STAVANGER, Norway – Equinor has made changes to its corporate structure, as it seeks to develop as a broad energy company.
The new arrangement, involving six business areas and five corporate center units, will take effect by June 1, 2021.
Exploration & Production Norway (EPN) and Exploration & Production International (EPI) are two new business areas. According to the company, these consolidated oil and gas businesses will support value creation and emissions reductions.
Equinor is establishing Technology, Digital & Innovation (TDI) as a separate business area, pursuing opportunities in oil and gas, renewables, and low-carbon solutions.
Projects, Drilling & Procurement (PDP) will become a more focused business area.
The Renewables (REN) business area, formerly known as New Energy Solutions (NES), will report as a separate segment from 1Q 2021.
From June 1, 2021, the corporate executive committee will include:
- President and CEO Anders Opedal.
- Exploration & Production Norway, evp Kjetil Hove.
- Exploration & Production International, evp Al Cook.
- Renewables, evp Pål Eitrheim.
- Projects, Drilling & Procurement, evp Arne Sigve Nylund.
- Technology, Digital & Innovation, evp Carri Lockhart.
- Safety, Security & Sustainability evp Jannicke Nilsson.
EVP Margareth Øvrum will retire at the end of this year, with svp Reidar Gjærum taking on a senior advisor role in the CEO office on Jan. 1.
Geir Tungesvik, who has been acting evp president for Technology, Projects, and Drilling, will resume his duties as svp Projects, while Tore Løseth will continue as acting EVP for Exploration until June 1, 2021.