{{Short description|Norwegian energy company}} {{redirect|Statoil|the pre-merger company|History of Statoil (1972–2007)}} {{Infobox company | name = Equinor ASA | logo = Equinor.svg | logo_size = 200px | former_name = Statoil (until {{End date|2018|05|15|df=y}}) | type = [[Public]] | traded_as = {{ubl|{{ose|EQNR}}|{{NYSE|EQNR}}}} | key_people = [[Jon Erik Reinhardsen]] ([[chairman|chair]])<br />[[Anders Opedal]] ([[chief executive officer|CEO]])<ref>{{cite news|title=Anders Opedal taking over as president and CEO|url=https://www.equinor.com/en/news/20200810-management.html/|access-date=10 August 2020|publisher=Equinor.com}}</ref> | industry = [[Petroleum industry]] | products = {{ubl|[[Petroleum]]|[[Natural gas]]|[[Petrochemicals]]|[[Electrical power]]}} | services = | revenue = {{nowrap|{{decrease}} {{US$|102.5 billion|link=yes}} (2024)}}<ref name="AR2024">{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1140625/000114062525000062/eqnr-20241231.htm|title=2024 Annual Report (Form 20-F)|publisher=US Securities and Exchange Commission|date=20 March 2025|access-date=21 March 2025}}</ref> | operating_income = {{nowrap|{{decrease}} US$30.93 billion (2024)}}<ref name="AR2024" /> | net_income = {{nowrap|{{decrease}} US$8.806 billion (2024)}}<ref name="AR2024" /> | assets = {{nowrap|{{decrease}} US$131.1 billion (2024)}}<ref name="AR2024" /> | equity = {{nowrap|{{decrease}} US$42.34 billion (2024)}}<ref name="AR2024" /> | num_employees = 25,155 (2024)<ref name="AR2024" /> | owner = {{ubl|{{nowrap|[[Government of Norway]] (67%)}}}} | foundation = {{start date and age|1972|06|14|df=y}} | location = [[Stavanger]], Norway | homepage = {{URL|equinor.com}} }}
'''Equinor ASA''' (formerly '''Statoil''' and '''StatoilHydro''') is a Norwegian multinational [[energy company]] headquartered in [[Stavanger]], [[Norway]]. It is primarily a [[petroleum company|petroleum]] company operating in 36 countries with additional investments in [[renewable energy]] and [[lithium mining]].<ref name=BannerNews20250715>{{cite news |title=Smackover Lithium reports highest lithium brine grade in SWA Project Area as FEED studies nearing completion |url=https://www.magnoliabannernews.com/news/2025/jul/18/smackover-lithium-reports-highest-lithium-brine/ |work=[[Magnolia Banner-News]] |date=18 July 2025 |access-date=26 July 2025}}</ref> In the 2020 [[Forbes Global 2000]], Equinor was ranked as the 169th-largest public company in the world.<ref>{{cite web | url= https://www.forbes.com/companies/equinor/#318927c518d4 | title= Forbes Global 2000 | website= [[Forbes]] | access-date = 31 October 2020}}</ref> In 2023, the company was ranked 52nd in the same list.<ref>{{Cite web|language=en|url=https://www.forbes.com/lists/global2000/?sh=51d599675ac0|title=The Global 2000 2023|website=Forbes|access-date=2024-02-07|archive-date=2024-01-29|archive-url=https://web.archive.org/web/20240129031905/https://www.forbes.com/lists/global2000/?sh=4f5ab07e5ac0}}</ref> {{As of|2021|post=,}} the company has 21,126 employees.<ref name="AR2021">{{cite web | url=https://www.equinor.com/content/dam/statoil/documents/annual-reports/2021/equinor-2021-annual-report-and-form-20-f.pdf |title=Annual Report 2021 |publisher=Statoil |access-date=23 March 2022}}</ref>
The current company was formed by the 2007 merger of [[History of Statoil (1972–2007)|Statoil]] with the [[Hydro Oil & Gas|oil and gas division]] of [[Norsk Hydro]].<ref>{{cite web |url=http://www.offshore247.com/news/article.asp?Id=7695 |title=StatoilHydro signature unveiled |date=2007-05-10 |access-date=2007-06-20 |url-status=dead |archive-url=https://web.archive.org/web/20070928014520/http://www.offshore247.com/news/article.asp?Id=7695 |archive-date=2007-09-28 }}</ref> As of 2017, the [[Government of Norway]] is the largest [[shareholder]] with 67% of the [[Share (finance)|shares]], while the rest is public stock. The ownership interest is managed by the [[Ministry of Petroleum and Energy (Norway)|Norwegian Ministry of Petroleum and Energy]].<ref>{{cite web|url=https://www.statoil.com/content/dam/statoil/documents/annual-reports/2017/statoil-annual-report-20f-2017.pdf |title=Statoil Annual Report 2017 |publisher=Statoil |access-date=2018-03-23}}</ref> The company is headquartered and led from Stavanger, while most of their international operations are currently led from [[Fornebu]], outside [[Oslo]].
The name ''Equinor'' was adopted in 2018 and is formed by combining ''equi'', the root for words such as ''equity'', ''equality'', and ''equilibrium'', and ''nor'', indicating that the company is of Norwegian origin.<ref>{{Cite web |last=Hill |first=Joshua S. |date=2018-03-15 |title=Oil & Gas Giant Statoil Proposes Changing Name To Equinor |url=https://cleantechnica.com/2018/03/15/oil-gas-giant-statoil-proposes-changing-name-to-equinor/ |access-date=2026-04-29 |website=CleanTechnica |language=en-US}}</ref> The former name ''Statoil'' means 'state oil' in [[Norwegian language|Norwegian]], indicating that the company was [[state owned|state-owned]].<ref>{{Cite news |last=Kent |first=Sarah |date=2018-03-15 |title=Getting the 'Oil' Out: Norway's Statoil Rebrands |url=https://www.wsj.com/articles/getting-the-oil-out-norways-statoil-rebrands-1521110218 |access-date=2025-05-27 |work=[[Wall Street Journal]]|language=en-US |issn=0099-9660}}</ref> [[Image:Statoil logo.svg|thumb|200px|Former Statoil logo from 1972 to 2007]]
==History== The heritage of Equinor derives from three major Norwegian petroleum companies [[History of Statoil (1972–2007)|Statoil]], [[Norsk Hydro]], and [[Saga Petroleum]] (the latter two merged in 1999).
===Old Statoil=== {{Main|History of Statoil (1972–2007)}}
'''Den Norske Stats Oljeselskap A/S''' was founded as a limited company owned by the [[Government of Norway]] on 14 July 1972 by a unanimous act passed by the Norwegian parliament [[Stortinget]]. The political motivation was Norwegian participation in the oil industry on the continental shelf and to build up Norwegian competency within the petroleum industry to establish the foundations of a domestic petroleum industry. Statoil was required to discuss important issues with the [[Minister of Industry (Norway)|Minister of Industry]], later [[Minister of Petroleum and Energy (Norway)|Minister of Petroleum and Energy]]. Statoil was also required to submit an annual report to the [[parliament]].
In 1973, the company started work acquiring a presence in the [[petrochemical industry]]. This resulted in the development of processing plants in [[Rafnes]] and, in partnership with [[Norsk Hydro]], the [[Mongstad]] plant in 1980. In 1981, the company acquired, as the first Norwegian company, operator rights on the [[Norwegian continental shelf]] on the [[Gullfaks]] field. 1987{{En dash}}88 saw the largest scandal in the company's history, the [[Mongstad scandal]] that made the until then unassailable CEO [[Arve Johnsen]] withdraw.
In the 1980s, Statoil decided to become a fully integrated petroleum company and started building the [[Statoil (fuel station)|Statoil]] fuel station brand. The stations in Norway originated as Norol stations, while the stations in [[Denmark]] and [[Sweden]] were purchased from [[Esso]] in 1985, and the stations in [[Ireland]] were purchased from [[BP]] in 1992 and [[ConocoPhillips]] Jet in the mid 1990s, then sold by Statoil to [[Topaz Energy]] in 2006. Statoil also built up a network of stations in part of Eastern Europe in the 1990s.
In 1991, the company was the target of a [[1991 Rotvoll protests|months-long protest]] and [[civil disobedience]], mainly from [[Natur og Ungdom]] and [[Friends of the Earth Norway]]. The protesters opposed the building of a new [[research and development]] centre at [[Rotvoll]], in [[Trondheim]], [[Norway]], a [[wetlands]] area close to the city with significant bird life.<ref>{{Cite news |last=Olsen |first=Jan-Kristian |date=1991-08-17 |title=Levangergutt i teltleiren på Rotvoll |url=https://www.nb.no/items/6c8822b55fcf5b87010b9d0949178a59 |work=Levanger-Avisa |page=5}}</ref> However, the R&D center was still built.<ref>{{Cite web |last=Gjerde |first=Kristin Øye |date=2022-04-01 |title=Norges mest lønnsomme oppfinnelse |url=https://equinor.industriminne.no/norges-mest-lonnsomme-oppfinnelse/ |access-date=2025-08-31 |website=Equinor |language=nb-NO|trans-title=Norway's most profitable invention}}</ref>
The company was privatised and made a [[public limited company]] ([[allmennaksjeselskap]]) in 2001, becoming listed on both the [[Oslo Stock Exchange]] and the [[New York Stock Exchange]]. At the same time, it changed its name to '''Statoil ASA'''. The government retained 81.7% of the shares. Through further privatization in 2004 and 2005, the government's share was reduced to 70.9%.<ref name="nrk2013">{{cite web|url=http://www.nrk.no/rogaland/_-staten-ma-selge-seg-ut-av-statoil-1.11024302 |title=– Staten må selge seg ut av Statoil - NRK Rogaland - Lokale nyheter, TV og radio |publisher=Nrk.no |date=2013-05-13 |access-date=2015-07-31|trans-title=– The state must sell its stake in Statoil - NRK Rogaland - Local news, TV and radio}}</ref>
The [[Statoil corruption case|Statoil/Horton case]] refers to the company's use of bribes in [[Iran]] in 2002–2003 in an attempt to secure lucrative oil contracts in that country. This was mainly achieved by hiring the services of Horton Investments, an Iranian consultancy firm owned by Mehdi Hashemi Rafsanjani, son of former Iranian President [[Hashemi Rafsanjani]]. Horton Investments was paid US$15.2 million by Statoil to influence important political figures in Iran to grant oil contracts to Statoil. The corruption scandal was uncovered by the Norwegian paper ''[[Dagens Næringsliv]]'' on September 3, 2003.{{Citation needed|date=October 2010}} In 2006, the company accepted a $10.5 million fine for violating the U.S [[Foreign Corrupt Practices Act]].<ref name="FCPA">{{Cite web|url=https://www.dn.no/?zephr_sso_ott=6UUXFO|archiveurl=https://web.archive.org/web/20130907142949/http://www.dn.no/forsiden/energi/article897283.ece|url-status=dead|title=Dagens Næringsliv | DN|archivedate=September 7, 2013|website=www.dn.no}}</ref>
In September 2007, Statoil and the Brazilian oil company [[Petrobras]] signed a deal aimed at expanding exploration, sub-sea, and [[biofuel]]s cooperation. Under the agreement, Statoil became a partner on six offshore licenses, as well as expanding biofuels production. Petrobras and Statoil announced plans to create dozens of refineries in Brazil and the rest of the world where vegetable oil will be added to crude to create a no-sulphur fuel. On 4 March 2008, Statoil bought [[Anadarko Petroleum]]'s 50% share of the [[Peregrino oil field]] for $1.8 billion.<ref>{{Cite web|url=http://www.cnbc.com/id/23460388/Statoil_Buys_Anadarko_Projects_for_2_1_Billion|archiveurl=https://web.archive.org/web/20110610222135/http://www.cnbc.com/id/23460388/Statoil_Buys_Anadarko_Projects_for_2_1_Billion|url-status=dead|title=Statoil Buys Anadarko Projects for $2.1 Billion|date=March 4, 2008|archivedate=June 10, 2011}}</ref>
{{Wikinews|Norway purchases Canadian oil sands company}} In 2007, Statoil bought a large area in the [[Athabasca Oil Sands|Athabasca oil sand field]] in Canada after purchasing North American Oil Sands Corporation for $2.2 billion. (In 2012, Statoil had 4 oil sand licences (''oljesandlisensene '') as part of the Kai Kos Deh Seh project: Leismer, Corner, Hangingstone, and Thornberry).<ref>{{cite web|url=http://www.aftenposten.no/nyheter/iriks/Statoil-vil-ha-mer-oljesand-6766710.html|title=Statoil Vil for more oil sands|author=Hilde øvrebekk Lewis|work=Aftenposten |language=no|date=2012-02-20|trans-title=Statoil wants more oil sands|access-date=2026-04-29}}</ref>
In 2009, Statoil launched the world's first operational deep-water floating large-capacity wind turbine, [[Hywind]].<ref>{{cite web | url= http://www.motherearthnews.com/Renewable-Energy/Hywind-Wind-Power-Water-Power.aspx | title= Water Power + Wind Power = Win! | publisher= Mother Earth News | access-date= 2010-05-03 | date=February–March 2010 | first=Ramsey | last=Cox }}</ref> The {{convert|120|m}} tall tower with a 2.3 MW turbine was towed {{convert|10|km}} offshore into the [[Åmøyfjord|Amoy Fjord]] in {{convert|220|m}} deep water, off of [[Stavanger, Norway]] on 9 June 2009 for a two-year test run.<ref name="Patel2009">{{cite news | last=Patel | first=Prachi | title = Floating Wind Turbines to Be Tested | publisher = [[IEEE Spectrum]] | date = 2009-06-22 | url=http://www.spectrum.ieee.org/green-tech/wind/floating-wind-turbines-to-be-tested | archive-url=https://web.archive.org/web/20090628200828/http://www.spectrum.ieee.org/green-tech/wind/floating-wind-turbines-to-be-tested | archive-date = 2009-06-28 | url-status=dead}}</ref>
===Hydro=== {{Main|Hydro Oil & Gas}}
In 1965, Hydro joined [[Elf Aquitaine]] and six other [[France|French]] companies to form Petronord to perform searches for oil and gas in the [[North Sea]]. Hydro soon became a large company in the North Sea petroleum industry and also became the operator of a number of fields, the first being [[Oseberg Oil Field|Oseberg]].{{citation needed|date=January 2012}}
In the late 1980s, Hydro acquired the [[Mobil]] service stations in Norway, Sweden, and Denmark, changing their name to Hydro. In 1995, Hydro merged its stations in Norway and Denmark with [[Texaco]], creating the [[joint venture]] [[HydroTexaco]]. The service station chain was sold in 2006 to [[Reitangruppen]]. In 1999, Hydro acquired Norway's third-largest petroleum company [[Saga Petroleum]], which had major [[Upstream (oil industry)|upstream]] operations primarily in Norway and the [[United Kingdom]]. The British operations were later sold.{{citation needed|date=January 2012}}
===Merger=== [[Image:StatoilHydro.svg|thumb|The logo of StatoilHydro]] [[File:Statoil NYSE listing 2011 Shankbone.jpg|thumb|The [[New York Stock Exchange]] on 20 June 2011, on the 10th anniversary of when Statoil's shares were listed]]
A merger proposal was announced in December 2006.<ref name="NH061218">{{cite web |url=http://www.hydro.com/en/Press-room/News/Archive/2006/December/17106/ |archive-url= https://web.archive.org/web/20080828215807/http://www.hydro.com/en/Press-room/News/Archive/2006/December/17106/ |archive-date=2008-08-28 |title=Hydro's oil and gas activities to merge with Statoil |date=2006-12-18 |access-date=2007-06-20}}</ref> Under the rules of the [[European Economic Area|EEA]], the merger was approved by the [[European Union]] on 3 May 2007<ref name="EUB070305">{{cite web |url=http://www.eubusiness.com/Energy/statoil-norsk.44/ |title=EU regulators approve Statoil, Norsk Hydro merger |date=2007-05-03 |access-date=2007-06-20}}</ref> and by the [[Storting|Norwegian Parliament]] on 8 June 2007.<ref name="OR070611">{{cite web |url=http://www.ocean-resources.com/news/ournews.asp?NewsID=5709 |work=Norwegian Parliament |title=Okays Statoil-Hydro Merger |date=2007-06-11 |access-date=2007-06-20 |archive-url = https://web.archive.org/web/20071122174703/http://www.ocean-resources.com/news/ournews.asp?NewsID=5709 <!-- Bot retrieved archive --> |archive-date = 2007-11-22}}</ref> Statoil's shareholders hold 67.3% of the new company, with Norsk Hydro shareholders owning the remaining 32.7%.<ref name="EUB070305" /> The Norwegian Government, the biggest shareholder in both Statoil and Norsk Hydro, holds 67% of the company.<ref>{{cite web |url=http://www.statoil.com/en/InvestorCentre/Share/Shareholders/Top20/Pages/default.aspx |title=Top 20 shareholders |publisher=Statoil.com |access-date=2010-09-17 |archive-date=2010-05-12 |archive-url=https://web.archive.org/web/20100512043905/http://www.statoil.com/en/InvestorCentre/Share/Shareholders/Top20/Pages/default.aspx |url-status=dead }}</ref> [[Jens Stoltenberg]], the then Norwegian [[Prime Minister]], commented that he viewed the merger as "the start of a new era...creating a global energy company and strengthening Norway's oil and gas industry."<ref>{{cite web|url=http://odin.dep.no/smk/english/news/press_centre/press_releases/001001-071626/dok-bn.html |title=Merger of Statoil and Hydro oil- and gas division|access-date=June 20, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20070205231635/http://www.odin.dep.no/smk/english/news/press_centre/press_releases/001001-071626/dok-bn.html |archive-date=February 5, 2007 }}</ref>
It has been noted within the analyst community that a proposal will create an entity with much more competitive strength versus its much larger European rivals, including [[BP]], [[TotalEnergies|Total]], and [[Royal Dutch Shell|Shell]], while also increasing the ability of the company to make strategic acquisitions, particularly in the [[Gulf of Mexico]].<ref>{{Cite news |last=Cowley |first=Elizabeth |last2=Wang |first2=Michael |last3=Cummins |first3=Chip |date=2006-12-19 |title=Statoil, Norsk Hydro Create an Energy Behemoth - WSJ |url=https://www.wsj.com/articles/SB116642748971353246 |access-date=2026-04-29 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref> It is the ninth largest oil company in the world, and would be the 48th largest company in the world on the current [[Fortune Global 500]] list with a revenue of [[Norwegian krone|NOK]] 480 billion.<ref name="E24061219">{{cite web |url=http://e24.no/naeringsliv/article1574917.ece |title=Blant verdens 50 største |date=2006-12-19 |access-date=2007-10-18 |trans-title=Among the world's 50 largest}}</ref>
The company's management team was initially to be led by President and CEO [[Helge Lund]] (who previously held the same posts at Statoil), with [[Eivind Reiten]], the President and CEO of Hydro, acting as Chairman.<ref name="NH061218" /> However, Reiten decided to resign as chairman three days after the merger because of a possible corruption case in Hydro's former oil division. The vice-chair and former [[Minister of Petroleum and Energy (Norway)|Minister of Petroleum and Energy]] [[Marit Arnstad]] was chairperson until 1 April 2008, when [[Svein Rennemo]] took up the post on a permanent basis after resigning as the CEO of the Norwegian oil services company [[Petroleum Geo-Services]] (PGS).
To reflect a merger of the two companies and with regards of the minor partner, Hydro, it was decided that the joint company should be given a new name. An actual new name was not decided upon at the time of the merger, and StatoilHydro was created for temporary usage only. The firm announced its intention to revert to the name ''Statoil ASA'', and this was approved by the Annual General Meeting in May 2009.<ref>{{cite press release|url=http://hopey.netfonds.no/release.php?id=20090519.Hugin.1316517|title=Annual general meeting held in StatoilHydro ASA|date=19 May 2009|publisher=Hugin|access-date=2009-05-19|archive-date=2011-07-24|archive-url=https://web.archive.org/web/20110724181645/http://hopey.netfonds.no/release.php?id=20090519.Hugin.1316517|url-status=dead}}</ref> The name was changed on 2 November 2009<ref>{{cite press release|url=http://www.statoil.com/en/NewsAndMedia/News/2009/Pages/2NovStatoilHydroBecomesStatoil.aspx|title=StatoilHydro becomes Statoil|date=2 November 2009|publisher=Statoil|access-date=2009-11-24|archive-date=2009-11-20|archive-url=https://web.archive.org/web/20091120194657/http://www.statoil.com/en/NewsAndMedia/News/2009/Pages/2NovStatoilHydroBecomesStatoil.aspx|url-status=dead}}</ref>
The Norwegian state's share of the company after the merger was initially 62.5%. As a parliamentary decision in 2001 said it was a goal that the government should own 67% of Statoil, it was announced that the Norwegian government intended to increase its share. In 2009, it was announced that the Norwegian government had reached its goal of obtaining 67% of Statoil's share.<ref name=nrk2013/>
===Investments and developments after 2009=== In 2010, Statoil separated its downstream business into a separate listed company [[Statoil Fuel & Retail]].<ref name="E24100928">{{cite news | title = Mr. McStatoil vil vokse seg stor i Polen | first = Andreas L. | last = Farberg | url = http://e24.no/boers-og-finans/article3831059.ece | newspaper = [[E24 Næringsliv|E24]] | date = 2010-09-28 | access-date = 2010-10-03 | language = no | archive-url = https://web.archive.org/web/20101002231145/http://e24.no/boers-og-finans/article3831059.ece | archive-date = 2010-10-02 | url-status = dead }}</ref><ref name="STL100203">{{cite press release| url = http://www.statoil.com/en/NewsAndMedia/News/2010/Pages/03FebOwnershipER.aspx| title = Statoil opens for a new ownership structure for its energy and retail business| first = Cathrine| last = Torp| date = 2010-02-03| publisher = Statoil ASA| location = [[Stavanger]]| access-date = 2010-10-03| archive-date = 2010-02-06| archive-url = https://web.archive.org/web/20100206205857/http://www.statoil.com/en/NewsAndMedia/News/2010/Pages/03FebOwnershipER.aspx| url-status = dead}}</ref> In 2012 [[Alimentation Couche-Tard]] bought Statoil Fuel & Retail for $2.8 billion.<ref>{{cite news| url=http://uk.reuters.com/article/us-alimentation-statoilfuel-idUKBRE83H06R20120418 | archive-url=https://web.archive.org/web/20160105144919/http://uk.reuters.com/article/us-alimentation-statoilfuel-idUKBRE83H06R20120418 | url-status=dead | archive-date=January 5, 2016 | work=Reuters | first=Balazs | last=Koranyi | title=Canada's Couche-Tard to buy Statoil Fuel for $2.8 billion | date=2012-04-18}}</ref> On 24 May 2010, Statoil sold a 40% stake in the Peregrino field to Sinochem, the Chinese state-controlled oil company, for a cash sum of $3.07 billion, but retained 60% and the operatorship.<ref>{{Cite news |last=Goldstein |first=Steve |date=2010-05-21 |title=Statoil to Sell Oil-Field Stake to Sinochem for $3.07 Billion |url=https://www.wsj.com/articles/SB10001424052748704852004575258303693427456 |access-date=2025-08-27 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref> On 7 April 2010, Statoil announced finding oil and gas reserves in the Fossekall prospect just north of the [[Norne oil field]] in the Norwegian Sea. The proved recoverable oil resources were provisionally estimated at between {{convert|37|and|63|Moilbbl|m3}}, while the volume of associated and free gas was estimated at between 1 and 3 billion [[standard cubic meter|standard cubic metres]].<ref>{{cite web|url=http://www.scandoil.com/moxie-bm2/news/statoil-reports-oil-and-gas-discovery-just-north-o.shtml |title=Statoil reports oil and gas discovery just north of Norne (Scandinavian Oil-Gas Magazine) |publisher=Scandoil.com |access-date=2015-07-31}}</ref>
In early June 2011, Statoil ASA has divested 24.1% shares in [[Gassled]] joint venture for NOK 17.35 billion ($3.25 billion) to [[Solveig Gas Norway AS]] and still has 5% shares in the partnership.<ref>{{cite news|url=https://www.reuters.com/article/2011/06/06/idUS33520+06-Jun-2011+HUG20110606 |archive-url=https://web.archive.org/web/20141218215349/http://www.reuters.com/article/2011/06/06/idUS33520+06-Jun-2011+HUG20110606 |url-status=dead |archive-date=2014-12-18 |title=Statoil to divest in Gassled |publisher=Reuters.com |date=2011-06-06 |access-date=2011-10-21}}</ref> In 2016 Statoil sold the Leismer oil sand operation in Canada to [[Athabasca Oil Corporation|Athabasca Oil]].<ref>{{cite web|url= http://www.cbc.ca/news/canada/calgary/statoil-athabasca-sale-1.3897310 |title=Statoil sells oilsands assets to Athabasca Oil in deal worth up to $832 million|date= 2016-12-14 |work=[[CBC News]]|access-date= 2016-12-15}}</ref>
In 2011–2012, Statoil announced a new discovery in the [[North Sea]] of {{convert|0.5|to|1.2|Goilbbl|abbr=off}}, a large new find at its Aldous Major South prospect on the Norwegian continental shelf with recoverable oil between {{convert|0.9|to|1.5|Goilbbl|abbr=off}}, a large new find at the [[Skrugard]] prospect in the northern [[Norwegian Sea]] (Barents Sea in Statoil terminology) north of the [[Snøhvit]] field off [[Hammerfest]], and a find in the Havis Prospect of the [[Barents Sea]] of {{convert|200|to|3000|Moilbbl|abbr=off}} of oil.<ref>{{cite news|title=Norway Makes Its Second Huge Oil Discovery In The Past Year|url=http://www.businessinsider.com/norway-makes-its-second-huge-offshore-oil-discovery-of-the-year-2012-1|agency=Associated Press|date=January 9, 2012}}</ref><ref>{{cite news|first=Damian |last=Kahya |url=https://www.bbc.co.uk/news/business-15402145 |title=Statoil doubles estimated size of North Sea find |publisher=[[BBC News]]|date=2011-10-13 |access-date=2011-10-21}}</ref><ref>{{Cite web |title=Major oil discovery in the Barents Sea |url=http://www.worldoil.com/Major_oil_discovery_in_the_Barents_Sea.html |archive-url=https://web.archive.org/web/20141218220451/http://www.worldoil.com/Major_oil_discovery_in_the_Barents_Sea.html |archive-date=2014-12-18 |access-date=2025-05-27 |website=www.worldoil.com}}</ref>
In 2011, Statoil bought [[Brigham Exploration]] for $4.4 billion to gain access to its oil shale operations in [[North Dakota]]'s [[Bakken formation]].<ref>{{cite news|first1=Marianne |last1=Stigset |first2=Stephen |last2=Treloar |url=https://www.bloomberg.com/news/2011-10-17/statoil-to-buy-outstanding-shares-of-brigham-exploration-for-36-5-a-share.html |title=Statoil Buys Brigham for $4.4 Billion to Get Bakken Shale |publisher=Bloomberg.com |date=2011-10-17 |access-date=2015-07-31}}</ref> In 2012, Statoil sent 45,000 barrels of oil per day by [[railroad car]]s from [[North Dakota]].<ref>{{cite news|first=Ángel |last=González |url=https://www.wsj.com/articles/SB10000872396390443864204577619753319401154 |title=Statoil Leases Rail Cars to Ship Bottlenecked North Dakota Oil - WSJ |publisher=Online.wsj.com |date=2012-08-29 |access-date=2015-07-31}}</ref><ref>{{cite web|url=http://www.greencarcongress.com/2012/08/statoilbakken-20120830.html |title=Statoil to begin transporting Bakken crude from North Dakota by rail to overcome limited pipeline capacity; more than 1,000 cars for unit trains |publisher=Green Car Congress |date=2012-08-30 |access-date=2015-07-31}}</ref> In November 2011, a Statoil consultant and two others were tried for having received 7 million [[Norwegian kroner]], in exchange for contracts and payments totaling "several tenfold" of millions of Norwegian kroner.<ref>{{cite news|title=Falske fakturaer i fleng|newspaper=[[Dagens Næringsliv]]|date=2011-10-06|page=17|quote=Forholdet de er tiltalt for skal ha foregått over 7 år, fra 2003 til 2010. Tilsammen skal hovedmannen, en innleid Statoil-konsulent, ha mottatt over syv millioner kroner i bestikkelser. Motytelsen var kontrakter og utbetalinger på flere titall millioner kroner fra Statoil til et selskap de to andre er knyttet til. — To av tre erkjenner straffeskyld. — Saken er den største korrupsjonssaken siden Statoils Horton-sak}}</ref>
In June 2013, Statoil announced a funded joint venture with Petrofrontier Corp. in [[Australia]]. Petrofrontier's Georgina Basin shale oil and gas bearing structures consistent with other producing areas in Australia and North America.<ref>{{Cite web |title=PetroFrontier Corp. {{!}} PetroFrontier Corp. announces Statoil to fully fund a US$50 million 2013/2014 exploration program in the Southern Georgina Basin |url=http://www.newswire.ca/en/story/1181481/petrofrontier-corp-announces-statoil-to-fully-fund-a-us-50-million-2013-2014-exploration-program-in-the-southern-georgina-basin |archive-url=https://web.archive.org/web/20131105190046/http://www.newswire.ca/en/story/1181481/petrofrontier-corp-announces-statoil-to-fully-fund-a-us-50-million-2013-2014-exploration-program-in-the-southern-georgina-basin |archive-date=2013-11-05 |access-date=2026-04-29 |website=www.newswire.ca |language=en}}</ref> In 2016, Statoil licensed 66% of the Carcará field in the [[Santos Basin|Santos basin]] from [[Petrobras]] for $2.5 billion.<ref>{{Cite web |date=2016-07-29 |title=Statoil gjør milliardkjøp på brasiliansk sokkel |trans-title=Statoil makes billion-dollar acquisition on the Brazilian shelf |url=https://www.tu.no/artikler/statoil-gjor-milliardkjop-pa-brasiliansk-sokkel/349777 |access-date=2026-04-29 |website=Tu.no |language=no}}</ref> In October 2014, Statoil sold its 15.5% stake in the [[Shah Deniz gas field]] in [[Azerbaijan]] to [[Petronas]] for a fee of $2.25 billion.<ref>{{Cite web |last=Fouche |first=Gwladys |last2=Solsvik |first2=Terje |date=2014-10-13 |title=Statoil exits Shah Deniz gas project with stake sale to Petronas |url=https://www.reuters.com/article/business/statoil-exits-shah-deniz-gas-project-with-stake-sale-to-petronas-idUSKCN0I2090/ |access-date=2026-04-29 |website=Reuters}}</ref> Since 1 October 2014, Statoil also supplies natural gas to [[Ukraine]]'s [[Naftogaz]].<ref>{{Cite web |date=2014-11-18 |title=Gas contract with Statoil more advantageous than with Gazprom – Yatseniuk |url=https://en.interfax.com.ua/news/economic/235042.html |access-date=2026-04-29 |website=Interfax-Ukraine |language=en}}</ref><ref>{{Cite web |last=Ricardo |first=Rodriguez |date=2025-12-25 |title=399bet |url=https://399bet.ltd |access-date=2026-04-29}}</ref><ref>{{Cite news |title=Norway's Statoil sells gas to Ukraine's Naftogaz |url=https://www.reuters.com/article/ukraine-crisis-statoil-idUSL6N0RY2UC20141003 |access-date=2026-04-29 |work=Reuters}}</ref> In 2016, Statoil acquired a $3 million share of a US [[wind turbine]] [[Lease#Equipment leasing|leasing]] company.<ref>{{Cite web |title=Statoil Energy Ventures makes first investment: United Wind |url=http://www.statoil.com/en/NewsAndMedia/News/2016/Pages/07mar-united-wind.aspx |archive-url=https://web.archive.org/web/20160307180950/http://www.statoil.com/en/NewsAndMedia/News/2016/Pages/07mar-united-wind.aspx |archive-date=2016-03-07 |access-date=2026-04-29 |website=www.statoil.com}}</ref> Statoil expects oil demand to peak in the 2020s, and continually decline thereafter due to [[Electric transportation technology|electric transportation]].<ref>{{Cite web |title=Exxon backs ‘serious action’ on climate change |url=https://www.ft.com/content/30d8dc2e-95fa-11e6-a1dc-bdf38d484582 |archive-url=http://web.archive.org/web/20251231000402/https://www.ft.com/content/30d8dc2e-95fa-11e6-a1dc-bdf38d484582 |archive-date=2025-12-31 |access-date=2026-04-29 |website=www.ft.com |language=en-GB}}</ref><!-- related http://www.statoil.com/en/NewsAndMedia/Presentations/Downloads/CEO%20Eldar%20Saetre,%20Oil%20and%20Money,%2018%20October,%20London.pdf -->
Despite finding no oil at its large exploration prospect in the [[Arctic]] in 2017, Statoil announced in October 2017 that the company would not give up exploring the Arctic.<ref name=ft-giveup>{{cite news |last=Milne |first=Richard |date=October 29, 2017 |title=Statoil will not give up on exploration in Arctic |url=https://www.ft.com/content/ba437158-bb25-11e7-8c12-5661783e5589 | work=[[Financial Times]] |location= United Kingdom |access-date=October 30, 2017}}</ref>
In October 2017, Statoil commissioned the 30-MW [[Hywind Scotland]] floating wind farm {{convert|18|mi|km|order=flip}} off [[Peterhead]], [[Scotland]].<ref name="auto">{{cite web|url=http://www.dailyrecord.co.uk/business/business-energy/statoil-pilot-floating-wind-farm-6749984|title=Statoil to pilot floating wind farm scheme offshore Peterhead|first=Scott|last=McCulloch|date=2 November 2015|website=Dailyrecord.co.uk|access-date=19 July 2018}}</ref><ref name="bbc.co.uk">{{cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-34694463|title=Floating wind farm to be UK first|date=2 November 2015|access-date=19 July 2018|website=BBC News}}</ref><ref name="4coffshore.com">{{cite web|url=http://www.4coffshore.com/windfarms/hywind-scotland-pilot-park-united-kingdom-uk76.html|title=Hywind Scotland Pilot Park - 4C Offshore|website=4coffshore.com|access-date=19 July 2018}}</ref> Equinor was contracted to build a [[wind tower]] assembly farm in [[New York City]] that same year.<ref>{{Cite web|date=2021-05-16|title=For clean energy, buy American or buy it quick and cheap?|url=https://www.seattletimes.com/business/for-clean-energy-buy-american-or-buy-it-quick-and-cheap/|access-date=2021-05-17|website=[[Seattle Times]]|language=en-US}}</ref> In March 2018, Statoil acquired a 50% stake in the Polish Bałtyk Środkowy III and Bałtyk Środkowy II (Middle Baltic II/III) offshore wind farms.<ref name="cleantechnica060318">{{Cite news | url=https://cleantechnica.com/2018/03/06/statoil-acquires-50-interest-1-2-gw-polish-offshore-wind-farms/ | title=Statoil Acquires 50% Interest In 1.2 Gigawatt Polish Offshore Wind Farms | first=Joshua S. | last=Hill | work=Clean Technica | date=2018-03-06}}</ref>
In February 2024, Equinor and [[Deepak Fertilisers and Petrochemicals|Deepak Fertilizers and Petrochemicals Corporation limited]] (DFPCL) entered into a 15-year agreement to supply [[natural gas]] liquids annually from 2026. The annual supply will be up to 0.65 million tons of gas.<ref>{{Cite web|language=en|url=https://energy.economictimes.indiatimes.com/news/oil-and-gas/dfpcl-secures-0-65-million-tonne-annual-lng-supply-from-equinor-in-15-year-deal/107835868|title=DFPCL secures 0.65 million tonne annual LNG supply from Equinor in 15-year deal|website=EnergyWorld|access-date=2024-02-26|archive-date=2024-02-26|archive-url=https://web.archive.org/web/20240226181546/https://energy.economictimes.indiatimes.com/news/oil-and-gas/dfpcl-secures-0-65-million-tonne-annual-lng-supply-from-equinor-in-15-year-deal/107835868}}</ref>
===Rebranding to Equinor=== [[File:Statoil fornebu IMG 4600.JPG|thumb|Equinor office building in [[Fornebu]], [[Oslo]] (2012)]] On 15 March 2018, Statoil announced that it would change its name to Equinor following approval by the annual general meeting.<ref>{{Cite news |last=Dagenborg |first=Joachim |last2=Adomaitis |first2=Nerijus |date=2018-03-15 |title=Statoil to rebrand as Equinor in green energy push |url=https://www.reuters.com/article/world/statoil-to-rebrand-as-equinor-in-green-energy-push-idUSKCN1GR0K1/ |access-date=2025-08-25 |work=Reuters |language=en-US}}</ref><ref>{{Cite web |date=2018-03-19 |title=An Early April’s Fool? Statoil Rebrands itself As Equinor |url=https://oilchange.org/blogs/an-early-aprils-fool-statoil-rebrands-itself-as-equinor/ |access-date=2025-08-25 |website=Oil Change International |language=en}}</ref>
Between 2007 and 2019, the company reported massive losses,<ref>{{Cite web|title='Scandal' losses in US haunt Equinor|url=https://www.newsinenglish.no/2020/05/11/scandal-losses-in-us-haunt-equinor/|access-date=2021-05-17|website=www.newsinenglish.no|date=11 May 2020 }}</ref> including over USD $21.5 billion lost from its US-based assets.<ref name=":2">{{Cite web|date=2021-02-10|title=Equinor sells U.S. Bakken shale assets, posts record loss for 2020|url=https://www.reuters.com/business/energy/equinor-sells-us-bakken-shale-assets-posts-record-loss-2020-2021-02-10/|access-date=2021-05-17|website=Reuters}}</ref> In 2019, the company sold its assets in [[Eagle Ford, Texas]] to [[Repsol]] for $325 million.<ref>{{Cite web|last=Blum|first=Jordan|date=2019-11-07|title=Equinor sells Eagle Ford position for $325 million to Repsol|url=https://www.chron.com/business/energy/article/Equinor-sells-Eagle-Ford-position-for-325-14818000.php|access-date=2021-05-17|website=Chron|language=en-US}}</ref>
In August 2020, Equinor appointed [[Anders Opedal]] as its new CEO.<ref>{{Cite news|date=2020-08-10|title=Equinor appoints new CEO to speed up renewable investments |language=en |work=Reuters|url=https://www.reuters.com/article/us-equinor-ceo-idUSKCN2560B4| access-date=2020-08-14}}</ref> That year, the company announced that it would be decreasing employee numbers by 20% and contractor numbers by half in the [[United States]], Canada and the [[United Kingdom]], in response to falling oil prices.<ref>{{Cite news|date=2020-08-26|title=Equinor to cut jobs in U.S., Canada and UK following oil price fall|language=en|work=Reuters|url=https://www.reuters.com/article/us-equinor-layoffs-idUSKBN25M214|access-date=2021-05-17}}</ref>
In January 2021, Equinor acquired a contract to provide off-shore [[wind power]] to the city of New York in partnership with [[BP]].<ref>{{Cite news|last=McFarlane|first=Sarah|date=2021-02-06|title=Floating Wind Turbines Buoy Hopes of Expanding Renewable Energy|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/floating-wind-turbines-buoy-hopes-of-expanding-renewable-energy-11612623702|access-date=2021-05-17|issn=0099-9660}}</ref><ref>{{Cite web|last=Frangoul|first=Anmar|date=2021-01-14|title=Norway's Equinor clinches one of the largest ever renewable energy contracts in the U.S.|url=https://www.cnbc.com/2021/01/14/equinor-clinches-huge-renewable-energy-contract-in-the-us.html|access-date=2021-05-17|website=CNBC|language=en}}</ref> The contract with [[New York State]] was reportedly the largest offshore wind deal offered by an American state to date.<ref>{{Cite news|date=2021-01-13|title=Norway's Equinor clinches New York offshore wind contract|language=en|work=Reuters|url=https://www.reuters.com/article/us-usa-windpower-equinor-bp-idUSKBN29I2YD|access-date=2021-05-17}}</ref> In February 2021, Equinor completed the sale of its shale assets in the [[Bakken formation]] of [[North Dakota]] to Grayson Mill Energy for $900 million.<ref>{{Cite web|title=Equinor completes sale to Grayson Mills|url=https://www.willistonherald.com/news/oil_and_energy/equinor-completes-sale-to-grayson-mills/article_25639710-a835-11eb-9474-c363622b00c8.html|access-date=2021-05-17|website=Williston Herald|date=28 April 2021 |language=en}}</ref><ref name=":2" /> That month, a spokesperson for the company stated that Equinor was considering further sales of energy assets in the US, in the aftermath of the global oil price war.<ref>{{Cite web|date=2021-02-15|title=Exclusive – Equinor considers more US asset sales in global strategy revamp|url=https://www.reuters.com/business/energy/exclusive-equinor-considers-more-us-asset-sales-global-strategy-revamp-2021-02-16/|access-date=2021-05-17|website=Reuters}}</ref>
In May 2021, Equinor and Italian energy company [[Eni]] announced that they were partnering on developing floating wind farms in the North Sea under a contract with the Norwegian government.<ref>{{Cite news |date=2021-05-06 |title=Equinor and Eni to collaborate on floating North Sea wind power |language=en |work=Reuters |url=https://www.reuters.com/article/norway-windfarm-idUSL8N2MT1N6 |access-date=2021-05-17}}</ref> Equinor partnered with Norwegian renewable energy company Vårgrønn in 2021 to acquire wind acreage in the Utsira Nord region of the [[North Sea]].<ref>{{Cite web|date=May 6, 2021|title=Equinor, Vårgrønn to collaborate on wind farm bids offshore Norway|url=https://www.offshore-mag.com/renewable-energy/article/14202853/equinor-vrgrnn-to-collaborate-on-wind-farm-bids-offshore-norway|access-date=2021-05-17|website=www.offshore-mag.com}}</ref>
==Operations==
===Oil and gas exploration and production=== [[Image:StatfjordA(Jarvin1982).jpg|thumb|Statoil is operator of [[Statfjord oil field|Statfjord]] in the Norwegian North Sea]] {{See also|Equinor operations by country}} Equinor is the largest operator on the [[Norwegian continental shelf]], with 60% of the total production. The fields operated are Brage, Heimdal, Grane, Glitne, [[Gullfaks oil field|Gullfaks]], [[Heidrun oil field|Heidrun]], Huldra, Kristin, Kvitebjørn, Mikkel, Njord, Norne, [[Ormen Lange (gas field)|Ormen Lange]], [[Oseberg oil field|Oseberg]], [[Sleipner gas field|Sleipner]], [[Snorre oil field|Snorre]], [[Snøhvit]], [[Statfjord oil field|Statfjord]], Sygna, Tordis, [[Troll gas field|Troll]], Veslefrikk, Vigdis, Visund, Volve, and Åsgard. The company also has processing plants at [[Kollsnes|Kolsnes]], [[Kårstø]], [[Mongstad]], [[Tjeldbergodden]], and [[Snohvit|Melkøya]].
In addition to the Norwegian continental shelf, Equinor operates oil and gas fields in [[Australia]], [[Algeria]], [[Angola]], [[Azerbaijan]], Brazil, [[Canada]], China, [[Libya]], [[Nigeria]], [[Russia]], [[United Kingdom]], [[United States]], and [[Venezuela]]. Statoil has offices that are looking for possible ventures in the countries of [[Mexico]], [[Qatar]] and the [[United Arab Emirates]]. The company has processing plants in [[Belgium]], [[Denmark]], France, and Germany. In 2006, Statoil was given approval to implement the world's largest [[carbon sequestration]] project as a means to mitigate [[carbon emissions]] to the atmosphere.{{citation needed|date=October 2011}}
Equinor is a partner in Brazil's offshore Peregrino oil field, which came on-stream in 2011. Equinor holds a 15.625% interest in the ''Deep Blue'' well on [[Green Canyon]] 723 in the deepwater Gulf of Mexico.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/noble-energy-announces-status-of-deep-blue-exploration-well-93320749.html |title=Noble Energy Announces Status of Deep Blue Exploration Well - HOUSTON, May 10 /PRNewswire-FirstCall/ |publisher=Prnewswire.com |date=2004-09-19 |access-date=2015-07-31}}</ref>
Equinor has a long history of attempting to get involved in the Russian petroleum sector. Many partnerships have been entered, but the company has never had a major success in Russia. It partnered with [[Gazprom]] and [[Total SE|Total]] on the Shtokman project in the Barents Sea,<ref>{{Cite journal|last1=Jensen|first1=Victor|last2=Overland|first2=Indra|date=2011|title=Shtokman-prosjektets blindsone: Fransk-russiske relasjoner|url=https://www.researchgate.net/publication/286111147|journal=Internasjonal Politikk|volume=69|issue=3|pages=387–411|doi=10.18261/ISSN1891-1757-2011-03-03|doi-broken-date=30 July 2025 |via=ResearchGate|doi-access=free}}</ref> but this was shelved due to high costs and low gas prices. It then shifted from partnership with Gazprom to Rosneft, and in the two companies, have drilled for oil in several areas of Russia, again without any major finds.<ref name=":0" /> After the introduction of [[international sanctions during the Russo-Ukrainian War]] against Russia,<ref>{{Cite journal|last1=Fjaertoft|first1=Daniel|last2=Overland|first2=Indra|date=2015|title=Financial Sanctions Impact Russian Oil, Equipment Export Ban's Effects Limited|url=https://www.researchgate.net/publication/281776234|journal=Oil and Gas Journal|volume=113|pages=66–72|via=ResearchGate}}</ref> Equinor has kept a much lower public profile on its Russian activities while continuing largely as before. Equinor left Russia in September 2022 after striking a deal with [[Rosneft]], selling its Russian assets and transferring future liabilities and investment commitments for one euro.<ref>{{cite news |url=https://www.reuters.com/business/energy/exclusive-how-norways-equinor-exited-russia-move-fast-sell-cheap-2022-09-14/ |title=Exclusive: How Norway's Equinor exited Russia: Move fast, sell cheap |last1=Adomaitis |first1=Nerijus |last2=Bousso |first2=Ron |website=Reuters |date=14 September 2022 |access-date=18 October 2022}}</ref>
The Norwegian economics professor [[Karl Ove Moene]] has, in the Norwegian business daily ''[[Dagens Næringsliv]]'', raised the question of Equinor and [[resource curse]]. Much economic research show that, while natural resources are positive for nations with sound political structures, such as Norway, they are negative for nations with unsound political structures, and will, despite the riches, result in a lower economic growth. Besides his own research, Moene also points to similar results from [[Paul Collier]].<ref>{{cite web|url=https://www.dn.no/med-egne-ord/olje/usa/equinor/olje-utvikling-og-ansvar/2-1-425948|title=Olje, utvikling og ansvar|quote=Med andre ord fant vi at mer olje i land med gode institusjoner er en velsignelse, mens mer olje i land med dårlige institusjoner er en forbannelse. Når oljeselskapene bidrar til å hente ut ressurser til gode regimer, kan innbyggerne få økte muligheter og materiell fremgang. Når oljeselskapene bidrar til å hente ut ressurser til dårlige regimer, får landet økt konflikt, grabbing og sløsing med mennesker og talent.|date=21 September 2018|access-date=27 September 2018}}</ref><ref>{{cite web|url=https://www.dn.no/innlegg/equinor/equinors-bortforklaringer/2-1-436601|title=Equinors bortforklaringer|quote=Etter min vurdering har oljeressursene i udemokratiske land tre tragiske virkninger som forsterker hverandre: a) eliten tenderer til å ta alt – ressursene blir tappet ut før befolkningen skaffer seg demokratisk makt til å få del i inntektene; b) resten av økonomien utarmes – den økonomiske veksten går ned; c) det autoritære styresettet sementeres – oljen forhindrer demokrati. Dette ville ikke være mulig uten oljeselskapenes medvirkning.|date=5 October 2018|access-date=}}</ref><ref>{{cite web|url=https://www.dn.no/innlegg/heleren-og-stjeleren/2-1-463659|title=Heleren og stjeleren|quote=Å utvinne olje i udemokratiske regimer gir befolkningen en tredobbel straff: 1) mindre ressurser til fremtidens demokrati, 2) mindre sannsynlig med snarlige demokratiske reformer, 3) lavere økonomisk vekst enn om oljen ble liggende.|date=2 November 2018|access-date=3 November 2018}}</ref>
In July 2025, Equinor discovered natural gas in the [[Barents Sea|Barents sea]], near the Johan Casterberg field.<ref>{{Cite web |date=10 July 2025 |title=Norway's Equinor makes gas find in Barents Sea |url=https://www.reuters.com/business/energy/norways-equinor-makes-gas-find-barents-sea-2025-07-10/ |access-date=25 August 2025 |website=Reuters}}</ref><ref>{{Cite web |last=Afanasiev |first=Vladimir |date=2025-07-10 |title=Equinor hits gas with Barents Sea well |url=https://www.upstreamonline.com/exploration/equinor-hits-gas-with-barents-sea-well/2-1-1844524 |access-date=2025-08-25 |website=upstreamonline.com |language=en}}</ref> At the end of August 2025, Equinor found oil and gas in two reservoirs in the Fram area of the [[North Sea]].<ref>{{Cite web |date=2025-08-25 |title=Equinor Finds Oil and Gas Near Troll Field in North Sea |url=https://www.oedigital.com/news/529265-equinor-finds-oil-and-gas-near-troll-field-in-north-sea |access-date=2025-08-25 |website=Offshore Engineer Magazine |language=en}}</ref> One discovery was of oil and gas, the other one just gas.<ref>{{Cite web |last=Cavcic |first=Melisa |date=2025-08-25 |title=Fresh oil & gas discovery springs up in North Sea |url=https://www.offshore-energy.biz/fresh-oil-gas-discovery-springs-up-in-north-sea/ |access-date=2025-08-25 |website=Offshore Energy |language=en-US}}</ref><ref>{{Cite web |last=Procyk |first=Alex |date=2025-08-25 |title=Equinor discovers oil, gas in Fram area offshore Norway |url=https://www.ogj.com/exploration-development/discoveries/news/55312118/equinor-discovers-oil-gas-in-fram-area-offshore-norway |access-date=2025-08-25 |website=Oil & Gas Journal |language=en}}</ref>
===Pipeline operations=== Equinor is involved in a number of [[Pipeline transport|pipelines]], including [[Zeepipe]], [[Statpipe]], [[Europipe I]] and [[Europipe II]], and [[Franpipe]] from the Norwegian continental shelf to [[Western Europe]] in addition to the [[Baku-Tbilisi-Ceyhan pipeline]] in [[Caucasus]]. The pipelines from Norway are organized through [[Gassled]]. In the North Sea, Equinor operates the [[Oseberg Transport System]], Kvitebjørn oil pipeline, Heidrun gas pipeline, Sleipner East pipeline and Vestprosess pipeline.
The company has trading offices for [[crude oil]], refined petroleum products, and [[natural gas liquids]] in [[London]], [[Stamford, Connecticut]], and [[Singapore]].
===Solar=== Equinor has stakes in solar power projects in [[Latin America]] and [[Northwestern Europe]].<ref>{{cite web |title=Solar energy in Equinor |url=https://www.equinor.com/energy/solar-energy |access-date=2023-09-06}}</ref>
In Brazil, Equinor has a 43.5% stake in the Apodi Solar plant in [[Ceará]] and a 30% stake in the Mendubim complex of solar plants in the [[Rio Grande do Norte]]. In [[Bahia]], another solar plant is expected to be completed by the end of 2025 and will be fully owned by Equinor.
In Poland, Equinor owns three solar plants producing about 171MW. Another 20MW solar plant is current under construction as of October 2025.
In Denmark, Equinor owns a 65MW solar plant in [[Jutland]].
In Sweden, Equinor owns a 95MW solar plant in [[Alvesta]].
===Wind energy=== {{main|Hywind Scotland}}
Equinor owns and operates the 30-MW [[Hywind Scotland]] floating wind farm {{convert|18|mi|km|order=flip}} off [[Peterhead]], [[Scotland]].<ref name="auto"/><ref name="bbc.co.uk"/><ref name="4coffshore.com"/> Equinor owns 50% stake in the Polish 1,200-MW Bałtyk Środkowy III and Bałtyk Środkowy II offshore wind farms.<ref name=cleantechnica060318/> It also owns 25% stake in the 385-MW Arkona wind farm offshore Germany.<ref name=offshorewind250416> {{Cite news | url = https://www.offshorewind.biz/2016/04/25/e-on-and-statoil-to-jointly-build-385mw-arkona-offshore-wind-farm/ | title = E.ON and Statoil to Jointly Build 385MW Arkona Offshore Wind Farm | work=Offshore Wind | date = 2016-04-25}}</ref> Equinor operates the [[Sheringham Shoal Offshore Wind Farm]] with 40% stake in the project and has 50% stake in each Creyke Beck A and B and Teesside A wind farms of the [[Dogger Bank Wind Farm]] development in the [[United Kingdom]].<ref name=statoil100817>{{Cite press release | url = https://www.equinor.com/en/news/revised-ownership-structure-uk-offshore-wind-project.html | title = Revised ownership structure in UK offshore wind project | publisher=Equinor | date = 2017-08-10}}</ref>
In February 2025, Equinor announced that they would cut investments in renewables to $5bn over the next two years, down from about $10bn.<ref>{{Cite web |date=2025-02-06 |title=Norwegian oil giant Equinor cuts green investment in half |url=https://www.bbc.co.uk/news/articles/c1jg7k1kjwyo |access-date=2025-02-06 |website=BBC News |language=en-GB}}</ref> In August 2025, Equinor and SSE finalized a seabed lease with the Crown Estate to progress the Dogger Bank D offshore wind project.<ref>{{Cite web |title=Windtech International - SSE and Equinor finalise seabed lease for Dogger Bank D |url=https://www.windtech-international.com/projects-and-contracts/sse-and-equinor-finalise-seabed-lease-for-dogger-bank-d |access-date=2025-08-26 |website=www.windtech-international.com}}</ref>
===Petrol stations=== The company operated [[fuel station]]s under the main brand [[Statoil (fuel station)|Statoil]], fully automated stations under [[1-2-3 (fuel station)|1-2-3]] and some of the stations under [[Ingo (brand)|Ingo]] brand in Denmark and Sweden. In September 2007 Statoil acquired all Nordic [[Jet (brand)|Jet]] stations and continued to use the brand name until 2014 when the Nordic stations were rebranded to the new brand name [[Ingo (brand)|Ingo]].<ref>{{cite web |url=http://www.statoil.com/STATOILCOM/SVG00990.nsf/UNID/41256A3A0055DD32C125735B002CA4F2?OpenDocument&kat=nyhet |title=Purchasing JET automated stations in Scandinavia |date=19 September 2007 |work=Stat Oil |archive-url=https://web.archive.org/web/20071203165544/http://www.statoil.com/STATOILCOM/SVG00990.nsf/UNID/41256A3A0055DD32C125735B002CA4F2?OpenDocument&kat=nyhet |archive-date=2007-12-03 |url-status=dead}}</ref> After the acquisition of [[Norsk Hydro]] in 2007 also operated 118 [[Hydro (fuel-station chain)|Hydro]] and [[Uno-X]] fuel station networks in Sweden until were sold together with 40 Jet stations in Norway in 2009 to Finnish company [[St1]].<ref>{{cite news|url=https://www.reuters.com/article/statoilhydro-st1-idUKOSO00150920090401|title=Finnish retailer St1 buys 198 Statoil stations|website=[[Reuters]]|date=April 2009 |access-date=1 April 2009}}</ref>
In 2010, the downstream operations were separated into new listed company [[Statoil Fuel & Retail]].<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2010-10-22/statoil-fuel-retail-shares-post-gains-in-oslo-on-first-day-of-trading|title=Statoil Fuel & Retail Rises in Oslo on First Day of Trading|website=bloomberg.com|date=22 October 2010}}</ref> In total Statoil had about 2,300 fuel station services in [[Denmark]], [[Estonia]], [[Republic of Ireland|Ireland]], [[Latvia]], [[Lithuania]], [[Norway]], [[Poland]], [[Russia]], and [[Sweden]], as well as significant lubricants and aviation fuel operations.<ref name="STL100902">{{cite web| url = http://www.statoil.com/en/NewsAndMedia/News/2010/Pages/02Sep_OSE_Listing.aspx| title = Statoil files OSE application to list Statoil Fuel & Retail ASA| first = Jannik| last = Lindbæk| date = 2010-09-02| publisher = [[Statoil|Statoil ASA]]| location = [[Stavanger]]| accessdate = 2010-10-03| archive-date = 2010-09-16| archive-url = https://web.archive.org/web/20100916020128/http://www.statoil.com/en/NewsAndMedia/News/2010/Pages/02Sep_OSE_Listing.aspx| url-status = dead}}</ref>
In 2012 Canadian company [[Alimentation Couche-Tard]] agreed to buy the company for $2.8 billion.<ref>{{cite web|url=https://www.lexpert.ca/big-deals/couche-tard-completes-acquisition-of-statoil-fuel-retail/347568|title=Couche-Tard Completes Acquisition of Statoil Fuel & Retail|website=lexpert.ca|access-date=19 June 2012}}</ref> In 2016, Couche-Tard decided to rebrand all fuel stations into the [[Circle K]] brand.<ref>{{Cite web|url=http://scandinavianretail.se/statoil-to-change-name-to-circle-k/|title=Statoil stations to change name to Circle K|website=scandinavianretail.se|access-date=22 September 2015}}</ref>
==Finances== For the fiscal year 2018, Equinor reported earnings of US$7.535 billion, with an annual revenue of US$79.593 billion, an increase of 30.1% over the previous fiscal cycle. Equinor's shares traded at over $18 per share, and its market capitalization was valued at over US$55.5 billion in October 2018.<ref>{{Cite web|url=https://www.macrotrends.net/stocks/charts/EQNR/statoil/revenue |title=Statoil Revenue 2006-2018 {{!}} EQNR|website=www.macrotrends.net|access-date=2018-10-31}}</ref> In the fourth quarter of 2021, Equinor had a profit of $15 billion.<ref>{{cite web |title=Rekordgodt Equinor-resultat: 132 milliarder kroner i justert driftsresultat i fjerde kvartal |url=https://www.tu.no/artikler/rekordgodt-equinor-resultat-132-milliarder-kroner-i-justert-driftsresultat-i-fjerde-kvartal/517162 |website=Tu.no |publisher=[[Teknisk Ukeblad]] |language=no |date=9 February 2022}}</ref> {| class="wikitable float-left" style="text-align: right;" !Year !Revenue<br />in million US$ !Net income<br />in million US$ !Total Assets<br />in mil. US$ !Price per Share<br />in US$ !Employees |- |2005 |60,690 |4,775 |44,907 |9.23 | |- |2006 |66,155 |6,344 |49,276 |10.97 | |- |2007 |89,399 |7,643 |82,727 |13.34 | |- |2008 |117,291 |7,784 |104,058 |7.53 | |- |2009 |73,967 | 2,834 |90,054 |11.80 | |- |2010 |87,330 | 6,242 |106,611 |11.70 |30,400 |- |2011 |119,766 |14,079 |137,350 |13.10 |31,715 |- |2012 |124,425 |11,851 |134,917 |13.29 |23,028 |- |2013 |108,613 |6,799 |150,906 |13.30 |23,413 |- |2014 |99,264 |3,871 |132,702 |10.16 |22,516 |- |2015 |59,642 | −5,192 |109,742 |8.36 |21,581 |- |2016 |45,873 |−2,922 |104,530 |11.39 |20,539 |- |2017 |61,187 |4,590 |111,100 |14.06 |20,245 |- |2018 |79,593 |7,535 |112,508 |14.06 |20,525 |- |2019 |64,357 |1,843 |118,063 |13.89 |21,212 |- |2020 |45,818 |−5,510 |124,809 |12.01 |21,245 |- |2021 |90,924 |1,843 |147,120 |19.78 |21,936 |- |2022 |150,806 |28,746 |158,021 |28.10 |21,936 |- |2023 |107,174 |11,885 |143,580 |27.13 |23,000 |- |2024 |103,774 |8,806 |131,141 |22.68 |24,641 |}
==Human rights== In 2016, Equinor (then Statoil) was ranked as the 5th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.<ref name=":1">{{Cite web |last=Overland |first=Indra |date=2016 |title=Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic |url=https://www.researchgate.net/publication/313474088 |access-date=2 August 2018 |website=ResearchGate |publisher=Arran}}</ref>
==Involvement with Norwegian government== The Norwegian government owns a 67% share in Equinor, giving the Norwegian government majority control of the company.<ref>{{Cite web |title=Our shareholders |url=https://www.equinor.com/investors/our-shareholders |access-date=2025-03-17 |website=www.equinor.com |language=en}}</ref>
===Interactions with the Norwegian government=== Equnior generated a total of NOK 1,029.6 billion ($91.83 billion USD) in 2023 and NOK 701 billion ($62.52 billion USD) in 2024 for the Norwegian government, with the Norwegian government predicting that Equinor will generate NOK 643 billion ($57.35 billion USD) in 2025. Most of the generated money comes from taxes, with the Norwegian government charging a special tax on petroleum deposits, equating to a 78% combined marginal tax rate on Equinor's oil operations.<ref>{{Cite web |title=The government's revenues |url=https://www.norskpetroleum.no/en/economy/governments-revenues/ |access-date=2025-03-17 |website=Norwegianpetroleum.no |language=en}}</ref> The Norwegian government's ownership of Equinor is part of a [[Economy of Norway#State ownership role|larger strategy of state ownership in certain industrial sectors]], namely those involving natural resources.<ref>{{Cite journal |last=Christensen |first=Sverre A. |date=September 2024 |title=Explaining State Ownership in Listed Companies in Norway |journal=Enterprise & Society |language=en |volume=25 |issue=3 |pages=907–932 |doi=10.1017/eso.2023.19 |issn=1467-2227|doi-access=free |hdl=11250/3143551 |hdl-access=free }}</ref> Revenue generated from Equinor is placed in the [[Government Pension Fund of Norway|Government Pension Fund Global (GPFG)]], which has become the world's largest single [[sovereign wealth fund]] in terms of total assets under management.<ref>{{Cite news |title=Norway's sovereign-wealth fund passes the $1trn mark |url=https://www.economist.com/finance-and-economics/2017/09/23/norways-sovereign-wealth-fund-passes-the-1trn-mark |access-date=2025-03-17 |newspaper=The Economist |issn=0013-0613}}</ref><ref>{{Cite web |title=Sovereign Wealth Fund: Norway |url=https://www.sdg16.plus/policies/sovereign-wealth-fund-norway/ |access-date=2025-03-17 |website=Pathfinders |language=en-US}}</ref>
===State-owned corporate structural changes and impacts=== Yale researchers have noted that decisions by the Norwegian Government tend to be more focused on long-term sustainability, while public shareholders make decisions more focused on immediate economic gains; since the Norwegian Government has a majority share, this has generally resulted in Equinor's corporate policies and actions favoring long-term sustainability.<ref name=":3">{{Cite web |title=Statoil's Place in Norway {{!}} Equinor {{!}} Yale Case Study Research and Development |url=https://cases.som.yale.edu/equinor/norway-and-oil/statoils-place-norway |access-date=2025-03-17 |website=cases.som.yale.edu |language=en}}</ref> The Norwegian Royal Ministry of Trade, Industry and Fisheries is the Ministry in charge of the Norwegian Government's shares in Equinor, who have declared that their goal with Equinor is to achieve "the highest possible return over time in a sustainable manner."<ref>"Greener and more active state ownership" (PDF). [[Ministry of Trade, Industry and Fisheries|Norwegian Royal Ministry of Trade, Industry and Fisheries]]. 2023. Retrieved 2025-02-14.</ref> Economists credit this long-term planning from the Norwegian Government with enabling Equinor to more easily transition to renewable energy than oil companies with private shareholders interested in short-term profit.<ref>{{Cite web |last=Rapier |first=Robert |title=Equinor Blazes A Renewable Path, But Can Other Oil Companies Follow? |url=https://www.forbes.com/sites/rrapier/2021/05/07/equinor-blazes-a-renewable-path-but-can-other-oil-companies-follow/ |access-date=2025-03-17 |website=Forbes |language=en}}</ref>
Major public interest, as well as policy by the Norwegian government, have caused Equinor to operate with a high degree of transparence. Specifically, the government of Norway has transparency as one of their "10 principles for good corporate governance" policy, published in 2002.<ref>{{Cite web |title=The Norwegian state as shareholder |url=https://www.equinor.com/about-us/the-norwegian-state-as-shareholder |access-date=2025-03-17 |website=www.equinor.com |language=en}}</ref> This transparency helped amplify the impacts of a scandal in 2014, when Equinor's losses in North American investments were quickly exposed, including a 16-page report by the Norwegian newspaper ''Dagens Næringsliv''.<ref name=":3" />
Equinor has also come under public scrutiny for causing greenhouse gas emissions. Protests in 2014, namely at the University of Bergen, pressured Equinor (then called Statoil) to reduce its greenhouse gas emissions.<ref>Fountain, Henry (2014-12-31). "Norwegians Turn Ambivalent on Statoil, Their Economic Bedrock". ''The New York Times''. [[ISSN (identifier)|ISSN]] 0362-4331. Retrieved 2025-02-13.</ref> Within Norway, groups such as Equinor Out have been placing pressure on Equinor to reduce its use of oil and natural gas, with Equinor Out's stated objective being to have Equinor "end all exploration and development of new oil and gas, and fully transition to renewable energy."<ref>{{Cite web |title=EquinorOut {{!}} The truth about Equinor's global projects |url=https://www.equinorout.com/ |access-date=2025-03-17 |website=www.equinorout.com |language=en}}</ref> Equinor and the Norwegian Government have also come under pressure from other investors in Equinor to reduce Equinor's greenhouse gas emissions, and as a result, Equinor has begun to move towards renewable energy.<ref>{{Cite web |last1=Adomitis |first1=Nerijus |last2=Jessop |first2=Simon |date=2023-03-28 |title=Investors push Norwegian government over Equinor climate planning |url=https://www.reuters.com/business/sustainable-business/investors-push-norwegian-government-over-equinor-climate-planning-2023-03-28/ |url-status=live |archive-url=https://web.archive.org/web/20230601200630/https://www.reuters.com/business/sustainable-business/investors-push-norwegian-government-over-equinor-climate-planning-2023-03-28/ |archive-date=2023-06-01 |access-date=2025-03-17 |website=Reuters}}</ref><ref name=":4">{{Cite news |last=Buli |first=Nora |date=2024-02-14 |title='Stick to your plan': Norway PM backs Equinor's green energy agenda |url=https://www.reuters.com/sustainability/stick-your-plan-norway-pm-backs-equinors-green-energy-agenda-2024-02-14/ |access-date=2025-03-17 |work=Reuters}}</ref>
===Energy transition=== [[File:Norwegian Urban Petroleum Revenue.png|thumb|A chart showing the Norwegian government's income from petroleum by NOK million, further divided by the source of the income. Note the sudden rise in 2022. Data from Statistics Norway.<ref>{{Cite web |title=11013: Central government fiscal account. Net cash flow from petroleum activities (NOK million) 1991K1 - 2024K4. Statbank Norway |url=https://www.ssb.no/en/statbank/table/11013/ |access-date=2025-03-17 |website=SSB |language=en}}</ref>]] In 2007, Equinor's bylaws were changed, allowing the company to pursue business in “other forms of energy” apart from oil and natural gas.<ref>{{Cite web |title=Developing a New Plan {{!}} Equinor {{!}} Yale Case Study Research and Development |url=https://cases.som.yale.edu/equinor/new-business-focus/developing-new-plan |access-date=2025-03-17 |website=cases.som.yale.edu |language=en}}</ref> This was followed by Equinor's rebranding from Statoil to Equinor in 2018, to reflect this focus on renewable energy, and in 2020, Equinor published a plan for reaching carbon neutrality by 2050.<ref>{{Cite web |title=Equinor {{!}} Yale Case Study Research and Development |url=https://cases.som.yale.edu/equinor |access-date=2025-03-17 |website=cases.som.yale.edu |language=en}}</ref> However, Equinor's profits from oil significantly increased in 2022, which economists credit to the [[Russian invasion of Ukraine|2022 Russian invasion of Ukraine]] and the resulting ban on Russian natural gas in the EU.<ref>{{Cite web |last=Eccles |first=Robert G. |title=What Should Norway Do With An Extra $170 Billion From Oil And Gas Revenues? |url=https://www.forbes.com/sites/bobeccles/2023/07/24/what-should-norway-do-with-an-extra-170-billion-from-oil-revenues/ |access-date=2025-03-17 |website=Forbes |language=en}}</ref> Equinor's income decreased in 2023, and this is partially seen as being a result of investments in renewable energy; however, Norwegian Prime Minister Jonas Gahr Stoere spoke in support of Equinor continuing to move towards renewable energy despite the lower income.<ref name=":4" />
==Controversies==
===Mongstad scandal=== {{Main|Mongstad scandal}}
In November 1987, several members of the board offered their resignation over approximately $780 million worth of cost overruns at the Mongstad refinery.<ref name=scandal>{{Cite news |agency=Reuters |date=1987-11-21 |title=Oil Scandal In Norway |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/11/21/business/oil-scandal-in-norway.html |access-date=2022-03-14 |issn=0362-4331}}</ref> It was seen as a big scandal in the [[Norway|Norwegian]] press.<ref name=scandal/>
===Corrib gas project=== {{Main|Corrib gas project|Corrib gas controversy}}
Equinor was a partner of [[Royal Dutch Shell]] in the [[Corrib gas project]], which had been developing a [[natural gas|natural gas field]] off the northwest coast of [[County Mayo]], [[Ireland]]. Citizens protested the project on the grounds that they had been insufficiently consulted and that the pipeline posed a danger.<ref>{{Cite web |title=Shell’s Corrib Gas Pipeline Route Declared Unsafe by Irish Planning Board |url=http://goldmanprize.org/sites/goldmanprize.org/files/Ouroboros_Spring_2010.pdf |url-status=dead |archive-url=https://web.archive.org/web/20120515095015/http://goldmanprize.org/sites/goldmanprize.org/files/Ouroboros_Spring_2010.pdf |archive-date=15 May 2012 |access-date=2022-03-08 |website=}}</ref> In the summer of 2005, [[Rossport Five|five men]] from [[Rossport]] were jailed for contempt of court after refusing to obey a temporary court injunction which forbade interfering with the project.<ref>{{Cite news |title=Five arrested after clashes at Corrib gas line protest |url=https://www.irishtimes.com/news/five-arrested-after-clashes-at-corrib-gas-line-protest-1.961859 |access-date=2022-03-08 |newspaper=The Irish Times |language=en}}</ref> The ensuing protests led to the [[Shell to Sea]] campaign which opposed the project. In November 2021, Equinor exited the project after selling its 36.5% stake to [[Vermilion Energy]] for $434 million (€382 million).<ref>{{Cite web |url=https://www.oedigital.com/news/492431-equinor-exits-ireland-with-434m-sale-of-corrib-gas-field-stake-to-vermilion-energy |title=Equinor Exits Ireland with $434M Sale of Corrib Gas Field Stake to Vermilion Energy |publisher=Offshore Engineering |date=29 November 2021 |access-date=1 December 2021}}</ref>
===Iran corruption lawsuit=== {{Main|Statoil corruption case}} The '''Statoil corruption case''', also known as the '''Statoil'''-'''Horton case''' ([[Norwegian language|Norwegian]]: Statoils Horton-sak),<ref>{{cite news |last=Ånestad, Morten |author-link=Morten Ånestad |date=2011-10-06 |title=Falske fakturaer i fleng |page=17 |newspaper=[[Dagens Næringsliv]] |quote=Saken er den største saken siden Statoils Horton-sak}}</ref> refers to [[Norway|Norwegian]] oil company [[Statoil]]'s misconduct and extensive use of [[Corruption in Iran|bribery in Iran]] between 2002 and 2003 in an attempt to secure lucrative oil contracts for the company in that country. On June 29, 2004, Statoil was found guilty of corruption by the Norwegian courts and was ordered to pay [[Norwegian krone|NOK]] 20 million in fines.<ref>{{Cite news |date=2004-06-29 |title=Statoil fined over Iranian bribes |language=en-GB |url=https://news.bbc.co.uk/2/hi/business/3849147.stm |access-date=2022-03-11}}</ref> On October 13, 2006, Statoil reached a settlement with US authorities for its involvement in the case and was ordered by a US court to pay US$21 million in fines.<ref>{{Cite news |date=2006-10-13 |title=Statoil admits bribe for Iran oil rights |work=Financial Times |url=https://www.ft.com/content/5451c3ee-5aed-11db-8f80-0000779e2340 |access-date=2022-03-11}}</ref>{{Wikinews|North Sea oil spill is Norway's second worst}}
===North Sea oil projects=== In March 2011, Statoil halted work on two [[North Sea]] oil field projects and laid off thousands of people due to a £2 billion [[U.K.]] tax on the sector.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8414834/Statoil-halts-North-Sea-oil-projects.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8414834/Statoil-halts-North-Sea-oil-projects.html |archive-date=2022-01-12 |url-access=subscription |url-status=live |title=Statoil halts North Sea oil projects |newspaper=Telegraph |date= 2011-03-30|access-date=2015-07-31 |location=London |first=Rowena |last=Mason}}{{cbignore}}</ref><ref>{{Cite web |date=2011-03-29 |title=Statoil halts North Sea oil development over windfall tax |url=http://www.theguardian.com/business/2011/mar/29/statoil-north-sea-windfall-tax |access-date=2022-03-08 |website=the Guardian |language=en}}</ref>
===Charges of unethical practices in Athabasca=== In 2012, a UK company, Ecclesiastical Investment, announced they were selling their stake in Statoil, as a result of perceived unethical practices related to [[Athabasca oil sands]] projects.<ref>{{cite web|url=https://e24.no/boers-og-finans/i/Eo812l/etisk-fond-trekker-seg-ut-av-statoil |title=Etisk fond trekker seg ut av Statoil |work=E24 |publisher= |date=2012-03-14 |access-date=2026-05-16}}</ref>
===Arctic=== {{See also|Arctic shrinkage|Arctic methane release|Petroleum exploration in the Arctic}}
In May 2012, Equinor signed an Arctic exploration deal with [[Rosneft]].<ref>{{cite news|url=https://www.bbc.co.uk/news/business-17974732 |title=Rosneft and Statoil in Arctic exploration deal - BBC News |publisher=Bbc.co.uk |date= 2012-05-06|access-date=2015-07-31}}</ref><ref name=":0">{{Cite journal|last1=Overland|first1=Indra|last2=Godzimirski|first2=Jakub|last3=Lunden|first3=Lars Petter|last4=Fjaertoft|first4=Daniel|date=2013|title=Rosneft's offshore partnerships: the re-opening of the Russian petroleum frontier? |url=https://www.researchgate.net/publication/259431566|journal=Polar Record|language=en|volume=49| issue=2| pages=140–153|doi=10.1017/S0032247412000137|bibcode=2013PoRec..49..140O |doi-access=free|hdl=11250/2442558|hdl-access=free}}</ref> In June 2014, Statoil announced it had completed a 12-month exploration program of its Castberg license project in the Arctic and found less-than-expected oil reserves. Production, which had originally been planned to start in 2018, was temporarily shelved while the company and its partners reassessed the viability of the project and explored ways to reduce development costs.<ref>{{cite news| title=Arctic Johan Castberg field decision postponed by Statoil to 2015|url=http://www.europenews.net/index.php/sid/223401913/scat/baf10b3527f6df38/ht/Arctic-Johan-Castberg-field-decision-postponed-by-Statoil-to-2015| access-date=2 July 2014| publisher=Europe News.Net|archive-url=https://web.archive.org/web/20140714231632/http://www.europenews.net/index.php/sid/223401913/scat/baf10b3527f6df38/ht/Arctic-Johan-Castberg-field-decision-postponed-by-Statoil-to-2015 |archive-date=14 July 2014|url-status=dead}}</ref>
===Great Australian Bight=== Exploration for oil and gas in the Great Australian Bight first began in the late 1960s.<ref>{{Cite web |title=Petroleum Exploration in the Great Australian Bight |url=http://www.petroleum.statedevelopment.sa.gov.au/frequently_asked_questions/Petroleum_Exploration_in_the_Great_Australian_Bight |url-status=dead |archive-url=https://web.archive.org/web/20161107155627/http://www.petroleum.statedevelopment.sa.gov.au/frequently_asked_questions/Petroleum_Exploration_in_the_Great_Australian_Bight |archive-date=7 November 2016 |publisher=South Australia State Development |df=dmy-all}}</ref> Not long ago, several oil majors, [[BP]], [[Statoil|Statoil/Equinor]], and [[Chevron Corporation|Chevron]] proposed plans to drill exploration wells in the southern part of the area from 2017 onwards.<ref>{{cite news |author=Christoper Russell |date=2015-08-28 |title=Oil giant Chevron aiming to begin drilling its first exploration well in the Great Australian Bight in 2017 |newspaper=The Advertiser |url=http://www.adelaidenow.com.au/business/oil-giant-chevron-aiming-to-begin-drilling-its-first-exploration-well-in-the-great-australian-bight-in-2017/news-story/bb602215f6a248432df07373e02ef10b |access-date=2016-07-26}}</ref> On October 11, 2016, BP withdrew its plans to explore the area claiming that it was not competitive and did not align with BP's strategic goals.<ref>{{Cite news |title=ABC news. BP withdraws from Great Australian Bight drilling |publisher=ABC |url=http://www.abc.net.au/news/2016-10-11/bp-withdraws-from-great-australian-bight-drilling/7921956}}</ref> The proposal to explore in the bight was the focus of community opposition. [[The Wilderness Society (Australia)|The Wilderness Society]] showed that a worst-case scenario leak of oil could have a catastrophic effect on the southern coastline of Australia.<ref>{{cite news |author=Oliver Milman |date=2015-10-09 |title=BP oil spill in Great Australian Bight would be catastrophic, modelling shows |newspaper=The Guardian |url=https://www.theguardian.com/environment/2015/oct/09/bp-oil-spill-in-great-australian-bight-would-be-catastrophic-modelling-shows |access-date=2016-07-26}}</ref> The Australian Senate commenced an inquiry into oil or gas production in the Great Australian Bight on 22 February 2016. The committee was reestablished on 13 September 2016 following the Australian Federal Election.<ref>{{Cite web|url=https://www.aph.gov.au/|title=Home|website=www.aph.gov.au}}</ref>
In October 2017, Chevron withdrew from the project,<ref>{{Cite news |date=2017-10-12 |title=Chevron drops Great Australian Bight drilling plans |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2017-10-13/chevron-abandons-oil-drilling-on-great-australian-bight/9045870 |access-date=2022-03-14}}</ref> but it returned alongside BP in 2019.<ref>{{Cite web |date=2019-12-19 |title=BP, Chevron to invest $116M on exploration in Australia after Bight exit |url=https://www.offshore-energy.biz/bp-chevron-commit-to-invest-116m-on-exploration-in-australia/ |access-date=2022-03-14 |website=Offshore Energy |language=en-US}}</ref> Though the [[National Offshore Petroleum Safety and Environmental Management Authority]] approved exploration plans in late 2019,<ref>{{cite web |title=Environment Plan: Stromlo-1 exploration drilling program |url=https://docs.nopsema.gov.au/A705648 |access-date=19 December 2019}}</ref> Equinor withdrew from the project in February 2020, citing profitability reasons.<ref>{{Cite news |date=2020-02-25 |title=Great Australian Bight: Equinor abandons controversial oil drilling plans |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-australia-51623764 |access-date=2022-03-14}}</ref>
===Losses in the United States=== In 2020, a report revealed important issues regarding $20 billion lost in the [[United States]]. According to Equinor chairman Jon Erik Reinhardsen, the losses were driven by an ambitious growth strategy and overly optimistic price assumptions.<ref>{{Cite news |date=2020-10-09 |title=Equinor should have addressed 'significant' problems in U.S. sooner -chairman |language=en |work=Reuters |url=https://www.reuters.com/article/equinor-united-states-idUSL8N2H036P |access-date=2022-03-08}}</ref><ref>{{Cite web |title='Scandal' losses in US haunt Equinor |url=https://www.newsinenglish.no/2020/05/11/scandal-losses-in-us-haunt-equinor/ |access-date=2022-03-08 |website=www.newsinenglish.no|date=11 May 2020 }}</ref>
===Censorship of the Science Museum=== In 2023 it was revealed that an Equinor sponsorship agreement of the Wonderlab exhibition at the [[Science Museum, London]] contained a gag clause preventing the museum or its trustees “make any statement or issue any publicity or otherwise be involved in any conduct or matter that may reasonably be foreseen as discrediting or damaging the goodwill or reputation of the sponsor”.<ref>{{cite news |title=Science Museum sponsorship deal with oil firm included gag clause |url=https://www.theguardian.com/culture/2023/feb/16/science-museum-sponsorship-deal-with-oil-firm-included-gag-clause |access-date=16 February 2023 |agency=The Guardian |date=16 February 2023}}</ref>
=== Emissions reductions claims === As the production and use of petroleum products are a major source of [[carbon dioxide emissions]], [[climate change]] and international climate agreements have posed a challenge to Equinor as an oil company with ambitions to be viewed as [[Sustainability|sustainable]].<ref name=noo>{{Cite journal |last=Ihlen |first=Øyvind |date=January 2009 |title=The oxymoron of 'sustainable oil production': the case of the Norwegian oil industry |url=https://onlinelibrary.wiley.com/doi/10.1002/bse.563 |journal=Business Strategy and the Environment |language=en |volume=18 |issue=1 |pages=53–63 |doi=10.1002/bse.563 |issn=0964-4733}}</ref> Fossil fuels account for more than two thirds of total global [[greenhouse gas emissions]].<ref>{{Cite book |publisher=United Nations Environment Programme |url=https://wedocs.unep.org/handle/20.500.11822/48854 |title=Emissions Gap Report 2025: Off target - Continued collective inaction puts global temperature goal at risk |date=November 2025 |isbn=978-92-807-4239-8 |language=en |doi=10.59117/20.500.11822/48854}}</ref> In their sustainability reports from 2009 Equinor concurs that one of their "main challenges is to reduce greenhouse gas (GHG) emissions resulting from the production and use of our products" (p. 50) and from 2006 that "as an oil and gas company, we are part of the problem" (p. 35).<ref>{{Cite web |title=Sustainability reports archive |url=https://www.equinor.com/sustainability/sustainability-reports-archive |access-date=2026-05-16 |website=www.equinor.com |language=en}}</ref>
Equinor was one of the first fossil fuel organizations to acknowledge the reality of [[climate change]].<ref>{{Cite journal |last=Crichton |first=Rohan |last2=Shrivastava |first2=Paul |last3=Walker |first3=Thomas |last4=Farhidi |first4=Faraz |last5=Renwick |first5=Douglas |last6=Ellegate |first6=Nicole |date=May 2024 |title=Going green in the Norwegian fossil fuel sector? The case of sustainability culture at Equinor |url=https://journals.sagepub.com/doi/10.1177/23970022241226672 |journal=German Journal of Human Resource Management: Zeitschrift für Personalforschung |language=en |volume=38 |issue=2 |pages=140–158 |doi=10.1177/23970022241226672 |issn=2397-0022|url-access=subscription }}</ref> Although they perform well in international ratings of socially responsible companies, it has been questioned whether a fossil fuel company such as Equinor can describe their operations as environmentally sustainable or green.<ref>{{Citation |last=Carson |first=Siri Granum |title=CSR in the Norwegian Context |date=2021 |work=Sovereign Wealth Funds, Local Content Policies and CSR |pages=621–633 |editor-last=Pereira |editor-first=Eduardo G. |url=http://link.springer.com/10.1007/978-3-030-56092-8_35 |access-date=2026-04-18 |place=Cham |publisher=Springer International Publishing |language=en |doi=10.1007/978-3-030-56092-8_35 |isbn=978-3-030-56091-1 |last2=Nilsen |first2=Heidi Rapp |editor2-last=Spencer |editor2-first=Rochelle |editor3-last=Moses |editor3-first=Jonathon W.|url-access=subscription }}</ref> In order to be able to label themselves as sustainable, Equinor has been found to highlight how they ''strive'' to cut emissions, to utilize a rhetoric that pictures fossil fuels as the only currently realistic main source for energy and their management of oil and gas resources as sustainable enough until technological progress will provide alternative sources for energy.<ref name="noo" /> This rhetoric has been labeled "climate obstruction", that is, where "an actor acknowledges climate change and other environmental issues while simultaneously supporting harmful practices that delay substantial climate action" (p. 10).<ref>{{Cite journal |last=Palazzo |first=Fernando Procópio |last2=Hendlin |first2=Yogi Hale |date=2025-05-26 |title=Norwegian state-corporate climate obstruction and ecological harms in Brazil |url=https://www.tandfonline.com/doi/full/10.1080/17565529.2025.2502479 |journal=Climate and Development |language=en |pages=1–13 |doi=10.1080/17565529.2025.2502479 |issn=1756-5529|doi-access=free }}</ref>
==Corporate structure== ===Board of directors=== Comprised as follows as of April 2024:<ref>{{cite web|url=https://www.statoil.com/en/about-us/board-of-directors.html|title=Board of Directors - Board of Directors - equinor.com|website=equinor.com|access-date=5 April 2025}}</ref> *Jon Erik Reinhardsen, former CEO of [[Petroleum Geo-Services]] (2008-2017)<ref>{{cite web |title=Election to Statoil's board of directors |url=https://www.equinor.com/news/archive/06jun2017-election-board-directors |website=Equinor |access-date=5 April 2025}}</ref> *Anne Drinkwater, former CEO of [[BP|BP Canada]]<ref>{{cite web |title=Tullow Oil appoints Anne Drinkwater as a Non-executive director |url=https://www.tullowoil.com/media/press-releases/tullow-oil-appoints-anne-drinkwater-non-executive-director/ |website=Tullow Oil |access-date=5 April 2025}}</ref> *Jonathan Lewis, former CEO of [[Capita]] *Finn Bjørn Ruyter, former CEO of [[Hafslund (company)|Hafslund]] *[[Haakon Bruun-Hanssen]], former [[Chief of Defence of Norway]] *Mikael Karlsson, current Vice Chairman and Partner at [[Actis Capital]] *Fernanda Lopes Larsen, former EVP at [[Yara International]] *Tone Hegland Bachke, former [[Telenor]] CFO *Stig Lægreid, employee-representative *Per Martin Labråthen, employee-representative, head of the Styrke trade union's Equinor branch *Hilde Møllerstad, employee-representative, petroleum technologist
===Lobbying=== Equinor engages professional lobbyists to represent its interests in various jurisdictions. In [[South Australia]], it is represented by [[Hawker Britton]].<ref>{{Cite web|title=Lobbyist Portal|url=https://www.lobbyists.sa.gov.au/#/lobbyist/55|access-date=2021-06-14|website=www.lobbyists.sa.gov.au}}</ref>
==Environmental record== Statoil was responsible for 0.52% of global industrial [[greenhouse gas emissions]] from 1988 to 2015.<ref>{{Cite news |last=Riley |first=Tess |date=2017-07-10 |title=Just 100 companies responsible for 71% of global emissions, study says |url=https://www.theguardian.com/sustainable-business/2017/jul/10/100-fossil-fuel-companies-investors-responsible-71-global-emissions-cdp-study-climate-change |access-date=2026-04-29 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>
Equinor and Shell were planning on building a gas-fired powerplant in Norway that would infuse CO<sub>2</sub> underground or beneath the seabed, but they discarded the plan due to economic reasons.<ref>{{cite news|url=https://www.reuters.com/article/environmentNews/idUSL2917344820070629 |title=Statoil, Shell shelve Draugen field CO2 injection |publisher=Reuters |date=2007-06-29 |access-date=2011-10-21}}</ref> Equinor has injected CO<sub>2</sub> into the [[Utsira formation]] on the [[Sleipner gas field]] for environmental storage purposes since 1996. Natural gas (methane) containing approximately 8.5% CO<sub>2</sub> is produced on the Sleipner Vest field. The gas is transported to the Sleipner Treatment platform, where the CO<sub>2</sub> is removed. The gas is exported to the UK, Germany, and Belgium, and the CO<sub>2</sub> is injected into the Utsira formation.<ref>''Technology as a driving force in climate policy'' (Bjørn-Erik Haugan, Cicerone, Number: 6. pp.8-9. 2005) [http://www.cicero.uio.no/fulltext/index_e.aspx?id=4085] {{Webarchive|url=https://web.archive.org/web/20110719062311/http://www.cicero.uio.no/fulltext/index_e.aspx?id=4085|date=2011-07-19}}</ref>
Equinor is also a founding member of [[Methane Guiding Principles]], an industry consortium that aims to reduce methane emissions throughout the oil and gas supply chain.<ref>{{Cite web |publisher=Shell |date=March 2018 |title=Methane Guiding Principles and OGCI |url=https://unece.org/fileadmin/DAM/energy/se/pp/geg/geg5_ws_March2018/Sue-Ern.Tan_4_Shell.pdf}}</ref>
==Sponsorship== {{Portal|Norway|Companies|Energy}} Equinor sponsors talents in art, education, and sports through the program ''Morgendagens helter'' (Tomorrow's heroes).<ref>{{cite web |url=http://www.kunstnerforbundet.no/pages/nor/90-desemberutstillingen |title=Kunstnerforbundet - Desemberutstillingen |publisher=Kunstnerforbundet.no |access-date=2015-07-31 |archive-date=2013-11-05 |archive-url=https://web.archive.org/web/20131105190156/http://www.kunstnerforbundet.no/pages/nor/90-desemberutstillingen |url-status=dead }}</ref>
Two musical prizes are included in the program.<ref>{{cite web|url=http://www.nrk.no/kultur-og-underholdning/1.8399303 |title=Millionen som deler musikk-Noreg - NRK Kultur og underholdning - Nyheter og aktuelt stoff |publisher=Nrk.no |date=2012-11-19 |access-date=2015-07-31|trans-title=The million that divides music Norway - NRK Culture and Entertainment - News and current affairs}}</ref> As of 2013, the grant for both awards is of 1 million [[Norwegian krone|NOK]] (about $95,000). The Statoil classical music award has been awarded since 1999. The Statoil stipend to a Norwegian [[Popular music|pop]]/[[Rock music|rock]] artist or group has been awarded since 2008 during the [[by:Larm]] festival and is meant to stimulate an international career.<ref>Nina Berglund (20 February 2012): [http://www.newsinenglish.no/2012/02/20/bernhoft-wins-statoil-stipend/ Bernhoft wins Statoil stipend] ''News in English'', retrieved 12 May 2013</ref><ref>Guro Havrå Bjørnstad: [http://www.dagbladet.no/2013/02/16/kultur/statoil-stipendet/musikk/bylarm/musikkbransje/25796309/ Vant en million kroner - igjen] {{in lang|no}} Dagbladet, retrieved 12 May 2013</ref>
The program also includes an [[art]] prize, ''Statoils kunstpris'', that has been awarded every second year since 2007 to a talented artist in Norway. The grant is 500,000 NOK (about $48,000) which makes it Norway's largest prize of its kind.<ref>{{Cite web |last=Steen |first=Thea |last2=Steen |first2=Thea |date=2011-11-02 |title=Her er de nominerte til Statoils kunstpris 2011 |url=https://www.dagbladet.no/kultur/her-er-de-nominerte-til-statoils-kunstpris-2011/63531740 |access-date=2026-04-29 |website=Dagbladet |language=nb-NO}}</ref>
Sponsorship for sports includes support for [[association football|football]] and [[skiing]]. Sponsorship for education focuses on [[natural sciences]] and included a yearly competition for high school students in Norway where ''Statoils realfagspris'' is awarded.<ref>Ragnhild Lunner (11 May 2012): [http://www.tu.no/jobb/2012/05/11/her-er-vinnerne-av-statoils-realfagspris Her er vinnerne av Statoils realfagspris] {{Webarchive|url=https://web.archive.org/web/20130731163721/http://www.tu.no/jobb/2012/05/11/her-er-vinnerne-av-statoils-realfagspris |date=2013-07-31 }} {{in lang|no}} ''[[Teknisk Ukeblad]]'', retrieved 14 May 2013</ref>
Statoil was an official sponsor of the [[FIS Nordic World Ski Championships 2011|2011 FIS Nordic World Ski Championships]] that was held in [[Oslo]].<ref>{{Cite web |last=Federation |first=International Ski and Snowboard |title=International Ski and Snowboard Federation |url=https://www.fis-ski.com/?actu_id_1614=2563&actu_page_1614= |access-date=2026-04-29 |website=www.fis-ski.com |language=en}}</ref>
==References== {{Reflist}}
==External links== * {{commons category-inline}} *{{Official website}}
{{Coord|58|53|30.48|N|5|43|2.82|E|type:landmark|display=title}}
{{Petroleum industry}} {{OBXList}} {{Authority control}}
[[Category:Equinor| ]] [[Category:Government-owned companies of Norway]] [[Category:Oil companies of Norway]] [[Category:Natural gas companies of Norway]] [[Category:National oil and gas companies|Nor]] [[Category:Multinational oil companies]] [[Category:Multinational companies headquartered in Norway]] [[Category:Ministry of Petroleum and Energy]] [[Category:Norsk Hydro]] [[Category:Companies based in Stavanger]] [[Category:Energy companies established in 1972]] [[Category:Non-renewable resource companies established in 1972]] [[Category:Norwegian companies established in 1972]] [[Category:Purveyors to the Court of Denmark]] [[Category:Companies listed on the Oslo Stock Exchange]] [[Category:Companies listed on the New York Stock Exchange]] [[Category:Companies in the OBX Index]] [[Category:Norwegian brands]] [[Category:Wind power companies]]