Shareholders in Norway’s largest company, Statoil, will approve on 14 May the board’s proposal to drop “oil” from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels’ impact on climate change.
From 15 May, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.
The Norwegian government, which has a 67% stake in the firm, has said it will back the move.
The oil and gas company said the name change was a natural step after it decided last year to become a “broad energy” firm, investing up to 15–20% of annual capital expenditure in “new energy solutions” by 2030, mostly in offshore wind.
"The key reason for a company to change its name is when it wants to widen the scope of its activity or direction. Another reason would be because it is in trouble, and it has a reputational problem,” Allyson Stewart-Allen, a London-based international branding expert and the chief executive officer of International Marketing Partners, said.
“I don’t believe that’s the case with Statoil.”
While the company’s profits are growing again, its hydrocarbon business has come under increased scrutiny after the Paris climate deal in 2016.
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
17 - 19 Mar 2020
- Bogotá, Colombia
Call for papers open
23 May 2019
- Moscow, Russia
Exchange state-of-the-art knowledge in HSE and its applicability in the Russian environment.
26 - 27 Feb 2019
- Renaissance Baltic Hotel, Saint-Petersburg, Russia
How geomechanics can be applied in E&P and enhance exploration and development efficiency.
13 - 15 Jan 2020
- Dhahran, Saudi Arabia
Deadline 04 Mar 2019.
23 - 24 Apr 2019
- Kuala Lumpur, Malaysia
Be ahead of the curve
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2019 Society of Petroleum Engineers, All Rights Reserved.