Statoil a wet blanket on Oslo stock exchange

Oil giant Statoil's less than stellar second-quarter results set the Oslo Stock Exchange off to a bad morning, with the main index dipping 0.2 percent.

Statoil a wet blanket on Oslo stock exchange
Statoil's West Herkules rig. File poto: Statoil/Scanpix

Statoil's share prices went down 1.4 percent, while Petroleum Geo-Services (PGS) ploughed ahead by 5 percent in less than an hour after the stock exchange opening for trading on Thursday. 

North Sea oil was set at a barrel price of $106.72 , compared the American light oil being sold at $104,86 dollar a barrel. 


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‘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.

'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