(Read more: To clean up coal,Obama pushes more oil production)
This year will be one of the most important for the fund. There is always some excitement around a new government and there are some large strategic issues that need answers
Officials stress that all courses of action are open, from allowing the fund to take more active investment decisions that stray more from its benchmarks, to leaving things the same or even making it more of a passive investor.
But Pål Haugerud, head of the ministry's asset management division, told the FT 18 months ago that it was natural to consider whether the fund's size allowed it to take more risk than other investors in an attempt to boost returns.
More from the FT:
Plan to shake up Norway's oil fund
Norway oil fund ramps up property assets
Norway's new government targets infrastructure
The government also needs to decide whether to follow the advice of its strategy council and implement the biggest organisational changes in a decade as part of an attempt to keep the fund at the forefront of ethical investing.
The fund's growing size makes it more of a target for Norwegian politicians despite the informal rule that decisions on its future should betaken by overwhelming consensus.
The opposition Labour party, in power until October, recently proposed that it should no longer invest in coal companies. Some investors, such asinsurer Storebrand, and pressure groups have gone further and suggested itshould exit most or all fossil fuel investments.
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