Government of Norway (Storting)

Equinor was founded by a unanimous act of the Norwegian parliament, the Storting, on June 14, 1972, as Den Norske Stats Oljeselskap A/S (the Norwegian State Oil Company). The political motivation was Norwegian participation in the oil industry on the continental shelf and building up domestic petroleum competency to establish the foundations of a national oil industry. The company was wholly state-owned, with the Ministry of Industry (later Ministry of Petroleum and Energy) exercising the powers of sole owner on behalf of the state. The Storting required the company to discuss important issues with the minister and submit an annual report to parliament.

The Norwegian government created Equinor's predecessor as an instrument for the realization of the state's industrial policy within the petroleum sector. Rather than relying solely on taxing international oil giants operating in Norwegian waters, Norway chose to build its own oil company, accepting the risk that entailed. The government required international oil companies to take on Statoil employees as part of licensing agreements, embedding Statoil staff within companies like Mobil with the same rights and obligations as the company's own employees, including training courses. Over time, Statoil built its own technological expertise, matching and eventually surpassing other oil companies in its ability to build and operate offshore oil facilities in the harsh North Sea environment. The company was privatized and listed on the Oslo and New York Stock Exchanges in 2001, with the government initially retaining 81.7% of shares, later reduced to 67% through secondary offerings.