* Eldar Saetre to retire after six years at the top
* Equinor insider Anders Opedal takes over on Nov. 2
* Will accelerate move towards broader energy investments
* Wants to be 'a leading company' in energy transition
* Opedal untainted by losses in U.S. operations -analyst
(Adds quotes from incoming CEO, background, share)
By Terje Solsvik and Gwladys Fouche
OSLO, Aug 10 (Reuters) - Equinor on Monday
announced the appointment of Anders Opedal as chief executive
effective from Nov. 2 as the Norwegian oil and gas group looks
to speed up a move into renewable energy.
The new CEO, who had been executive vice president for
technology, projects and drilling, replaces Eldar Saetre who
will retire after more than 40 years at Norway's biggest
company.
European oil companies are pushing ahead with plans to
develop emissions-free sources of energy, with some, such as BP
and Eni promising to cut their oil and gas
production.
"We can make Equinor a relevant company, a leading company
in the energy transition," Opedal said in a video released by
the company.
"We will focus and improve our oil and gas portfolio and
accelerate our development of renewable energy," Opedal said.
Sources last month told Reuters that Opedal was one of four
internal candidates short-listed.
"Equinor is entering a phase of significant change as the
world needs to take more forceful action to combat climate
change," Chairman Jon Erik Reinhardsen said in a statement.
"The board's mandate is for Anders to accelerate our
development as a broad energy company and to increase value
creation for our shareholders through the energy transition."
Saetre in 2018 changed the majority state-owned company's
name from Statoil to Equinor and promised to increase investment
in renewable energy.
Opedal said the company would also seek to build new
business within hydrogen, carbon capture and storage (CCS) as
well as other low-carbon solutions.
Opedal, a former chief operating officer, has also been in
charge of Equinor's Brazil business, where the company plans a
big offshore oil expansion in the coming years.
Saetre's six years at the helm came at a time of upheaval in
the energy industry, with a plunge in oil prices in 2014-2015
and again this year triggering large losses and write-offs.
With accumulated losses of $20.4 billion in Equinor's U.S.
operation, Norway's energy minister this year called for greater
transparency in the group's overseas investments.
"As far as we know Opedal is the one among the four internal
candidates (who has the) least direct involvement in Equinor's
North America operations," Sparebank 1 Markets analyst Teodor
Sveen-Nilsen wrote in a note to clients.
Shares in Equinor were up 1.08% at 1008 GMT, broadly in line
with the European oil and gas index.
(Editing by Sherry Jacob-Phillips/Jason Neely/Jane Merriman)
BP (BP.)
