Equinor ASA
Company History
Equinor History: Founding, Growth & Key Milestones
Founded 1972 in Stavanger, Norway
When was Equinor founded?
Equinor was founded in 1972 in Stavanger, Norway by Arve Johnsen, making it 54 years old.
- Founded
- 1972
- Founding place
- Stavanger, Norway
- Founders
- Arve Johnsen
- Headquarters today
- Stavanger, Norway
- Milestones documented
- 11 (1972–2026)
- Current CEO
- Anders Opedal
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1972 | Statoil Founded |
| 2001 | Statoil Goes Public |
| 2007 | Hydro Oil and Gas Merger |
| 2009 | StatoilHydro Renamed Statoil |
| 2015 | Eldar Sætre becomes CEO |
| 2018 | Name Changes to Equinor |
| 2020 | Anders Opedal Becomes CEO |
| 2022 | Revenue Peaks During Gas Price Spike |
| 2025 | Revenue Reaches $106.462B |
| 2025 | Northern Lights stores first CO2 |
| 2026 | Capital Markets Day strategy reset |
- Where was Equinor founded?
- Equinor was founded in Stavanger, Norway in 1972.
- Who founded Equinor?
- Equinor was founded by Arve Johnsen.
- When did Equinor start?
- Equinor was founded in 1972.
- How old is Equinor?
- Equinor is 54 years old as of 2026.
Founding Story
Phillips Petroleum discovered the Ekofisk field in the Norwegian North Sea in 1969. To make sure Norway, not only foreign oil companies, captured the value, the Storting created the fully state-owned Den norske stats oljeselskap (Statoil) in 1972, with Arve Johnsen as its first chief executive. Licensing rules gave Statoil stakes in fields and required foreign operators to share know-how, and in 1981 it became the first Norwegian company to take operatorship of a field, Gullfaks.
Founders
Arve Johnsen
Arve Johnsen (1934-2023) was the first chief executive of Statoil, leading the state oil company from its creation in 1972 until 1987. Before that he was a state secretary in Norway's Ministry of Industry. Under him Statoil grew from a new state agency into an operator, taking charge of the Gullfaks field in 1981. He resigned in 1987 after the Mongstad refinery cost overruns. (Exact birth year remains publicly undisclosed).
Key Milestones
Statoil Founded
The Norwegian state creates Statoil to develop Norway's petroleum resources.
Source: en.wikipedia.orgStatoil Goes Public
Statoil lists shares while the Norwegian state remains the controlling shareholder.
Source: en.wikipedia.orgHydro Oil and Gas Merger
Statoil merges with Norsk Hydro's oil and gas business, expanding scale on the Norwegian Continental Shelf.
Source: en.wikipedia.orgStatoilHydro Renamed Statoil
StatoilHydro changed its name back to Statoil in 2009.
Source: en.wikipedia.orgEldar Sætre becomes CEO
Eldar Sætre became CEO of Equinor ASA in 2015. Sætre guided the company through one of the most challenging periods in the modern history of the oil and gas industry, stabilizing its finances while simultaneously initiating a profound, existential corporate transformation.
Source: en.wikipedia.orgName Changes to Equinor
Statoil changes its name to Equinor to signal a broader energy identity.
Source: en.wikipedia.orgAnders Opedal Becomes CEO
Anders Opedal becomes President and Chief Executive Officer.
Source: en.wikipedia.orgRevenue Peaks During Gas Price Spike
Equinor reports $150.806B in 2022 revenue amid notable European gas-market conditions.
Source: en.wikipedia.orgRevenue Reaches $106.462B
Equinor reports $106.462B in 2025 revenue and 24,620 employees.
Source: sec.govNorthern Lights stores first CO2
The Northern Lights CO2 storage project, owned with Shell and TotalEnergies, receives and injects its first CO2.
Source: sec.govCapital Markets Day strategy reset
Equinor doubles its 2026 buyback to $3B, targets about 2.3 million boe per day by 2030, and directs about 90% of capex to oil and gas.
Source: equinor.comMajor Acquisitions
Norsk Hydro Petroleum Division (Merger)
2007The merger between Statoil ASA and Norsk Hydro ASA's petroleum business, implemented on October 1, 2007, was designed to create a stronger international player than either company could achieve separately. The combined entity, initially named StatoilHydro, would control more than a third of remaining proven resources on the NCS, operate about 80% of NCS production, and have a presence in almost 40 countries.
Danske Commodities
2018Equinor agreed in December 2018 to buy Danske Commodities, a Danish power and gas trading company, to strengthen its trading in European power and gas markets.
EQT Northern Marcellus non-operated interest (asset swap)
2024In December 2024 Equinor swapped its non-operated Ohio Utica assets plus cash for a 40% non-operated interest in EQT-operated Northern Marcellus gas assets in Pennsylvania.
Keep researching Equinor
Equinor Company History FAQ
When was Statoil established and what was its first operated field discovery?
Statoil was established by the Norwegian Storting in September 1972. The company took over operatorship of the large Gullfaks field in the North Sea in 1979, proving that Norwegian engineers could independently manage complex offshore deepwater developments.
When was the Troll gas field discovered and why is the Troll A platform historic?
Discovered in 1979, the Troll gas field began production in 1996. The Troll A platform, built from 1.2 million tons of reinforced concrete standing 472 meters tall, is the tallest offshore platform and largest man-made concrete structure ever moved across the earth's surface.
When did Statoil go public and list on stock exchanges?
Statoil went public on June 18, 2001, listing on the Oslo Børs and the New York Stock Exchange. The Norwegian government privatized a minority stake while retaining a two-thirds majority (67%) shareholding to balance commercial governance with national energy security.
When was the landmark Statoil-Norsk Hydro merger completed?
The merger between Statoil and the oil and gas division of Norsk Hydro was completed on October 1, 2007. The combined entity operated as StatoilHydro before reverting to Statoil ASA in 2009, creating one of the world's largest offshore operators.
When did Equinor commission the world's first commercial floating offshore wind farm?
Equinor commissioned Hywind Scotland in October 2017 off the coast of Peterhead, Aberdeenshire. Featuring five 6 MW floating turbines anchored to the seabed in water depths of 95 to 120 meters, it proved the commercial viability of deepwater floating offshore wind power.
When did Statoil officially rebrand to Equinor?
On May 15, 2018, shareholders approved changing the corporate name from Statoil ASA to Equinor ASA. The rebrand signaled a strategic commitment to broad energy diversification across oil, natural gas, offshore wind, and low-carbon industrial solutions.
When did the giant Johan Sverdrup oil field commence production?
Johan Sverdrup Phase 1 commenced production in October 2019, followed by Phase 2 in December 2022. Operating with onshore power from Haugsneset, the field rapidly scaled to over 700,000 barrels per day, becoming Western Europe's most productive and carbon-efficient oil field.
What major commercial milestone did the Northern Lights CCS project achieve in 2024?
In 2024, the Northern Lights joint venture (Equinor, Shell, and TotalEnergies) completed construction of its onshore CO2 receiving terminal and subsea injection pipelines in Øygarden, Norway, preparing to receive the world's first commercial cross-border subsea CO2 shipments from European industrial emitters.
How did Equinor start?
It was founded in 1972 as Den Norske Stats Oljeselskap (Statoil). Following the massive, historic discovery of the Ekofisk oil field in the North Sea, the Norwegian government created the company to ensure that the massive oil wealth was heavily controlled by the state and used to benefit the Norwegian people.
Related Strategic History
Compare founding milestones and corporate evolution
Explore Equinor
Core profile pages, founders and related research hubs for this company.