Gullfaks from Hydro to Statoil

Statoil’s takeover of Norsk Hydro’s oil and gas division was the result of a larger restructuring within the Norwegian oil industry—an ongoing change that had been unfolding ever since Saga Petroleum was dissolved in 1999.

In connection with the merger, Statoil changed its name to StatoilHydro, a change that lasted until 1 November 2009, when the company reverted to simply being called Statoil.

The name change was likely the most noticeable effect for employees on the three Gullfaks platforms, as signs and work clothes received new logos.

In the boardroom, StatoilHydro’s (later Statoil, and then Equinor) ownership share increased from 61 to 70 percent, while Petoro’s share remained at 30 percent. Despite Statoil thus holding an absolute majority, the licence terms still required that at least two companies agree on all decisions.

This situation of mandatory consensus remained until 2013, when Statoil reduced its ownership share by 19 percentage points in favour of the Austrian company OMV.