Offshore staff
STAVANGER, Norway – Statoil’s board plans to change the company’s name to Equinor, reflecting its transformation to a broader energy company.
The name is formed by combining “equi” – as in “equal” and “equilibrium,” with “nor,” highlighting the company’s Norwegian background. Assuming formal approval on May 15, the process will then get under way of rolling out the new title.
“The name Equinor captures our heritage and values, and what we aim to be in the future,” said the company’s President and CEO Eldar Sætre, adding that “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 oil, gas and renewable energy.”
Statoil’s strategy presented in 2017 stressed development of long-term value on the Norwegian continental shelf, strengthening of the company’s core areas, and pursuing growth internationally.
The company claims to be one of the world’s most carbon-efficient producers of oil and gas, and aims to further develop its low carbon position. It expects to invest 15-20% of its capex in new energy solutions by 2030.
03/15/2018
