Equinor Overhauls Corporate Structure
Norway's Equinor announced significant changes to its corporate structure on November 16, two weeks after Anders Opedal took over as the state producer's CEO following the resignation of Eldar Saetre.
The current organisational structure will remain in place until June 1 2021, after which it will be replaced by a new structure consisting of six business areas: Exploration & Production Norway (EPN); E&P International (EPI); Renewables (REN); Technology, Digital and Innovation (TDI); Projects, Drilling and Procurement (PDP); and Marketing, Midstream and Processing (MMP).
Equinor also said it would reduce the size of its executive committee from 12 to 11. From June next year, the committee will consist of Opedal, CFO Svein Skeie, and executive vice presidents Kjetil Hove for EPN, Al Cook for EPI, Irene Rummelhoff for MMP, Pal Eitrheim for REN, Arne Sigve Nylund for PDP, Carri Lockhart for TDI, as well as Jannicke Nilsson for safety, security and sustainability, Siv Helen Rygh Torstensen for legal and compliance and Ana Fonseca Nordang for people and organisation.
"The changes in the corporate executive committee team reflect a good mix of continuity and renewal, diversity and experience from across Equinor and the industry," Opedal said in a statement.
On assuming his new position, Opedal announced that Equinor would ramp up investments in wind and solar power and aim to become a net-zero emissions company by 2050, while continuing to grow its oil and gas production for another six years.
"These changes will support improved value creation from our world-class oil and gas portfolio, accelerated profitable growth within renewables and the development of low carbon solutions," the CEO said.
Other oil and gas producers, including the European majors BP and Shell, have also announced restructuring plans including job cuts as a way of adapting to the low oil price, net zero carbon goals or the pandemic.