Norway’s energy giant Statoil changes its name to Equinor

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:

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.

The logo of Equinor.

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.

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