Norway's only top-ranked energy brand retains its momentum as global demand, electrification and gas investment drive sector growth
OSLO, 4 September 2026 – Equinor (brand value up 6% to USD16.7 billion) remains Norway's highest-ranked energy brand, retaining ninth position among the world's most valuable oil and gas brands, according to the Energy 100 2026 report from Brand Finance, the world's leading brand valuation consultancy. The ranking reinforces Equinor's standing as the sole Norwegian brand in the global top 10 and highlights its continued relevance in an energy market increasingly shaped by security, reliability and long-term supply.
Equinor's production increased by around 7% year-on-year in Q3 2025, driven by new fields on the Norwegian Continental Shelf and its US upstream assets. The company has also raised its 2030 production target to around 2.3 million barrels of oil equivalent per day, strengthening its long-term growth outlook.
The company's role as a major European gas supplier continues to reinforce perceptions of reliability and energy security, supporting its brand strength. Equinor recorded a Brand Strength Index (BSI) score of 81.9/100, retaining its AAA- brand strength rating.
Norway's representation through Equinor highlights the continued global relevance of its energy industry, with the company combining its position as a major oil and gas producer with its strategic importance to European energy security.
Savio D’Souza, Global Sector Head of Energy, Brand Finance, commented:
"Equinor’s performance reflects the value of having a brand with a clear and distinctive position in a highly competitive global energy market. Its continued prominence demonstrates how a strong national identity, established market presence and long-term strategic direction can translate into sustained brand relevance beyond its home market.”
Global energy brands performance
Shell (brand value up 14% to USD51.8 billion) retains its position as the world's most valuable oil & gas brand for the 12th consecutive year, recovering strongly from a 10% decline in 2025. Shell's continued focus on LNG and gas has positioned the brand well as global energy demand continues to grow, particularly in Asia. The brand also remains the strongest oil & gas brand ranked, with a Brand Strength Index (BSI) score of 83.9/100 and an AAA- brand strength rating, followed by PETRONAS with a BSI score of 83.5/100 and an AAA- rating, and TotalEnergies with a BSI score of 82.4/100 and an AAA- rating.
In the utilities ranking, State Grid Corporation of China (brand value up 20% to USD102.4 billion) remains as the most valuable utilities brand for 10 consecutive year ranked by a wide margin. Its growth reflects the scale of China's electricity infrastructure and the company's continued focus on strengthening transmission and distribution networks as electricity demand rises alongside industrial activity, electrification and renewable energy deployment.
The Chinese brand also continues to be the strongest utilities brand in the rankings, with aBSI score of 92.9/100 and an AAA+ brand strength rating, followed by two ASEAN brands, PLN with a BSI score of 91.8/100 and an AAA+ rating,and Tenaga Nasional with a BSI score of 91.5/100 and an AAA+ brand strength rating.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
