• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours USA Wants Iran War -- Shooty Shooty More
  • 3 hours Never Bring A Rapier To A Gun Fight
  • 24 mins Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 6 hours Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 6 hours Trump Will Win In 2020 And Beyond..?
  • 13 mins Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 9 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 8 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 3 hours Aramco Production
  • 6 hours Democrats and Gun Views
Oil Prices May Slump Heavily In 2020

Oil Prices May Slump Heavily In 2020

OPEC has decided not to…

The Hottest Tech Stocks For 2020

The Hottest Tech Stocks For 2020

The tech bubble is far…

Statoil To Rebrand Itself As Equinor

Statoil Rig

Norway’s oil major Statoil is removing ‘oil’ from its name and is proposing to rebrand as Equinor as part of its strategy to become a broad energy company actively pursuing low-carbon energy production alongside oil and gas.

The new name—Equinor—is a combination of “equi”, the first letters of words such as equal, equality, and equilibrium, and “nor”, a hint to its Norwegian origin that the company will actively use in its positioning, Statoil said on Thursday.

“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. Our strategy remains firm. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year,” chair of the board in Statoil, Jon Erik Reinhardsen, said in the company statement.

“For us, this is a historic day. Statoil has for almost 50 years served us well. Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name. The name Equinor captures our heritage and values, and what we aim to be in the future,” Statoil’s President and CEO Eldar Sætre said.

“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,” Sætre added.

Statoil’s shareholders will be asked to approve the new name at the annual general meeting on May 15. The Norwegian government, Statoil’s majority shareholder, supports the name change and will vote in favor, the company said, adding that all five unions of Statoil employees also support the rebranding.

Related: UK Gas Crisis: Out Of The Frying Pan Into The Fire

Statoil is boosting its position in renewables and expects to invest 15-20 percent of total capex in new energy solutions by 2030, the company said today.

Most recently, Statoil entered offshore wind in Poland. The company’s current offshore wind portfolio also includes the Arkona offshore wind farm in Germany and the Sheringham Shoal, Dudgeon, and Hywind Scotland offshore wind farms in the UK. Statoil’s offshore wind portfolio has the capacity to provide more than 1 million European homes with renewable energy.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Lee James on March 16 2018 said:
    Europe takes another step toward developing energy in the broad sense, with an emphasis on new energy supply that is clean.

    When will U.S. oil majors similarly broaden their energy base? I know, it is happening, but not nearly with the same conviction that European oil majors have. Japan and China are also moving in the right direction to clean up their energy supply.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play