Statoil to Become Equinor, Dropping 'Oil'
Shareholders in Norway's largest company, Statoil, will approve on Tuesday the board's proposal to drop "oil" from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.From Wednesday, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.The Norwegian government, which has a 67 percent stake in the firm, has said it will back the move.The oil and gas company said the name change was a natural step after it decided last year to
In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work
At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid specialist technicians who did their jobs while rappelling along the platform. The energy industry has turned to robots and drones to cut costs and improve safety in some of the world's tougher working environments. Drones inspect gear high up on floating
Changes in Statoil's Top Deck
Statoil said on Friday it had expanded its leadership team and changed its corporate structure to reflect the company's increased focus on Brazil.Statoil's Brazilian operations will become a separate business unit headed by Margareth Oevrum, the company's current head of technology, project and drilling.Meanwhile, its separate U.S. business is being brought back within the broader international development and production division, which will be headed by current U.S. chief Torgrim Reitan."Torgrim Reitan strengthens his position as a candidate for being the next CEO," brokerage
If Subsidized, Statoil Will Eye Norway's Offshore Wind
Norway's Statoil may take part in the country's first tender to build floating offshore wind turbines, as long as there are sufficient long-term subsidies, Chief Executive Eldar Saetre told Reuters on Tuesday. In December, Norway's Ministry of Petroleum and Energy said it planned to shortly open one or two offshore regions for construction of floating wind generation "If there are (offshore wind) opportunities in Norway being opened with a relevant incentive structure that makes it profitable, that's obviously something that we will assess," Saetre said on the sidelines of a conference.
Statoil to Drill 5-6 Wells in Arctic Barents Sea in 2018
Norway's Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company's head of exploration told Reuters on Tuesday. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018, of which five or six are expected in the Barents and the rest will be split between the North Sea and the Norwegian Sea, which are both located further south. "We have tested a lot of potential there (in 2017), and that potential is gone, but we still believe in the overall potential of the Barents Sea
25 More Years in the ACG Field
Statoil, together with co-venturers and the Azerbaijan Government sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA. The Azerbaijan Government and the State Oil Company of the Republic of Azerbaijan (SOCAR) together with BP, Statoil, Chevron, INPEX, ExxonMobil, TPAO, ITOCHU and ONGC Videsh today sign the amended and restated Azeri-Chirag-Deepwater Gunashli (ACG) Production Sharing Agreement (PSA) which will be effective until the end of 2049. The agreement was signed today in Baku and is now subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan.
Statoil Eyes Japan, US for Floating Wind Projects
Norwegian oil company Statoil is targeting Japan and the U.S. states of California and Hawaii to expand its floating offshore wind turbine business, the head of its New Energy Solutions business told Reuters. Statoil will later this year open the world's first floating wind turbine park off the coast of Scotland, a technology that allows wind energy to be harnessed further out at sea where wind speeds are typically higher. Statoil's floating wind turbines are anchored in place, unlike other offshore turbines which need to be tethered to a permanent foundation on the seabed that is