The largest oil company in Northern Europe & the largest company in Norway: Equinor ASA (STOHF) (1972)

Statoil (Statoil Hydro) Equinor ASA (OTC PINK: STOHF) was founded in 1972, formerly known as Statoil ASA (formerly NYSE: STO) , and changed to its current name in May 2018. Before November 2009, it was named StatoilHydro ASA, headquartered in Stavanger, Norway, with 20,245 full-time employees. It is the 11th largest oil and gas company in the world, the 26th largest company in the world, the largest oil company in Northern Europe, and the largest in Norway. s company.

Statoil ASA STO Logo

Equinor ASA (STOHF):

Norwegian Petroleum is the largest oil company in Northern Europe and the largest company in Norway. It was formed in 2007 by the merger of the oil and gas divisions of the former Statoil and Norsk Hydro. It is an integrated oil and gas company. It operates exploration, production, transportation, refining and sales. It also operates natural gas transportation and sales. It is a major natural gas supplier in the European market and has service stations in Ireland, Poland, the Baltic States and Russia.

As of December 31, 2017, Statoil has proven reserves of approximately 5.667 billion barrels of oil equivalent.

Statoil company Equinor ASA (STOHF) history:

Statoil mainly evolved from three predecessors : Statoil, Norsk Hydro, and Saga Petroleum (the latter two were merged in 1999 and then merged with the first in 2007).

  • In 1972, Statoil was established, a limited company owned by the Norwegian government unanimously approved by the Norwegian Parliament Stortinget. The political motivation is Norway’s participation in the continental shelf oil industry and the establishment of Norwegian capabilities in the oil industry to establish the foundation of the domestic oil industry. Statoil was asked to discuss important issues with the Minister of Industry and later the Minister of Petroleum and Energy. National oil companies are also required to submit an annual report to Parliament.
  • In 1973, the company began to gain business in the petrochemical industry. This led to the development of the Rafnes processing plant, which in 1980 cooperated with Norsk Hydro at the Mongorsad plant.
  • In 1980, Statoil decided to become a fully integrated oil company and began to establish the Statoil gas station brand. The Norwegian gas station originated from the Norror gas station. In 1985, it acquired gas stations in Denmark and Sweden from Esso, in 1992 it acquired gas stations in Ireland from British Petroleum, and Jet from ConocoPhilips in 1995, and then sold by Statoil. For Topaz Oil, a network of gas stations was also established in parts of Eastern Europe in 1990.
  • In 1981, the company was the first Norwegian company to obtain the right to operate the Gullfaks oil field on the Norwegian continental shelf.
  • From 1987 to 1988, the biggest scandal in the company’s history occurred. The Mongstad scandal caused Arve Johnsen, the then invulnerable CEO, to withdraw.
  • In the late 1980s, Hydro acquired Mobil ‘s service stations in Norway, Sweden and Denmark and changed its name to Hydro.
  • In 1991, there was a dispute between Statoil and local environmentalists, mainly from Natur og Ungdom and Friends of the Earth Norway, who established a new R&D center in the Rotvoll region of Trondheim, Norway. It is a wetland close to the city. Important bird life. The culmination of this controversy occurred under civic protests by environmentalists, but the center is still under construction.
  • In 1995, Hydro merged its service stations in Norway and Denmark with Texaco to form a joint venture, HydroTexaco.
  • In 1999, Hydro acquired the third largest oil company in Norway-Saga Petroleum, which mainly operates upstream oil and gas assets in Norway and the United Kingdom. After the acquisition, the British business was sold and the combined company was named Norsk Hydro.
  • In 2001, Den Norske Stats Oljeselskap A/S changed its name to Statoil.
  • The Statoil and Horton case refers to the company’s use of bribes in Iran from 2002 to 2003 in an attempt to obtain a profitable oil contract in the country. This is mainly achieved by hiring the services of the Iranian consulting firm Horton Investment Company, owned by Mehdi Hashmirafsanjani, the son of former Iranian President Rafsanjani. Horton Investments was paid $15.2 million by Statoil to influence important Iranian political figures to provide Statoil with oil contracts. The Norwegian newspaper Dagens Næringsliv discovered a corruption scandal on September 3, 2003. In 2006, the company received a fine of $10.5 million for violating the United States’ Foreign Corrupt Practices Act.
  • In 2006, Statoil and Norsk Hydro merged and renamed StatoilHydro.
  • In 2006, Hydro sold its service station business to Reitangruppen.
  • On June 8, 2007, Statoil merged with Norsk Hydro. The former holds 67.3% of the new company (StatoilHydro ASA) and the latter holds 32.7%.
  • In September 2007, Statoil and Petrobras signed an agreement to expand cooperation in exploration, subsea and biofuels. According to the agreement, Statoil becomes a partner for six offshore licenses and expands biofuel production. Petrobras and Statoil announced plans to build dozens of refineries in Brazil and other parts of the world to add vegetable oil to crude oil to make sulfur-free fuels. On March 4, 2008, Statoil acquired 50% of the Peregrino oil field shares of Anadarko Petroleum for 1.8 billion US dollars .
  • After Statoil acquired North American Oil Sands Corporation (North American Oil Sands Corporation) for US$2.2 billion in 2007, it bought a large area of ​​oil fields at the Athabasca oil sands mine in Canada. In 2012, Statoil had 4 oil sands licenses as part of the Kai Kos Deh Seh project: Leismer, Corner, Hangingstone and Thornberry.
  • In 2009, Statoil Hydro was renamed Statoil.
  • In June 2011, Statoil ASA sold 24.1% of the joint venture Gassled to Solveig Gas Norway AS for US$3.25 billion, and retained 5% of the shares.
  • In 2011, Statoil acquired Brigham Exploration for US$4.4 billion.
  • Beginning on October 1, 2014, Statoil sold natural gas to the Ukrainian company Naftogaz.
  • In October 2014, Statoil sold its 15.5% interest in Shah Deniz gas field to Petronas for US$2.25 billion.
  • In May 2018, Statoil changed its name to Equiinor.
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