The new name is part of Statoil’s strategy presented in 2017, which sets clear principles for the development of a distinct and competitive portfolio. Statoil wants to develop long-term value on the Norwegian continental shelf, and emphasize in core areas.

Chair of the board in Statoil, Jon Erik Reinhardsen, stated:

The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development. Our strategy remains firm. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.

After approved on 15 May, the company will start using the new name and brand. Equinor aims to create internal alignment, and help attract capital, partners and talents, said Reidar Gjærum, Senior Vice President for Corporate Communication in Statoil.