On November 6, 2017, Danish Oil and Natural Gas (DONG) announced the company’s name would be changed to Ørsted A/S. The name change was designed to reflect the company’s dramatic change in strategy. Ørsted A/S would sell off all the company’s substantial fossil fuel assets (coal, oil, and natural gas) and would now focus solely on renewable energy.
Norwegian multinational energy company Statoil has just announced plans to change the company’s name to Equinor. The name change is designed to reflect the company’s increasing growth in renewable energy. Equinor’s chairman of the board, Jon Erik Reinhardsen stated the company supports a low carbon strategy. However, the company has no plans to sell off all the company’s substantial oil and gas assets.
Equinor has a significant position in offshore wind farms in Europe, including the 385 MW Akrona wind farm in offshore Germany. Equinor also won offshore wind leases off the coast of New York and plans to participate if other offshore wind licensing rounds in the United States.
In my opinion, more “oil and gas” companies will be moving into renewable energy. Royal Dutch Shell and British Petroleum have already acquired renewable energy assets in Europe and have plans to expand their renewable energy asset portfolio. I expect American companies like ExxonMobil, Chevron, Marathon, and Phillips to grow their renewable energy portfolio, because there are profits to be made in energy.