The energy giant said the name reflects the starting point for words like equal, equality and equilibrium and ‘nor’ signalling its Norwegian origin.
It has committed between 15% to 20% of investment in new energy solutions by 2030.
Chairman Jon Erik Reinhardsen said: “The world is changing and so is Statoil. The biggest transition our modern day energy systems have seen is underway and we aim to be at the forefront of this development.
“Our strategy remains firm. The name Equinor reflects ongoing changes and supports the safe, high value and low carbon strategy we outlined last year.
The new name will be proposed to shareholders on 15th May.