Norway's Oil Major Rebrands

Statoil ASA, Norway’s biggest petroleum company, will change its name to Equinor as it seeks to broaden its energy reach beyond oil and gas production. “The world is changing and so is Statoil,” said Chairman Jon Erik Reinhardsen in a statement, World Oil reported. “The biggest transition our modern-day energy systems have ever seen is underway and we aim to be at the forefront of this development.” The name reflects the starting point for equal, equality and equilibrium, and “nor,” to signal the company’s Norwegian origin, according to Statoil, which is 67% controlled by the government. The change comes just a few months after Norway’s $1 trillion sovereign wealth fund shocked the world in proposing to divest all of its oil and gas stocks, arguing that given the country’s overall exposure to oil, including its ownership in Statoil, it did not make sense to also tie up financial assets in the petroleum sector. Norway as a whole is also seeking to reduce its reliance on petroleum production.