articles

License

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