Norway’s oil and gas giant Statoil announces it will change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil and gas.
In a video posted on social media, Statoil presented the change as a way to show its determination to develop investments in renewable energy. The hearth-warming film focused on green future, equality and need for change:
— Statoil (@Statoil) March 15, 2018
Equinor is a combination of “equi”, the starting point for words like equal, equality and equilibrium, and “nor” for Norway, signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning, the company said in a press release.
“Reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name,” Statoil CEO Eldar Saetre said.
Statoil’s strategy presented in 2017, sets clear principles for the development of a distinct and competitive portfolio. Statoil will develop long-term value on the Norwegian continental shelf, deepen in core areas and develop new growth options internationally. Statoil is one of the world’s most carbon-efficient producers of oil and gas, and will develop its low carbon advantage further. Statoil is building a material industrial position within profitable renewable energy, and expects to invest 15-20% of total capex in new energy solutions by 2030.