 | |
| Formerly | Statoil (until 15 May 2018 (2018-05-15)) |
|---|---|
| Company type | Public |
| Industry | Petroleum industry |
| Founded | 14 June 1972; 53 years ago (1972-06-14) |
| Headquarters | Stavanger, Norway |
Key people | Jon Erik Reinhardsen (chair) Anders Opedal (CEO)[1] |
| Products | |
| Revenue |  US$102.5 billion (2024)[2] |
| US$30.93 billion (2024)[2] | |
| US$8.806 billion (2024)[2] | |
| Total assets | US$131.1 billion (2024)[2] |
| Total equity | US$42.34 billion (2024)[2] |
| Owner |
|
Number of employees | 25,155 (2024)[2] |
| Website | equinor |
Equinor ASA (formerlyStatoil andStatoilHydro) is a Norwegian multinationalenergy company headquartered inStavanger,Norway. It is primarily apetroleum company operating in 36 countries with additional investments inrenewable energy andlithium mining.[3] In the 2020Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world.[4] In 2023, the company was ranked 52nd in the same list.[5] As of 2021,[update] the company has 21,126 employees.[6]
The current company was formed by the 2007 merger ofStatoil with theoil and gas division ofNorsk Hydro.[7] As of 2017, theGovernment of Norway is the largestshareholder with 67% of theshares, while the rest is public stock. The ownership interest is managed by theNorwegian Ministry of Petroleum and Energy.[8] The company is headquartered and led from Stavanger, while most of their international operations are currently led fromFornebu, outsideOslo.
The nameEquinor was adopted in 2018 and is formed by combiningequi, the root for words such asequity,equality, andequilibrium, andnor, indicating that the company is of Norwegian origin.[9] TheNorwegian meaning of the former nameStatoil is 'state oil', indicating that the oil company isstate-owned.[10][11]
The heritage of Equinor derives from three major Norwegian petroleum companiesStatoil,Norsk Hydro, andSaga Petroleum (the latter two merged in 1999).
Den Norske Stats Oljeselskap A/S was founded as a limited company owned by theGovernment of Norway on 14 July 1972 by a unanimous act passed by the Norwegian parliamentStortinget. 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 theMinister of Industry, laterMinister of Petroleum and Energy. Statoil was also required to submit an annual report to theparliament.
In 1973, the company started work acquiring a presence in thepetrochemical industry. This resulted in the development of processing plants inRafnes and, in partnership withNorsk Hydro, theMongstad plant in 1980. In 1981, the company acquired, as the first Norwegian company, operator rights on theNorwegian continental shelf on theGullfaks field. 1987–88 saw the largest scandal in the company's history, theMongstad scandal that made the until then unassailable CEOArve Johnsen withdraw.
In the 1980s, Statoil decided to become a fully integrated petroleum company and started building theStatoil fuel station brand. The stations in Norway originated as Norol stations, while the stations inDenmark andSweden were purchased fromEsso in 1985, and the stations inIreland were purchased fromBP in 1992 andConocoPhillips Jet in the mid 1990s, then sold by Statoil toTopaz 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 amonths-long protest andcivil disobedience, mainly fromNatur og Ungdom andFriends of the Earth Norway. The protesters opposed the building of a newresearch and development centre atRotvoll, inTrondheim,Norway, awetlands area close to the city with significant bird life.[12] However, the R&D center was still built.[13]
The company was privatised and made apublic limited company (allmennaksjeselskap) in 2001, becoming listed on both theOslo Stock Exchange and theNew York Stock Exchange. At the same time, it changed its name toStatoil 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%.[14]
TheStatoil/Horton case refers to the company's use of bribes inIran 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 PresidentHashemi 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 paperDagens Næringsliv on September 3, 2003.[citation needed] In 2006, the company accepted a $10.5 million fine for violating the U.SForeign Corrupt Practices Act.[15]
In September 2007, Statoil and the Brazilian oil companyPetrobras signed a deal aimed at expanding exploration, sub-sea, andbiofuels 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 boughtAnadarko Petroleum's 50% share of thePeregrino oil field for $1.8 billion.[16]
In 2007, Statoil bought a large area in theAthabasca oil sand field in Canada after purchasingNorth 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).[17]
In 2009, Statoil launched the world's first operational deep-water floating large-capacity wind turbine,Hywind.[18] The 120 metres (390 ft) tall tower with a 2.3 MW turbine was towed 10 kilometres (6.2 mi) offshore into theAmoy Fjord in 220 metres (720 ft) deep water, off ofStavanger, Norway on 9 June 2009 for a two-year test run.[19]
In 1965, Hydro joinedElf Aquitaine and six otherFrench companies to form Petronord to perform searches for oil and gas in theNorth 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 beingOseberg.[citation needed]
In the late 1980s, Hydro acquired theMobil service stations in Norway, Sweden, and Denmark, changing their name to Hydro. In 1995, Hydro merged its stations in Norway and Denmark withTexaco, creating thejoint ventureHydroTexaco. The service station chain was sold in 2006 toReitangruppen. In 1999, Hydro acquired Norway's third-largest petroleum companySaga Petroleum, which had majorupstream operations primarily in Norway and theUnited Kingdom. The British operations were later sold.[citation needed]
A merger proposal was announced in December 2006.[20] Under the rules of theEEA, the merger was approved by theEuropean Union on 3 May 2007[21] and by theNorwegian Parliament on 8 June 2007.[22] Statoil's shareholders hold 67.3% of the new company, with Norsk Hydro shareholders owning the remaining 32.7%.[21] The Norwegian Government, the biggest shareholder in both Statoil and Norsk Hydro, holds 67% of the company.[23]Jens Stoltenberg, the then NorwegianPrime 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."[24]
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, includingBP,Total, andShell, while also increasing the ability of the company to make strategic acquisitions, particularly in theGulf of Mexico.[25] It is the ninth largest oil company in the world, and would be the 48th largest company in the world on the currentFortune Global 500 list with a revenue ofNOK 480 billion.[26]
The company's management team was initially to be led by President and CEOHelge Lund (who previously held the same posts at Statoil), withEivind Reiten, the President and CEO of Hydro, acting as Chairman.[20] 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 formerMinister of Petroleum and EnergyMarit Arnstad was chairperson until 1 April 2008, whenSvein Rennemo took up the post on a permanent basis after resigning as the CEO of the Norwegian oil services companyPetroleum 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 nameStatoil ASA, and this was approved by the Annual General Meeting in May 2009.[27] The name was changed on 2 November 2009[28]
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.[14]
In 2010, Statoil separated its downstream business into a separate listed companyStatoil Fuel & Retail.[29][30] In 2012Alimentation Couche-Tard bought Statoil Fuel & Retail for $2.8 billion.[31]
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.[32]
On 7 April 2010, Statoil announced finding oil and gas reserves in the Fossekall prospect just north of theNorne oil field in the Norwegian Sea. The proved recoverable oil resources were provisionally estimated at between 37 and 63 million barrels (5,900,000 and 10,000,000 m3), while the volume of associated and free gas was estimated at between 1 and 3 billionstandard cubic metres.[33]
In early June 2011, Statoil ASA has divested 24.1% shares inGassled joint venture for NOK 17.35 billion ($3.25 billion) toSolveig Gas Norway AS and still has 5% shares in the partnership.[34] In 2016 Statoil sold the Leismer oil sand operation in Canada toAthabasca Oil.[35]
In 2011–2012, Statoil announced a new discovery in theNorth Sea of 0.5 to 1.2 billion barrels (79 to 191 million cubic metres), a large new find at its Aldous Major South prospect on the Norwegian continental shelf with recoverable oil between 0.9 to 1.5 billion barrels (140 to 240 million cubic metres), a large new find at theSkrugard prospect in the northernNorwegian Sea (Barents Sea in Statoil terminology) north of theSnøhvit field offHammerfest, and a find in the Havis Prospect of theBarents Sea of 200 to 3,000 million barrels (32 to 477 million cubic metres) of oil.[36][37][38]
In 2011, Statoil boughtBrigham Exploration for $4.4 billion to gain access to its oil shale operations inNorth Dakota'sBakken formation.[39] In 2012, Statoil sent 45,000 barrels of oil per day byrailroad cars fromNorth Dakota.[40][41]
In November 2011, a Statoil consultant and two others were tried for having received 7 millionNorwegian kroner, in exchange for contracts and payments totaling "several tenfold" of millions of Norwegian kroner.[42]
In June 2013, Statoil announced a funded joint venture with Petrofrontier Corp. inAustralia. Petrofrontier's Georgina Basin shale oil and gas bearing structures consistent with other producing areas in Australia and North America.[43]
In 2016, Statoil licensed 66% of the Carcará field in theSantos basin fromPetrobras for $2.5 billion.[44]
In October 2014, Statoil sold its 15.5% stake in theShah Deniz gas field inAzerbaijan toPetronas for a fee of $2.25 billion.[45]
Since 1 October 2014, Statoil also supplies natural gas toUkraine'sNaftogaz.[46][47]
In 2016, Statoil acquired a $3 million share of a USwind turbineleasing company.[48] Statoil expects oil demand to peak in the 2020s, and continually decline thereafter due toelectric transportation.[49]
Despite finding no oil at its large exploration prospect in theArctic in 2017, Statoil announced in October 2017 that the company would not give up exploring the Arctic.[50]
In October 2017, Statoil commissioned the 30-MWHywind Scotland floating wind farm 29 kilometres (18 mi) offPeterhead,Scotland.[51][52][53] Equinor was contracted to build awind tower assembly farm inNew York City that same year.[54]
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.[55]
In February 2024, Equinor andDeepak Fertilizers and Petrochemicals Corporation limited (DFPCL) entered into a 15-year agreement to supplynatural gas liquids annually from 2026. The annual supply will be up to 0.65 million tons of gas.[56]
On 15 March 2018, Statoil announced that it would change its name to Equinor following approval by the annual general meeting.[57][58]
Between 2007 and 2019, the company reported massive losses,[59] including over USD $21.5 billion lost from its US-based assets.[60] In 2019, the company sold its assets inEagle Ford, Texas toRepsol for $325 million.[61]
In August 2020, Equinor appointedAnders Opedal as its new CEO.[62] That year, the company announced that it would be decreasing employee numbers by 20% and contractor numbers by half in theUnited States, Canada and theUnited Kingdom, in response to falling oil prices.[63]
In January 2021, Equinor acquired a contract to provide off-shorewind power to the city of New York in partnership withBP.[64][65] The contract withNew York State was reportedly the largest offshore wind deal offered by an American state to date.[66]
In February 2021, Equinor completed the sale of its shale assets in theBakken formation ofNorth Dakota to Grayson Mill Energy for $900 million.[67][60] 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.[68]
In May 2021, Equinor and Italian energy companyEni announced that they were partnering on developing floating wind farms in the North Sea under a contract with the Norwegian government.[69]
Equinor partnered with Norwegian renewable energy company Vårgrønn in 2021 to acquire wind acreage in the Utsira Nord region of theNorth Sea.[70]
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Equinor is the largest operator on theNorwegian continental shelf, with 60% of the total production. The fields operated are Brage, Heimdal, Grane, Glitne,Gullfaks,Heidrun, Huldra, Kristin, Kvitebjørn, Mikkel, Njord, Norne,Ormen Lange,Oseberg,Sleipner,Snorre,Snøhvit,Statfjord, Sygna, Tordis,Troll, Veslefrikk, Vigdis, Visund, Volve, and Åsgard. The company also has processing plants atKolsnes,Kårstø,Mongstad,Tjeldbergodden, andMelkøya.
In addition to the Norwegian continental shelf, Equinor operates oil and gas fields inAustralia,Algeria,Angola,Azerbaijan, Brazil,Canada, China,Libya,Nigeria,Russia,United Kingdom,United States, andVenezuela. Statoil has offices that are looking for possible ventures in the countries ofMexico,Qatar and theUnited Arab Emirates. The company has processing plants inBelgium,Denmark, France, and Germany. In 2006, Statoil was given approval to implement the world's largestcarbon sequestration project as a means to mitigatecarbon emissions to the atmosphere.[citation needed]
Equinor is a partner in Brazil's offshore Peregrino oil field, which came on-stream in 2011. Equinor holds a 15.625% interest in theDeep Blue well onGreen Canyon 723 in the deepwater Gulf of Mexico.[71]
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 withGazprom andTotal on the Shtokman project in the Barents Sea,[72] 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.[73] After the introduction ofinternational sanctions during the Russo-Ukrainian War against Russia,[74] 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 withRosneft, selling its Russian assets and transferring future liabilities and investment commitments for one euro.[75]
The Norwegian economics professorKarl Ove Moene has, in the Norwegian business dailyDagens Næringsliv, raised the question of Equinor andresource 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 fromPaul Collier.[76][77][78]
In July 2025, Equinor discovered natural gas in theBarents sea, near the Johan Casterberg field.[79][80] At the end of August 2025, Equinor found oil and gas in two reservoirs in the Fram area of theNorth Sea.[81] One discovery was of oil and gas, the other one just gas.[82][83]
Equinor is involved in a number ofpipelines, includingZeepipe,Statpipe,Europipe I andEuropipe II, andFranpipe from the Norwegian continental shelf toWestern Europe in addition to theBaku-Tbilisi-Ceyhan pipeline inCaucasus. The pipelines from Norway are organized throughGassled. In the North Sea, Equinor operates theOseberg Transport System, Kvitebjørn oil pipeline, Heidrun gas pipeline, Sleipner East pipeline and Vestprosess pipeline.
The company has trading offices forcrude oil, refined petroleum products, andnatural gas liquids inLondon,Stamford, Connecticut, andSingapore.
Equinor has stakes in solar power projects inLatin America andNorthwestern Europe.[84]
In Brazil, Equinor has a 43.5% stake in the Apodi Solar plant inCeará and a 30% stake in the Mendubim complex of solar plants in theRio Grande do Norte. InBahia, 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 inJutland.
In Sweden, Equinor owns a 95MW solar plant inAlvesta.
Equinor owns and operates the 30-MWHywind Scotland floating wind farm 29 kilometres (18 mi) offPeterhead,Scotland.[51][52][53] Equinor owns 50% stake in the Polish 1,200-MW Bałtyk Środkowy III and Bałtyk Środkowy II offshore wind farms.[55] It also owns 25% stake in the 385-MW Arkona wind farm offshore Germany.[85] Equinor operates theSheringham 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 theDogger Bank Wind Farm development in theUnited Kingdom.[86]
In February 2025, Equinor announced that they would cut investments in renewables to $5bn over the next two years, down from about $10bn.[87]
In August 2025, Equinor and SSE finalized a seabed lease with the Crown Estate to progress the Dogger Bank D offshore wind project.[88]
The company operatedfuel stations under the main brandStatoil, fully automated stations under1-2-3 and some of the stations underIngo brand in Denmark and Sweden. In September 2007 Statoil acquired all NordicJet stations and continued to use the brand name until 2014 when the Nordic stations were rebranded to the new brand nameIngo.[89] After the acquisition ofNorsk Hydro in 2007 also operated 118Hydro andUno-X fuel station networks in Sweden until were sold together with 40 Jet stations in Norway in 2009 to Finnish companySt1.[90]
In 2010, the downstream operations were separated into new listed companyStatoil Fuel & Retail.[91] In total Statoil had about 2,300 fuel station services inDenmark,Estonia,Ireland,Latvia,Lithuania,Norway,Poland,Russia, andSweden, as well as significant lubricants and aviation fuel operations.[92]
In 2012 Canadian companyAlimentation Couche-Tard agreed to buy the company for $2.8 billion.[93] In 2016, Couche-Tard decided to rebrand all fuel stations into theCircle K brand.[94]
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.[95] In the fourth quarter of 2021, Equinor had a profit of $15 billion.[96]
| Year | Revenue in million US$ | Net income in million US$ | Total Assets in mil. US$ | Price per Share 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 |
In 2016, Equinor (then Statoil) was ranked as the 5th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.[97]
The Norwegian government owns a 67% share in Equinor, giving the Norwegian government majority control of the company.[98] Given the Norwegian government's ability to manage Equinor, as well as Equnior generating money for the Norwegian government and providing energy to Norwegian citizens, Equinor plays a major role in the politics of Norway.
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.[99] The Norwegian government's ownership of Equinor is part of alarger strategy of state ownership in certain industrial sectors, namely those involving natural resources.[100] Revenue generated from Equinor is placed in theGovernment Pension Fund Global (GPFG), which has become the world's largest singlesovereign wealth fund in terms of total assets under management.[101][102]
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.[103] 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."[104] 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.[105]
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.[106] 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 newspaperDagens Næringsliv.[103]
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.[107] 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."[108] 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.[109][110]
In 2007, Equinor's bylaws were changed, allowing the company to pursue business in “other forms of energy” apart from oil and natural gas.[112] 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.[113] However, Equinor's profits from oil significantly increased in 2022, which economists credit to the2022 Russian invasion of Ukraine and the resulting ban on Russian natural gas in the EU.[114] 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.[110]
In November 1987, several members of the board offered their resignation over approximately $780 million worth of cost overruns at the Mongstad refinery.[115] It was seen as a big scandal in theNorwegian press.[115]
Equinor was a partner ofRoyal Dutch Shell in theCorrib gas project, which had been developing anatural gas field off the northwest coast ofCounty Mayo,Ireland. Citizens protested the project on the grounds that they had been insufficiently consulted and that the pipeline posed a danger.[116] In the summer of 2005,five men fromRossport were jailed for contempt of court after refusing to obey a temporary court injunction which forbade interfering with the project.[117] The ensuing protests led to theShell to Sea campaign which opposed the project. In November 2021, Equinor exited the project after selling its 36.5% stake toVermilion Energy for $434 million (€382 million).[118]
TheStatoil corruption case, also known as theStatoil-Horton case (Norwegian: Statoils Horton-sak),[119] refers toNorwegian oil companyStatoil's misconduct and extensive use ofbribery 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 payNOK 20 million in fines.[120] 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.[121]
In March 2011, Statoil halted work on twoNorth Sea oil field projects and laid off thousands of people due to a £2 billionU.K. tax on the sector.[122][123]
In 2012, a UK company, Ecclesiastical Investment, announced they were selling their stake in Statoil, as a result of perceived unethical practices related toAthabasca oil sands projects.[124]
In May 2012, Equinor signed an Arctic exploration deal withRosneft.[125][73] 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.[126]
Exploration for oil and gas in the Great Australian Bight first began in the late 1960s.[127] Not long ago, several oil majors,BP,Statoil/Equinor, andChevron proposed plans to drill exploration wells in the southern part of the area from 2017 onwards.[128] 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.[129] The proposal to explore in the bight was the focus of community opposition.The Wilderness Society showed that a worst-case scenario leak of oil could have a catastrophic effect on the southern coastline of Australia.[130] 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.[131] In October 2017, Chevron withdrew from the project,[132] but it returned alongside BP in 2019.[133] Though theNational Offshore Petroleum Safety and Environmental Management Authority approved exploration plans in late 2019,[134] Equinor withdrew from the project in February 2020, citing profitability reasons.[135]
In 2020, a report revealed important issues regarding $20 billion lost in theUnited States. According to Equinor chairman Jon Erik Reinhardsen, the losses were driven by an ambitious growth strategy and overly optimistic price assumptions.[136][137]
In 2023 it was revealed that an Equinor sponsorship agreement of the Wonderlab exhibition at theScience 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”.[138]
Comprised as follows as of April 2024:[139]
Equinor engages professional lobbyists to represent its interests in various jurisdictions. InSouth Australia, its is represented byHawker Britton.[142]
Statoil was responsible for 0.52% of global industrialgreenhouse gas emissions from 1988 to 2015.[143]
Equinor and Shell were planning on building a gas-fired powerplant in Norway that would infuse CO2 underground or beneath the seabed, but they discarded the plan due to economic reasons.[144] Equinor has injected CO2 into theUtsira formation on theSleipner gas field for environmental storage purposes since 1996. Natural gas (methane) containing approximately 8.5% CO2 is produced on the Sleipner Vest field. The gas is transported to the Sleipner Treatment platform, where the CO2 is removed. The gas is exported to the UK, Germany, and Belgium, and the CO2 is injected into the Utsira formation.[145]
Equinor is also a founding member ofMethane Guiding Principles, an industry consortium that aims to reduce methane emissions throughout the oil and gas supply chain.[146]
Equinor sponsors talents in art, education, and sports through the programMorgendagens helter (Tomorrow's heroes).[147]
Two musical prizes are included in the program.[148] As of 2013, the grant for both awards is of 1 millionNOK (about $95,000). The Statoil classical music award has been awarded since 1999. The Statoil stipend to a Norwegianpop/rock artist or group has been awarded since 2008 during theby:Larm festival and is meant to stimulate an international career.[149][150]
The program also includes anart 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.[151]
Sponsorship for sports includes support forfootball andskiing. Sponsorship for education focuses onnatural sciences and included a yearly competition for high school students in Norway whereStatoils realfagspris is awarded.[152]
Statoil was an official sponsor of the2011 FIS Nordic World Ski Championships that was held inOslo.[153]
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
{{cite journal}}: CS1 maint: DOI inactive as of July 2025 (link)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.
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.
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.
Saken er den største saken siden Statoils Horton-sak
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58°53′30.48″N5°43′2.82″E / 58.8918000°N 5.7174500°E /58.8918000; 5.7174500
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