Its chief executive, Cameron Madgwick, said oil and gas had a good future.

"There are a number of financial analysts and they will assess all kinds of risks," he said.

"The New Zealand Super Fund has taken a particular approach to that risk assessment, but there are other shareholders in those companies who are clearly taking different views, which suggests that those companies are going to be around for a long time.

"The world has a strong demand for energy and we think our industry will play a big part in helping to be a part of the energy mix into the future."

Exxon Mobil's share price has risen significantly since 2000, while Shell's has been steady and BP's has see-sawed around a steady base.

However, Responsible Investment Association of Australasia CEO Simon O'Connor said that would not last.

Read full article here.