Time will tell it seems. Norway is very invested in at least appearing to get out of the oil business and into renewables. Couple pretty significant moves include renaming Statoil to Equinor and rebranding all of their gas stations (many in Scandinavia are branded as Circle K now). Norway very much wants to get out of the perception of being rich because of oil.

Statoil did not rebrand their gas stations although it could appear to be the case. First they separated the operation into a new subsidiary called Statoil fuel & retail, which they then sold to Couche-tard, a Canadian convenience store multinational. The deal preserved the right to use the statoil brand for some time. Then couche-tard rebranded them to Cirkle K as part of a global strategy.

'appearing' being the word.

They won't stop extracting oil until there is no oil left.

The beauty of the Norwegian oil fund is that it isn't invested in oil.

The fund grows from oil revenue, but it invests in all sorts of things that are specifically not oil. So there's not much conflict regarding oil divestment.

I agree that the fund's diversification helps some. But the fund is still fed from the oil income. And some of the oil income is spent in state budget, not all of it goes into the fund. And this is in addition to all the money being pumped into the economy from the oil industry (Norway has high wages, most Teslas per capita, etc). I think the financials of the citizens are much more connected to the oil profits than in other developed oil producing countries like the USA/UK/Netherlands.

If public receives regular dividends then yeah, there is a risk. If the fund is used for large scale projects and as an emergency fund, then votes are harder for populists to buy.

There are fewer vested interest with a megaphone that would stand to personally lose or gain massively, so more rational discussions can be had.