Equinor announced changes in its corporate structure and Corporate Executive Committee (CEC) on Monday.
The company’s new corporate structure will consist of six business areas and five corporate center units. Equinor’s current organizational structure will remain in place until the planned implementation takes effect by June 1, 2021.
Exploration & Production Norway (EPN) and Exploration & Production International (EPI) have been established as two new business areas. Equinor said these areas will continue competitive and resilient oil and gas exploration and production and noted that two consolidated oil and gas business areas will support a focused approach to strengthen value creation and reduce emissions.
Renewables (REN) will continue as a business area, renamed from New Energy Solutions (NES), and Technology, Digital & Innovation (TDI) will be established as a separate business area, while Projects, Drilling & Procurement (PDP) will become a more focused business area, according to the company. Marketing, Midstream & Processing (MMP) is unchanged as a business area, Equinor revealed.
In terms of CEC, Legal & Compliance (LEG), Communication (COM) and People & Organisation (PO) will remain as functional areas. The Corporate Finance Organization (CFO) will also include units for strategy, mergers & acquisitions and business development and Safety, Security & Sustainability (SSU) will be established as a new functional area.
Equinor said the announced changes in the corporate structure will support continuous improvement and reduce the overall number of leadership positions but does not in itself lead to redundancies.
“Equinor is developing as a broad energy company,” Anders Opedal, the president and chief executive officer of Equinor, said in a company statement.
“We are now making changes to further strengthen our ability to deliver on our always safe, high value, low carbon strategy. 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,” he added.
“The changes in the CEC team reflect a good mix of continuity and renewal, diversity and experience from across Equinor and the industry. With this new team and a highly competent organization, we are ready to take Equinor forward together,” Opedal went on to say.