Equinor’s CEO in its 50th anniversary years has close ties to the long threads in modern Norwegian industrial history. Anders Opedal grew up in a smelter community in south-west Norway, studied engineering and took an MBA, and has held many management posts in the company since 1997. That gives him particular qualities for meeting the green shift.

The Storting (parliament) had resolved to establish a state oil company. This now had to be built up. So who was to be responsible for managing the state’s commercial interests in the oil industry? And who were these people who would shape the company?

On 18 September 2022, 50 years had passed since the first general meeting of Den norske stats oljeselskap a.s (The Norwegian State Oil Company Ltd, better known as Statoil, and now Equinor). Its story began on 14 June 1972, when the Storting (parliament) voted unanimously to establish a wholly state-owned oil company with its head office in Stavanger. Half a century later, this has grown into an enterprise with 21 000 employees in 30 countries and a major contributor to the Norwegian government’s coffers.

The big question in 1973-74 was what role Statoil should play and how that should be governed. Where did the boundary run between the authority of the Storting (parliament) on the one hand and the board on the other? The path to a clarification was fairly painful, and resulted in the “Statoil article”, which required it and the government to report annually to the Storting on the company’s activities.

Helge Lund led Statoil through major changes from 2004 to 2014. Against the background of generally high oil and gas prices, this period was characterised by a commitment to international growth with a vigour and direction unique in the company’s history.

Work on equality at Statoil, now Equinor, has many features in common with action in this area at other companies, in both the petroleum sector and industry as a whole. That largely reflects the introduction of social measures and legislation. Equality and diversity in the company has gone from a legal ideal to a strategic instrument.

Today’s Equinor was actually born on 18 September 1972, with the statutory general meeting of Den norske stats oljeselskap – The Norwegian State Oil Company. The work of finding people to run this enterprise could then begin, and provisional articles of association defined the business it was to conduct.

Den norske stats oljeselskap a.s was incorporated on 18 September 1972. Its name was subsequently shortened to Statoil, and is now Equinor. A brief summary of the main changes affecting the company from 1972 to 2022 is provided below.

Arve Johnsen, Harald Norvik, Olav Fjell, Helge Lund, Eldar Sætre and Anders Opedal are well-known names for most people with an interest in Equinor. Although life at the top can undoubtedly be lonely, these six CEOs have enjoyed the help and support of their most senior executives. This article reviews the management team/corporate executive committee (CEC) in Statoil/Equinor over the years.

The board of Den norske stats oljeselskap a/s (Statoil) began life with a handful of male Norwegian directors in 1972. Over the years, it has been expanded to a couple of handfuls – up to 11 people at maximum – including women and foreign nationals.

Statoil’s articles of association were not approved by the Storting (parliament) until March 1974. They included provisions which required the company’s board to discuss key issues with the industry minister. Above all, an innovative article 10 gave the state greater control over Statoil.

The Storting (parliament) may have voted to establish Statoil in 1972, but an underlying conflict was soon smouldering over its role as the state’s oil-policy instrument. A general election in 1981 increased the influence of forces demanding stronger government control of the company’s cash flow by restructuring it – known as “clipping Statoil’s wings”.

Arve Johnsen served as Statoil’s first CEO from 1972 to 1988. He was a clear-speaking leader rooted in social-democratic values and well liked within the company. But opinions about him in political circles differed.

Harald Norvik took over from Arve Johnsen to become Statoil’s second CEO from 1988 to 1999. He helped to take the company international in alliance with BP, set his stamp on development of the Norwegian continental shelf (NCS) and encouraged greater standardisation in the supplier industry.

Statoil acquired its third CEO in September 1999, when Olav Fjell took office. The biggest landmark during his time with the company was the stock market listing. Since he had to resign in September 2003 following revelations that Statoil was involved with corruption in Iran, his time at the helm lasted no more than four years.

Chief financial officer (CFO) Inge K. Hansen was appointed acting CEO of Statoil on 23 September 2003, the day after Olav Fjell had resigned as a result of the corruption affair in Iran. The two had formed a good team in the run-up to the partial privatisation process. Now Hansen stood alone at the top.