Statoil re-branding & raising its low carbon portfolio

On Monday 30th of April, Statoil agreed to sell their 17% non-operated share in the Alba oil field on the UK Continental Shelf to Verus Petroleum, says a press release from the company [1].

“With this transaction we focus on core activities in line with our high value, low carbon strategy. We are committed to a broad energy portfolio in the UK, with offshore oil & gas and offshore wind projects, an active exploration programme on the UKCS, and secure supplies of natural gas”
Hedda Felin, Statoil’s senior vice president for UK & Ireland offshore activities.

Statoil also has announced that they are going to change their name to Equinor [2]. The act of removing the world “oil” from their name, was seen as act to signal out their future strategies in energy market transition.

“Reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name,”
CEO Eldar Sætre.

Refrences: [1] [2]