Equinor is an international energy company present in more than 30 countries worldwide, including several of the world’s most important oil and gas provinces. Founded in 1972 under the name Den Norske Stats Oljeselskap AS - Statoil (the Norwegian State Oil company), The name changed to Equinor in May 2018.

Equinor is engaged in exploration, development and production of oil and gas in addition to renewables. They are the leading operator on the Norwegian continental shelf and have substantial international activities. Equinor sell crude oil and is a major supplier of natural gas. Processing, refining, offshore wind and carbon capture and storage is also part of their operations. 

Shareholders

The Norwegian State holds 67% of the company's shares through the Ministry of Petroleum and Energy, while US investors hold 11%, private Norwegian owners hold 8%, other European investors 8%, UK investors hold 3%, and others 2%.

Production and reserves

Equinor delivered total equity production of 2,043 mboe per day in the fourth quarter of 2020, down from 2,198 mboe per day in the same period in 2019, with a minor increase in gas share due to high flexible production in gas fields. Adjusting for portfolio transactions the production growth for 2020 was 2.4%.

The proved reserves replacement ratio (RRR) was negative 5% in 2020, following capital discipline and the prioritisation of financial flexibility during market uncertainty, with a three-year average of 95%. With 5.26 billion barrels in proved reserves, Equinor’s reserves to production ratio (R/P) was 7.4 years.

History 

Equinor has grown up along with the emergence of the Norwegian oil and gas industry, dating back to the late 1960s. Today, the company is one of the world's largest suppliers of oil and gas. 

In 1972, the Norwegian State Oil Company, Statoil, was formed, and two years later the Statfjord field was discovered in the North Sea. In 1979, the Statfjord field commenced production, and in 1981 Statoil was the first Norwegian company to be given operator responsibility for a field, at Gullfaks in the North Sea. 

Statoil merged with Norsk Hydro’s oil and gas division on 1 October 2007. The new company was given the temporary name of StatoilHydro, and the company reached a size and strength for considerable international expansion. The company changed its name back to Statoil on 1 November 2009. 

Norsk Hydro’s oil history stretches back to the late 1960’s, when the company was a license holder in the giant Ekofisk discovery in the North Sea in 1969. 

In May 2018, the company name changed to Equinor, supporting the company’s strategy and development as a broad energy company.

Equinor has been one of the most important players in the Norwegian oil industry, and has contributed strongly to make Norway into a modern industrial nation. Today, Norway is one of the world's most productive petroleum provinces and a test lab for technology development.

Renewable projects

Equinor has a sizeable renewables portfolio with an offshore wind portfolio with the capacity of providing over 1 million homes with renewable energy. The company operates the Sheringham Shoal wind farm in the UK, which has been in production since 2012. The Dudgeon offshore wind farm in the UK, also operated by Equinor – and the world’s first floating offshore wind farm, Hywind Scotland – started producing in 2017. In 2016 Equinor also acquired 50% of the Arkona offshore wind farm in Germany, which will deliver power in 2019.

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