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STATOIL

Statoil halts Barents Sea expansion plans

Norwegian oil company Statoil said on Tuesday it and its partners Total and GDF Suez have decided to drop plans to expand the Snøhvit natural gas field in the Barents Sea as unjustified given current discoveries.

Statoil halts Barents Sea expansion plans
Statoil's Melkøya plant on the Barents Sea coast (Photo: Øyvind Hagen/Statoil)

The partners "concluded that the current gas discoveries do not provide a sufficient basis for further capacity expansion," said a Statoil statement.

"With new gas discoveries increased capacity may again be considered," it added.

The three companies have been exploring for the past 18 months whether to build a pipeline or another plant to liquefy the natural gas.

Statoil said no decision was reached on which option would be preferable.

The companies will focus on making better use of the current system of taking gas via an undersea pipeline to an onshore LNG plant, it added.

Statoil holds 36.79 percent in the field and is the operator. French companies Total and GDF Suez hold 18.4 percent and 12 percent stakes.

Petoro, the state-owned company which manages Norway's interest in energy exploration and production projects, holds a 30 percent stake, and Germany's RWE Dea 2.81 percent.

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STATOIL

‘Call me Equinor’: Statoil changes name

Norway's largest oil company Statoil officially changed its name to Equinor on Wednesday as it forges ahead with its drive into renewable energy.

'Call me Equinor': Statoil changes name
CEO Eldar Sætre presents the name change in Stavanger. Photo: Carina Johansen / NTB Scanpix

Proposed in March and adopted on Tuesday at the shareholders' general meeting, the name change allows the company to take a step back — at least in name — from the Norwegian state, which owns 67 percent of its shares, and from oil. 

Equinor is meant to combine the idea of equity and equilibrium (“equi”) and geographical origin (“nor”) for Norway.

Founded in 1972 to operate Norway's large oil fields, the company — which is listed on both the Oslo and New York stock exchanges — is now active in renewable energies, including wind farms off the UK coast.

The group has earmarked 15-20 percent of its investments to “new energy solutions” by 2030.

But this shift has been cold shouldered by environmentalists concerned about global warming as they accuse the company of “green washing”.

“Statoil name change to attract young talent will not be sufficient as long as Equinor is exploring in vulnerable areas, such as the Arctic or the Great Australian Bight,” tweeted Truls Gulowsen, leader for Greenpeace in Norway.

READ ALSO: Norway pledges to spend less oil money in new budget