Norwegian oil major Equinor has made changes in the corporate structure and the corporate executive committee.
Equinor said on Monday that it made changes to continue its development as a broad energy company and deliver its low carbon strategy.
New corporate structure will consist of six business areas and five corporate centre units. The current organisational structure will remain in place until the planned implementation takes effect by 1 June 2021.
Equinor added that Exploration & Production Norway (EPN) and Exploration & Production International (EPI) are established as two new business areas. They will continue competitive and resilient oil and gas exploration and production, with industry-leading unit costs, recovery rates, and carbon efficiency.
Renewables (REN) continues as a business area, renamed from New Energy Solutions (NES), aiming to accelerate profitable growth within renewables. It will report as a separate segment from the first quarter of 2021.
Equinor is also establishing Technology, Digital & Innovation (TDI) as a separate business area, while Projects, Drilling & Procurement (PDP) will become a more focused business area. Marketing, Midstream & Processing (MMP) is unchanged as a business area.
Corporate centre units
The Corporate Finance Organisation (CFO) will also include units for strategy, mergers & acquisitions, and business development.
Safety, Security & Sustainability (SSU) will be established as a new functional area while Legal & Compliance (LEG), Communication (COM), and People & Organisation (PO) will remain as functional areas.
“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 stated.
As for the Corporate Executive Committee, it will consist of the following people:
The Senior Vice President (SVP) for Communication (COM) will report to the CEO and participate in the Committee as of today. The Corporate Executive Committee will be based in Norway.