The name Equinor is formed by combning ‘Equi’, from the beginning of "words like equal, equality and equilibrium", and ‘nor’ to denote the state oil company’s Norwegian heritage, the company explained.
Announcing the name change, the company reaffirmed its intention to grow its business "internationally, within both oil and gas, and renewable energy".
Last year, Statoil had announced it expects to invest between 15 and 20% of annual capital expenditure (Capex) in "new energy solutions" by 2030.
It also inaugurated its 30MW Hywind project off the coast of Scotland — the world’s first commercial floating wind farm — in 2017.
It also owns two other offshore projects off the UK coast: the 402MW Dudgeon and 317MW Sheringham Shoal sites.
Statoil is also developing the 385MW Arkona offshore wind farm in the German Baltic Sea, and earlier this month the company entered the Polish offshore market by acquiring interest in two early-phase projects with a total capacity of 1.2GW.
Statoil’s president and CEO, Eldar Sætr, said: "Equinor is a powerful expression of who we are, were we come from and what we aspire to be.
"We are a values-based company, and equality describes how we want to approach people and the societies where we operate.
"The Norwegian continental shelf will remain in the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil and gas, and renewable energy."
The announcement comes two days before Statoil is due to publish its annual results, which Sætre described as "strong".
The name change from Statoil and Equinor will be proposed to shareholders in a resolution to the company’s annual general meeting (AGM) on 15 May.
Statoil's name change comes five months after Dong Energy rebranded as Ørsted, also to reflect its shift in towards renewable energy.