Equinor is to make changes in its corporate structure and Corporate Executive Committee (CEC).
The new corporate structure, to be implemented from June, will consist of six business areas and five corporate centre units.
Equinor president and chief executive Anders Opedal (pictured) said the 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.
Renewables (REN) continues as a business area, renamed from New Energy Solutions (NES) and reporting as a separate segment from the first quarter of 2021.
Equinor is establishing Technology, Digital & Innovation (TDI) as a separate business area, while Projects, Drilling & Procurement (PDP) will become a more focused business area, the company said.
Technology, digitalisation and innovation are fundamental enablers to improve safety, increase value creation, reduce emissions and develop low carbon solutions and gathering units in a new TDI business area will unlock opportunities both within oil and gas, renewables and low carbon solutions, it added.
Exploration & Production Norway (EPN) and Exploration & Production International (EPI) are established as two new business areas, while Marketing, Midstream & Processing (MMP) is unchanged.
Meanwhile changes to corporate centre units will see the Corporate Finance Organisation (CFO) 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 present.
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 said.
Carri Lockhart will lead the new Technology, Digital & Innovation section.
EVP Development & Production International Torgrim Reitan is also set to take on the role as SVP Finance & Control in the Renewables business area from 1 January.