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* Purpose is to cut Norway's overall exposure to oil, gas
* Fund is built on revenues from domestic oil, gas industry
* Graphic: http://tmsnrt.rs/2tskfub(Adds detail, quotes, bullet points)
By Gwladys Fouche and Terje Solsvik
OSLO, March 8 (Reuters) - Norway's trillion-dollar sovereignwealth fund, the world's largest, will drop oil and gascompanies from its benchmark index and investment universe, thefinance ministry said on Friday, extending losses of energystocks worldwide.
Oil and gas stocks represented 5.9 percent of equityinvestments at end-2018, corresponding to about $37 billion,according to fund data.
"The Government is proposing to exclude companies classifiedas exploration and production companies within the energy sectorfrom the (fund) to reduce the aggregate oil price risk in theNorwegian economy," the finance ministry said in a statement.
The aim of the proposal, initiated by the central bank whichmanages the fund, is to make the Norwegian government's wealthless vulnerable to a permanent drop in oil prices, now that thefund has increased its exposure to equities to 70 percent of thefund's value from 60 percent earlier.
The fund invests Norway's revenues from oil and gasproduction for future generations in stocks, bonds and realestate abroad.
It is a major investor in oil firms, holding stakes atend-2018 of 2.45 percent in Shell, 2.31 percent in BP, 2.02 percent in Total, 0.99 percent in Chevronand 0.94 percent in ExxonMobil.
