Norway’s Statoil Embraces Broader Energy Future with New Name

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Norwegian multinational oil and gas company Statoil yesterday said that it plans to change its name to Equinor to reflect its evolution into a “broad energy company” that will include renewables.

“The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development,” Jon Erik Reinhardsen chair of the board at Statoil, said in a statement. He added that the name Equinor supports a low carbon strategy the company outlined last year.

The new name will be proposed to shareholders in a resolution to the Annual General Meeting on May 15. Statoil said that the Norwegian government, which is a majority shareholder, supports the proposal.

“The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy,” Statoil’s President and CEO Eldar Sætre said.

The company already has taken a stake in the offshore wind sector; for example, buying 50 percent of the 385-MW Akrona wind farm in German waters and winning an offshore wind lease for a site off the southern coast of Long Island, New York.

Statoil’s rebranding and strategic change is similar to that of former Danish energy company DONG Energy, which rebranded as Orsted last October following the divestment of its upstream oil and gas business. Orsted has grown into a global leader in the wind power sector.

Lead image credit: Statoil

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