Norwegian major Statoil’s name change is a “bold reinforcement” of its commitment to the energy transition, an analyst has said.
Norman Valentine, senior vice president of corporate analysis, Wood Mackenzie, also said Statoil’s carbon emissions intensity was lower than that of its rivals.
Yesterday the company said it would would change its name to Equinor.
It means the word “oil” will no longer form part of the company name.
Statoil said the move was in line with its focus on establishing itself as a “broad” energy company.
Mr Valentine said: “Statoil’s rebranding to become Equinor is a bold reinforcement of the company’s shift towards new energy solutions and low carbon. Statoil’s strategy has become differentiated from the other majors under the leadership of chief executive Eldar Saetre.
“The focus on offshore wind has obvious synergies with Statoil’s legacy oil and gas business. Returns from wind power could add a steady, long-life element to the company’s cash flow outlook, offsetting the risk of decline from core oil and gas assets next decade.
“Equinor will also start life with a carbon intensity advantage. We estimate Statoil’s carbon emissions intensity is the lowest of any large oil and gas company.”