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STATOIL

Statoil makes big discovery off Canada

Norwegian oil group Statoil said on Thursday that it had made a big oil find off the coast of Newfoundland in Canada with 300 million to 600 million barrels of recoverable crude.

Published: 26 September 2013 21:29 CEST
Statoil makes big discovery off Canada
May of the Newfoundland concession - Statoil
The find, dubbed Bay du Nord, is the third discovery in the area for Statoil Canada and its local partner, Husky Energy, which holds a 35-percent
stake to Statoil's 65 percent.
   
Another discovery, called Mizzen, holds an estimated 100 million to 200 million recoverable barrels, while the Harpoon discovery, announced in June,
is still being evaluated, Statoil said in a statement.
 
"It is exciting that Statoil is opening a new basin offshore Newfoundland," said Tim Dodson, executive vice president of Statoil, which said Canada's
Flemish Pass had the potential to become one of the company's core producing areas after 2020.
 

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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.

Published: 16 May 2018 14:25 CEST
'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