Equinor
Free float (33%) | |
Number of employees | 21,126 (2021)[2] |
---|---|
Website | www |
Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian
The current company was formed by the 2007 merger of
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.
History
The heritage of Equinor derives from three major Norwegian petroleum companies Statoil, Norsk Hydro, and Saga Petroleum (the latter two merged in 1999).
Old Statoil
Den Norske Stats Oljeselskap A/S was founded as a limited company owned by the
In 1973, the company started work acquiring a presence in the
In the 1980s, Statoil decided to become a fully integrated petroleum company and started building the
In 1991, a
The company was privatised and made a
The
In September 2007, Statoil and the Brazilian oil company
In 2007, Statoil bought a large area in the
In 2009, Statoil launched the world's first operational deep-water floating large-capacity wind turbine, Hywind.
Hydro
In 1965, Hydro joined
In the late 1980s, Hydro acquired the
Merger
A merger proposal was announced in December 2006.
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
The company's management team was initially to be led by President and CEO
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.[22] The name was changed on 2 November 2009[23]
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.[9]
Investments and developments after 2009
In 2010, Statoil separated its downstream business into a separate listed company Statoil Fuel & Retail.[24][25] In 2012 Alimentation Couche-Tard bought Statoil Fuel & Retail for $2.8 billion.[26]
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.
On 7 April 2010, Statoil announced finding oil and gas reserves in the Fossekall prospect just north of the
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.[28] In 2016 Statoil sold the Leismer oil sand operation in Canada to Athabasca Oil.[29]
In 2011–2012, Statoil announced a new discovery in the North 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 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 200 to 3,000 million barrels (32 to 477 million cubic metres) of oil.[30][31][32]
In 2011, Statoil bought
In November 2011, a Statoil consultant and two others were tried for having received 7 million
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.[37]
In 2016, Statoil licensed 66% of the Carcará field in the Santos basin from Petrobras for $2.5 billion.[38]
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.[39]
Since 1 October 2014, Statoil also supplies natural gas to Ukraine's Naftogaz.[40][41]
In 2016, Statoil acquired a $3 million share of a US
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.[44]
In October 2017, Statoil commissioned the 30-MW
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.[49]
In February 2024, Equinor and 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.[50]
Rebranding to Equinor
On 15 March 2018, Statoil announced that it would change its name to Equinor following approval by the annual general meeting.[51]
Between 2007 and 2019, the company reported massive losses,
In August 2020, Equinor appointed Anders Opedal as its new CEO.[55] 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.[56]
In January 2021, Equinor acquired a contract to provide off-shore
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.[60][53] 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.[61]
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.[62]
Equinor partnered with Norwegian renewable energy company Vårgrønn in 2021 to acquire wind acreage in the Utsira Nord region of the North Sea.[63]
Operations
Oil and gas exploration and production
Equinor is the largest operator on the
In addition to the Norwegian continental shelf, Equinor operates oil and gas fields in
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.[64]
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
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.[69][70][71]
Pipeline operations
Equinor is involved in a number of
The company has trading offices for
.Biofuels
This section needs expansion. You can help by adding to it. (May 2018) |
Solar
This section needs expansion. You can help by adding to it. (September 2023) |
Equinor has stakes in solar power projects in Brazil, Argentina, Poland, and elsewhere.[72]
Wind energy
Equinor owns and operates the 30-MW Hywind Scotland floating wind farm 29 kilometres (18 mi) off Peterhead, Scotland.[45][46][47] Equinor owns 50% stake in the Polish 1,200-MW Bałtyk Środkowy III and Bałtyk Środkowy II offshore wind farms.[49] It also owns 25% stake in the 385-MW Arkona wind farm offshore Germany.[73] 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.[74]
Petrol stations
The company operated
In 2010, the downstream operations were separated into new listed company Statoil Fuel & Retail.[77] In total Statoil had about 2,300 fuel station services in Denmark, Estonia, Ireland, Latvia, Lithuania, Norway, Poland, Russia, and Sweden, as well as significant lubricants and aviation fuel operations.[78]
In 2012 Canadian company Alimentation Couche-Tard agreed to buy the company for $2.8 billion.[79] In 2016, Couche-Tard decided to rebrand all fuel stations into the Circle K brand.[80]
Finances
[needs update] 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.[81] In the fourth quarter of 2021, Equinor had a profit of $15 billion.[82]
Year | Revenue in mil. USD$ |
Net income in mil. USD$ |
Total Assets in mil. USD$ |
Price per Share in USD$ |
Employees |
---|---|---|---|---|---|
2005 | 60,690 | 4,775 | 44,907 | 20.16 | |
2006 | 66,155 | 6,344 | 49,276 | 27.30 | |
2007 | 89,399 | 7,643 | 82,727 | 29.12 | |
2008 | 117,291 | 7,784 | 104,058 | 27.99 | |
2009 | 73,967 | 2,834 | 90,054 | 20.83 | |
2010 | 87,330 | 6,242 | 106,611 | 21.91 | |
2011 | 119,766 | 14,079 | 137,350 | 24.95 | |
2012 | 124,425 | 11,851 | 134,917 | 25.28 | |
2013 | 108,613 | 6,799 | 150,906 | 23.32 | 23,413 |
2014 | 99,264 | 3,871 | 132,702 | 26.53 | 22,516 |
2015 | 59,642 | −5,192 | 109,742 | 17.11 | 21,581 |
2016 | 45,873 | −2,922 | 104,530 | 15.93 | 20,539 |
2017 | 61,187 | 4,590 | 111,100 | 18.50 | 20,245 |
2018 | 79,593 | 7,535 | 112,508 | 24.97 | 20,525 |
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.[83]
Controversies
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.[84] It was seen as a big scandal in the Norwegian press.
Corrib gas project
Equinor was a partner of
Corruption lawsuit: Iran
The Statoil corruption case, also known as the Statoil-Horton case (
North Sea oil projects
In March 2011, Statoil halted work on two
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.[93]
Arctic
In May 2012, Equinor signed an Arctic exploration deal with Rosneft.[94][66] 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.[95]
Great Australian Bight
Exploration for oil and gas in the Great Australian Bight first began in the late 1960s.
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.[105][106]
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”.[107]
Corporate structure
Board of directors
Comprised as follows as of February 2017:[108]
- CEO of Vattenfall
- Roy Franklin, Chairman of Cuadrilla Resources and trained geologist
- Bjørn Tore Godal, former Norwegian Minister of Foreign Affairs, Trade and Shipping, and Defense
- Lill-Heidi Bakkerud, employee-elected representative, former process engineer at Statoil's Gullfaks oil field
- Maria Oudeman, President of Utrecht University
- Wenche Agerup, current CCO of Telenor
- CFO of Torvald Klaveness Group
- Royal Dutch Shell
- Stig Lægreid, board representative of the Norwegian Society of Engineers and Technologists
- Ingrid Elisabeth di Valerio, board representative for Tekna
Lobbying
Equinor engages professional lobbyists to represent its interests in various jurisdictions. In South Australia, they were represented by the firm Hawker Britton.[109]
Environmental record
Statoil was responsible for 0.52% of global industrial greenhouse gas emissions from 1988 to 2015.[110]
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.[111] Equinor has injected CO2 into the Utsira formation on the Sleipner 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.[112]
Sponsorship
Equinor sponsors talents in art, education, and sports through the program Morgendagens helter (Tomorrow's heroes).[113]
Two musical prizes are included in the program.[114] As of 2013, the grant for both awards is of 1 million NOK (about $166,000). The Statoil classical music award has been awarded since 1999. The Statoil stipend to a Norwegian pop/rock artist or group has been awarded since 2008 during the by:Larm festival and is meant to stimulate an international career.[115][116]
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 $83,000) which makes it Norway's largest prize of its kind.[117]
Sponsorship for sports includes support for
Statoil was an official sponsor of the 2011 FIS Nordic World Ski Championships that was held in Oslo.[119]
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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
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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.
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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.
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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.
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(help) - ^ "Five arrested after clashes at Corrib gas line protest". The Irish Times. Retrieved 2022-03-08.
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Saken er den største saken siden Statoils Horton-sak
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External links
- Media related to Equinor at Wikimedia Commons
- Official website