Oil & Gas brands underscore Norway’s fossil fuel wealth, emerging as nation’s top two fastest-growing brands
As the fourth largest exporter of natural gas globally, three of Norway’s top 15 brands hail from the oil and gas sector: Equinor (brand value NOK178.7 billion), AkerBP (brand value NOK28.1 billion), and Vår Energi (brand value NOK7 billion). Vår Energi has nearly doubled its brand value, up 82%. This rise has propelled the oil and gas brand up seven positions to 15th among Norway’s most valuable brands. This surge is due to increased petroleum revenues, driven largely by higher oil and gas prices.
Equinor, Norway’s second-fastest growing brand, has seen a 37% increase in brand value. This growth stems from rising revenues and optimistic forecasts, reflecting the brand’s higher production growth throughout 2023.
Looking ahead, with the Norwegian economy’s outlook increasingly optimistic, it’s possible that Norwegian oil and gas brands capable of weathering short-term sector fluctuations will continue to rise in brand value. Additionally, with the start of Phase 2 production of the Johan Sverdrup field – the third largest oil field on the Norwegian continental shelf – Norway’s liquid oil production is set to keep rising, with the field already contributing about one-third of the nation’s total oil production.
Cristobal Pohle Vazquez, Regional Manager of Scandinavia, Brand Finance, commented:
“As Norway’s largest export and a significant contributor to its economy, the nation’s oil and gas sector continues to bolster its brand presence on the global stage. With Vår Energi’s brand value soaring 82% and Equinor’s value increasing 37%, these brands are setting new benchmarks for growth, underscoring Norwegian brands’ strategic position in the global energy market and the Norwegian economy's upward growth trajectory.”
Equinor remains Norway’s most valuable brand and new entrant Statkraft debuts in third position
Equinor has retained its position as Norway’s most valuable brand, with a brand value of NOK178.7 billion following a 37% increase. This leap also makes Equinor Norway’s second fastest-growing brand, and its brand value stands at more than five times than that of the runner-up, Telenor (brand value down 22% to NOK34.7 billion).
Equinor also remains Norway’s second strongest brand with a Brand Strength Index (BSI) score of 77.9 out of 100. Brand Finance data reveals that Equinor achieved high scores for perceptions of its products (including innovation and quality) and promotion of its brand via word of mouth, contributing to its brand strength.
Making its debut, Statkraft has entered the ranking in third position, with a brand value of NOK33.1 billion. This brand value results from Statkraft’s record revenues, driven by increased prices and successful energy management during the war in Ukraine. In terms of brand strength, Statkraft ranks as Norway’s sixth strongest brand, with a debut BSI score of 71.1 out of 100 and an AA rating. Brand Finance data indicates that Statkraft received high scores for perceptions of its environmental sustainability and governance, underscored by its position as Europe’s largest generator of renewable energy.
Despite a 1% increase in brand value to NOK32.6 billion, DNB has dropped to fourth position in the Norway 50 2024 ranking. The Norwegian bank has faced declining brand perceptions following its acquisition of SbankenThis is underscored by Brand Finance data, showing that DNB scored relatively low across brand strength metrics such as reputation (<5.5 out of 10) and value for money (<3.5 out of 10).
Dynamism among Norway’s top ten strongest brands, with KLP, SalMar, and Lerøy Seafood rising through the ranks
For the second consecutive year, insurance brand Gjensidige (brand value up 16% to NOK11.3 billion) has maintained its position as Norway’s strongest brand. In 2024, Gjensidige’s BSI score improved by over four points to 85.8 out of 100, earning an AAA rating. According to Gjensidige, its ongoing strategy focuses on customer satisfaction and retention, aiming for ambitious targets by 2026. This approach is highlighted by Brand Finance data, which finds that Gjensidige recorded top scores for familiarity and consideration, as well as high scores for reputation and loyalty.
KLP (brand value up 10% to NOK14.5 billion) has risen two positions to become Norway’s third strongest brand. KLP’s BSI is 72.4 out of 100 with an AA rating. The brand also earned a top score for consideration, and high scores for several brand strength metrics including value for money and recommendation.
Food brands SalMar (brand value up 31% to NOK4.1 billion) and Lerøy Seafood (brand value NOK14.8 billion) have also emerged as contenders in the brand strength ranking, ranked fourth and eighth respectively. According to Brand Finance data, both brands earned top scores for products, and their ability to command a price premium. These brands’ performances underscore the prominence of fish production as a key Norwegian market, known for its high quality and strong global demand. Notably, SalMar has also become Norway’s third fastest-growing brand, driven by higher harvested volumes and successful business integrations, including a merger with its NTS AS business and the acquisition of Norway Royal Salmon.
Additionally, Norwegian Air (brand value up 10% to NOK3.5 billion), remains among Norway’s top 10 strongest brands. Despite facing a trademark dispute over the “Norwegian” name with Bank Norwegian, the brand proactively handled the dispute through settlement, mitigating any negative impact to its brand value. This approach has reinforced Norwegian Air’s position in the ranking and its rise in brand value.
Equinor has the highest Sustainability Perceptions Value at NOK16.2 billion
Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile its Sustainability Perceptions Index. The study determines the role of sustainability in driving consumer choice, which brands consumers believe to be most committed to sustainability, the proportion of brand value attributable to sustainability perceptions, and the value at risk or to be gained, based on the difference between sustainability perceptions and actual performance.
At NOK16.2 billion, Equinor has the highest Sustainability Perceptions Value (SPV) amongst Norwegian brands. Brand Finance research shows that sustainability plays a considerable role in driving customer consideration within the oil and gas sector, at 8.6%. Within the sector, Equinor has the strongest reputation for sustainability commitment. The former Statoil was rebranded in 2018 to Equinor to signal commitment to renewables. The strategy appears to be having the desired effect on the brand, but Equinor, like all oil companies, must proceed with caution. In a sector where the environmental impact of operations continues to be significant, and where advertising regulators and campaigning organisations apply a high level of scrutiny, sustainability communication and reputation building must be careful and moderate to avoid accusations of greenwashing and a risk to value.