exhibit155

Equinor 2022 Reserves Report

2022 Oil and gas reserves report

Equinor 2022 Reserves Report

Introduction

About the report

This report presents Equinor`s proved oil and gas reserves

as of 31 December 2022. Proved oil and gas

reserves are those quantities of oil

and gas, which, by analysis of geoscience and engineering

data, can be estimated with reasonable certainty

to be economically producible—

from a given date forward, from known reservoirs,

and under existing economic conditions,

operating methods, and government regulations—

prior to the time at which contracts providing

the right to operate expire, unless evidence

indicates that renewal is reasonably certain,

regardless of whether deterministic or probabilistic

methods are used for the estimation. The

project to extract the hydrocarbons must have

commenced or the operator must be reasonably certain

that it will commence the project within a

reasonable time.

In alignment with industry practice and regulatory requirements,

we report operational performance and supplementary

oil and gas information

(unaudited). Numbers have been prepared in accordance

with the reserve definitions of Rules 4-10(a)

(1)-(32) of Regulations S-X of the

United States Securities and Exchange Commission (SEC).

All numbers are internal estimates produced

by Equinor. Estimates of reserves

should be regarded only as estimates that may

change over time as further production history

and additional information becomes available.

The determination of these reserves is part of

an ongoing process subject to continual revision.

Moreover, identified reserves and contingent

resources that may become proved in the future

are excluded from the estimates of proved reserves

provided in this report.

The Oil and gas reserves report may be downloaded

from Equinor`s website at www.equinor.com/reports.

The report is also included as

Exhibit 15.5 to the 2022 annual report on Form

20-

Equinor 2022 Reserves Report

Operational performance

Proved oil and gas reserves

Proved oil and gas reserves were estimated to be 5,191 million boe at year end 2022, compared

to 5,356 million boe at the end of

2021.

Changes in proved reserves estimates are most commonly the result of revisions of estimates

due to observed production

performance or changes in prices or costs, extensions of proved areas through drilling activities or the inclusion

of proved reserves in

new discoveries through the sanctioning of new development projects. These changes are the result

of continuous business

processes and can be expected to continue to affect reserves in the future.

Proved reserves can also be added or subtracted through purchases and sales of reserves-in-place

or factors outside management

control.

Changes in oil and gas prices can affect the quantities of oil and gas that can be recovered from

the accumulations. Higher oil and

gas prices will normally allow more oil and gas to be recovered, while lower prices will normally result

in reduced recovery. However,

for fields with production sharing agreements (PSA), higher prices may result in reduced entitlement to

produced volumes and lower

prices may result in increased entitlement to produced volumes. These described changes are included in

the revisions and improved

recovery (IOR) category in the tables that follows in this report.

The principles for booking proved gas reserves are limited to contracted gas sales or gas with

access to a robust gas market.

Equinor prepares its disclosures for oil and gas reserves and certain other supplemental oil and gas disclosures

by geographical area,

as required by the US Securities and Exchange Commission (SEC). The geographical areas are

defined by country and continent.

These are Norway, Eurasia excluding Norway, Africa, the USA and the Americas excluding USA.

In Norway and other countries where there is a high degree of certainty that the authorities will

approve the plan for development and

operation (PDO), Equinor recognises reserves as proved undeveloped reserves when the PDO is submitted

to the authorities.

Otherwise, reserves are generally booked as proved undeveloped reserves when regulatory approval is

received, or when such

approval is imminent. Undrilled well locations in onshore fields in the USA are generally

booked as proved undeveloped reserves

when a development plan has been adopted and the well locations are scheduled to be drilled

within five years.

Approximately 87% of Equinor’s proved reserves are located in the Organisation

of Economic Co-Operation and Development

(OECD) countries. Norway is by far the most important contributor in this category, followed by the USA. Of Equinor's total proved

reserves, 5% are related to PSAs in non-OECD countries such as Angola, Brazil, Azerbaijan, Algeria,

Nigeria and Libya. Other proved

non-OECD reserves are related to concession fields in Argentina and Brazil, representing all together

7% of Equinor's total proved

reserves.

Equinor 2022 Reserves Report

Equinor 2022 Reserves Report

Changes in proved reserves in 2022

The total volume of proved reserves decreased by 165 million boe in 2022.

Change in proved reserves

For the year ended 31 December

(million boe)

2022

2021

2020

Revisions and improved recovery (IOR)

344

596

(171)

Extensions and discoveries

278

306

131

Purchases of reserves-in-place

Sales of reserves-in-place

(128)

(96)

Total reserve additions

530

806

(34)

Production

(695)

(710)

Net change in proved reserves

(165)

(744)

Revisions and IOR

Revisions of previously booked reserves, including the effect of improved recovery, increased the proved reserves by

net 344 million boe in 2022. The increase is the result of 433 million boe in

positive revisions and increased recovery, partially offset

by 89 million boe in negative revisions. Many producing fields had positive revisions due to

better performance, new drilling targets

and improved recovery measures, as well as reduced uncertainty due to further drilling and

production experience. The positive

revisions also included a direct effect of higher commodity prices, increasing the proved reserves by approximately

63 million boe

through increased economic lifetime on several fields. The negative revisions were mainly related to unforeseen

events and

operational challenges resulting in reduced production potential on some fields in addition to reduced

entitlement volumes from

several fields with PSAs.

Extensions and discoveries

A total of net 278 million boe of new proved reserves were added through extensions and

discoveries. Continuous extension of the

proved area in the Appalachian basin together with a record number of submitted PDOs in Norway, of which Munin and Halten Øst

were the largest, are the main contributors in this category.

In addition, this category includes extensions of proved areas through

drilling of new wells in previously undrilled areas at other fields in Norway and in Argentina.

Purchases and sales of reserves-in-place

Equinor 2022 Reserves Report

A total of 36 million boe of new proved reserves in the Statfjord Area, which covers the Norwegian

continental shelf (NCS) and UK

continental shelf, were purchased in 2022.

total of 128 million boe of sales of reserves-in-place are related to the exit of joint arrangements in Russia

in addition to the sale of

the Ekofisk Area and a minority share in the Martin Linge field on the NCS. Equinor

has no remaining proved reserves in Russia at

year end 2022.

In the fourth quarter of 2021, Equinor entered into an agreement to divest our interests

in the Corrib field in Ireland. Closing is

dependent on governmental approval and is expected to take place in the first quarter

of 2023. The sale will result in an estimated

reduction in proved reserves of approximately 11 million boe.

Production

The 2022 entitlement production was 695 million boe, down from 710 million boe in 2021 due to

sales, natural decline and operational

challenges.

Development of reserves

In 2022, 241 million boe were matured from proved undeveloped to proved developed reserves. Continued

drilling in the Appalachian

basin in the USA and on major offshore assets in addition to the production start of Askeladd (Snøhvit),

Johan Sverdrup Phase 2 and

Peregrino Phase 2 contributed to the major portion of maturation of proved undeveloped

to proved developed reserves in 2022.

Smaller volumes are related to individual assets world-wide. The positive revision

and improved recovery of proved developed

reserves of 322 million boe is related to increased economic lifetime at some fields, increased

activity levels, higher commodity prices

and implementation of improved recovery projects. Finally, 256 million boe was added to proved undeveloped reserves through

extensions and discoveries, the largest of these being Munin and Halten Øst in Norway, in addition to further development in the

Appalachian basin in the USA.

In 2021, 881 million boe were matured from proved undeveloped to proved developed reserves. Production

start of the Troll Phase 3

project and the Martin Linge field added more than 600 million boe to the proved

developed reserves. Continued drilling in the

Appalachian basin in the USA and in the Oseberg, Johan Sverdrup, and Snorre fields in Norway

increased the proved developed

reserves by 180 million boe during 2021. The

remaining 100 million boe of the matured volume is related to a wide range

of activities

on assets world-wide. The positive revisions of both proved developed reserves of

471 million boe and proved undeveloped reserves

of 125 million boe are related to higher commodity prices, increasing economic lifetime at some fields,

as well as increased activity

levels. Undeveloped extensions and discoveries of 269 million boe are dominated by the onshore assets

in the Appalachian basin and

in Argentina, together with the Bacalhau field in Brazil and the Johan Castberg field in

Norway.

In 2020, 250 million boe were matured from proved undeveloped to proved developed reserves. Continued

drilling in the Appalachian

basin in the USA and in the Johan Sverdrup, Ærfugl and Oseberg fields in Norway, increased the proved developed reserves by

200

million boe during 2020. The remaining 50 million boe of the matured volume was related to

a wide range of activities on assets world-

wide. The negative revision of proved undeveloped reserves of 131 million boe was both related

to lower commodity prices,

decreasing economic lifetime at some fields, as well as reduced activity levels and operational

challenges This resulted in a reduction

of proved undeveloped reserves, particularly in the onshore assets in the USA, in fields in Brazil

and in the UK.

Over the last five years, Equinor has matured 2,376 million boe of proved undeveloped reserves

to proved developed reserves.

Development of proved reserves

2022

2021

2020

(million boe)

Total

proved

reserves

Developed

Undeveloped

Total

proved

reserves

Developed

Undeveloped

Total

proved

reserves

Developed

Undeveloped

At 1 January

5,356

3,818

1,538

5,260

3,222

2,038

6,004

3,679

2,325

Revisions and improved

recovery

344

322

596

471

125

(171)

(40)

(131)

Extensions and discoveries

278

256

306

269

131

Purchases of reserves-in-place

Sales of reserves-in-place

(128)

(66)

(62)

(96)

(83)

(13)

Production

(695)

(710)

Moved from undeveloped to

developed

241

(241)

881

(881)

250

(250)

At 31 December

5,191

3,672

1,519

5,356

3,818

1,538

5,260

3,222

2,038

Equinor 2022 Reserves Report

Proved developed and undeveloped reserves

As of 31 December 2022

Oil and

condensate

NGL

Natural gas

Total oil and

gas

(mmboe)

(mmmcf)

(mmboe)

Developed

Norway

731

149

10,294

2,714

Eurasia excluding Norway

Africa

107

131

USA

161

1,921

554

Americas excluding USA

216

220

Total developed proved reserves

1,249

210

12,420

3,672

Undeveloped

Norway

562

2,087

994

Eurasia excluding Norway

Africa

USA

423

140

Americas excluding USA

316

318

Total undeveloped proved reserves

999

2,526

1,519

Total proved reserves

2,248

280

14,946

5,191

As of 31 December 2022, the total proved undeveloped reserves amounted to 1,519 million boe,

65% of which are related to fields in

Norway. The Johan Sverdrup,

Snøhvit and Oseberg area fields, which have continuous development activities, together with

fields not

yet in production, such as Johan Castberg and Munin, have the largest proved undeveloped reserves

in Norway. The largest assets

with proved undeveloped reserves outside Norway, are Bacalhau,

Peregrino and Roncador in Brazil, the Appalachian basin, Vito and

Caesar-Tonga in the USA, Mariner in the UK, and ACG in Azerbaijan. All these fields are either producing or will start production

within the next five years.

For fields with proved reserves where production has not yet started, investment

decisions have already been sanctioned and

investments in infrastructure and facilities have commenced. There are no material development

projects, which would require a

separate future investment decision by management, included in our proved reserves. Some offshore development activities will

take

place more than five years from the disclosure date on many fields, but these are mainly

related to incremental type of spending, such

as drilling of additional wells from existing facilities, in order to secure continued production.

For projects under development, the Covid-19 pandemic impacted progress due to personnel limitations

on offshore as well as

onshore facilities and yards. The

pandemic has delayed production start at the Johan Castberg field in Norway. The field was

originally planned to start production in 2022, four years after the field development was

sanctioned. The

start-up is delayed to 2024.

For our onshore assets, all proved undeveloped reserves are limited to wells that are scheduled to be drilled

within five years.

In 2022, Equinor incurred USD 6.9 billion in development costs relating to assets carrying

proved reserves, of which USD 5.8 billion

was related to proved undeveloped reserves.

Reserves replacement

The reserves replacement ratio is defined as the net amount of proved reserves added divided by

produced volumes in any given

period.

The 2022 reserves replacement ratio was 76% and the corresponding

three-year average was 62%.

The organic reserves replacement ratio, excluding sales and purchases, was 89% in 2022 compared to 127% in

2021. The organic

average three-year replacement ratio was 70% at the end of 2022 compared to 68% at the end of 2021.

Equinor 2022 Reserves Report

Reserves replacement ratio

For the year ended 31 December

2022

2021

2020

Annual

76%

113%

(5%)

Three-year-average

62%

61%

95%

Proved reserves by region

Proved reserves in Norway

A total of 3,708 million boe was recognised as proved reserves on the NCS, representing

71% of Equinor's total proved reserves at

year end 2022. Of these, 3,208 million boe are related to fields and field areas

currently in production, 94% of which is operated by

Equinor.

Production experience, further drilling and improved recovery on many of Equinor’s

producing fields contributed with positive revisions

of 318 million boe in 2022. Negative revisions totalled 43 million boe and were mainly related

to operational challenges. Higher

commodity prices increased the proved reserves by 74 million boe. PDOs for several new fields have

been submitted to the

Norwegian Ministry of Petroleum and Energy in 2022, contributing to extensions and discoveries which

totalled 181 million boe in

2022. This increase also included the addition of new segments to some fields.

Of total proved reserves on the NCS, 2,714 million boe (73%) are proved developed reserves

at year end 2022. Of the total proved

reserves in this area, 60% are gas reserves mainly related to large fields such as Troll, the Oseberg area and

Snøhvit, and 40% are

liquid reserves mainly related to large fields such as Johan Sverdrup, Snorre and the Oseberg

area.

Equinor 2022 Reserves Report

Proved reserves in Eurasia, excluding Norway

A total of 103 million boe was recognised as proved reserves in the United Kingdom, Azerbaijan

and Ireland at year end 2022.

Eurasia excluding Norway represents 2% of Equinor's total proved reserves. All fields in this area

are producing. The sale of our

interest in joint arrangements in Russia in 2022 resulted in a reduction of proved reserves

of 86 million boe.

Of total proved reserves in Eurasia excluding Norway,

53 million boe (52%) are proved developed reserves at year end 2022. Of the

total proved reserves in this area, 84% are liquid reserves mainly related to larger fields such as

ACG and Mariner, and 16% are gas

reserves mainly related to the Corrib field and the UK part of the Statfjord field.

Proved reserves in Africa

A total of 148 million boe was recognised as proved reserves in PSAs in Angola, Algeria,

Nigeria and Libya at year end 2022. Angola

and Algeria are the primary contributors to the proved reserves in this area. Africa

represents 3% of Equinor's total proved reserves.

All fields in this area are producing. Net positive revisions increased the proved reserves

by 29 million boe in 2022, mainly related to

extended contract and longer technical lifetime on some fields, new wells and positive reservoir

performance. Higher commodity

prices decreased the proved reserves in Africa by 20 million boe.

Of total proved reserves in Africa, 131 million boe (88%) are proved developed reserves at year end 2022. Of

the total proved

reserves in this area, 89% are liquid reserves mainly related to large oil fields such as Agbami,

In Amenas and Murzuq, and 11% are

gas reserves related to the In Salah field.

Proved reserves in the USA

A total of 694 million boe was recognised as proved reserves related to onshore

operations and offshore fields in the USA at year end

2022. The USA represents 13% of Equinor's total proved reserves. All fields in this

area except for Vito are in the production phase at

year end. Most of the onshore operations and offshore fields in the USA are mature and on decline. New wells

extending the proved

areas in the USA onshore assets in 2022, added a total of 89 million boe in the extensions

and discoveries category. The proved

reserves in the USA were also subject to a net positive revision of 49 million boe, mainly due to increased

activity levels and higher

commodity prices.

Of total proved reserves in the USA, 554 million boe (80%) are proved developed reserves at year

end 2022. Of the total proved

reserves in this area, 60% are gas reserves mainly related to the Appalachian basin, and

40% are liquid reserves mainly related to the

Appalachian basin and the offshore fields Caesar-Tonga and St. Malo.

Equinor 2022 Reserves Report

Proved reserves in the Americas excluding USA

A total of 538 million boe was recognised as proved reserves in the Americas excluding

USA at year end 2022, generally at the same

level as at year end 2021. Three fields are located offshore Brazil, two fields offshore Canada and one field onshore in Argentina.

The

Americas excluding USA represents 10% of Equinor's total proved reserves. All fields in this

area except for Bacalhau are in the

production phase at year end.

Of total proved reserves in the Americas excluding USA, 220 million boe (41%) are proved

developed reserves at year end 2022. Of

the total proved reserves in this area, 99% are liquid reserves mainly related to large oil fields

such as Bacalhau, Peregrino and

Roncador, and 1% are gas reserves.

Preparation of reserves estimates

Equinor's annual reporting process for proved reserves is coordinated by a central corporate reserves management

(CRM) team

consisting of qualified professionals in geosciences, reservoir and production technology and financial

evaluation. The team has an

average of more than 25 years' experience in the oil and gas industry. CRM reports to the senior vice president of accounting and

financial compliance in the Chief financial officer organisation and is independent of the exploration and production

business areas. All

the reserves estimates have been prepared by Equinor's technical staff.

Although the CRM team reviews the information centrally, each asset team is responsible for ensuring compliance with the

requirements of the SEC and Equinor's corporate standards. Information about proved oil and gas

reserves, standardised measures

of discounted net cash flows related to proved oil and gas reserves and other information related

to proved oil and gas reserves, is

collected from the local asset teams and checked by CRM for consistency and conformity with

applicable standards. The final

numbers for each asset are quality-controlled and approved by the responsible asset managers,

before aggregation to the required

reporting level by CRM.

The person with primary responsibility for overseeing the preparation of the reserves estimates is

the manager of the CRM team. The

person who currently holds this position has a bachelor's degree in earth sciences from the University

of Gothenburg, and a master's

Equinor 2022 Reserves Report

degree in petroleum exploration and exploitation from Chalmers University of Technology in Gothenburg, Sweden. She has 37 years'

experience in the oil and gas industry, 36 of them with Equinor. She is a member of the Society of Petroleum Engineering (SPE) and

of the UNECE Expert Group on Resource Management (EGRM).

DeGolyer and MacNaughton report

Petroleum engineering consultants DeGolyer and MacNaughton have carried out an independent

evaluation of Equinor’s

proved

reserves as of 31 December 2022 using data provided by Equinor. The evaluation accounts for 100% of Equinor's proved reserves

including equity accounted entities. The aggregated net proved reserves estimates prepared by

DeGolyer and MacNaughton do not

differ materially from those prepared by Equinor when compared on the basis of net equivalent barrels.

A report of third party summarising this evaluation is included as Exhibit 15.3 in the annual report

on Form 20-F for 2022.

Net proved reserves

Oil and

condensate

NGL/LPG

Natural gas

Oil equivalent

At 31 December 2022

(mmboe)

(mmmcf)

(mmboe)

Estimated by Equinor

2,248

280

14,946

5,191

Estimated by DeGolyer and MacNaughton

2,311

289

15,252

5,318

Equinor 2022 Reserves Report

Operational statistics

Developed and undeveloped oil and gas acreage

Total

gross and net developed and undeveloped oil and gas acreage, in which Equinor had interests

at 31 December 2022, are

presented in the table below.

Total developed and undeveloped oil and gas acreage

At 31 December 2022 (in thousands of acres)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Developed acreage

- gross

903

846

387

259

2,437

- net

370

267

809

Undeveloped acreage

- gross

11,473

1,487

6,006

1,679

22,655

43,300

- net

5,117

751

1,813

656

10,018

18,355

1) A gross value reflects the acreage in which

Equinor has a working interest.

2) The net value corresponds to the sum of

the fractional working interests owned by

Equinor in the same acreage.

Equinor’s largest concentrations of net developed acreage in Norway are

in the Troll, Oseberg Area, Snøhvit, Ormen Lange and

Johan Sverdrup fields. In Africa, the Algerian gas development projects In Amenas and In Salah

represent the largest concentrations

of net developed acreage. In the USA, the Appalachian basin assets represents the largest net

developed acreage.

The largest concentration of net undeveloped acreage is in Argentina, which represents 36% of

Equinor’s total net undeveloped

acreage, followed by Norway and Canada.

At 31 December 2022, Equinor no longer holds acreage in Russia due to the exit of joint arrangements.

Equinor holds acreage in numerous concessions, blocks and leases. The terms and conditions regarding

expiration dates vary

significantly from property to property. Work programmes are designed to ensure that the exploration potential of any property is fully

evaluated before expiration.

Acreage related to several of these concessions, blocks and leases are scheduled to expire within the

next three years. Most of the

undeveloped acreage that will expire within the next three years, is related to early exploration

activities where no production is

expected in the foreseeable future. The expiration of these concessions, blocks and leases will

therefore not have any material impact

on our proved reserves. Any acreage which has already been evaluated to be non-profitable may be relinquished

prior to the current

expiration date. In other cases, Equinor may decide to apply for an extension if more time is

needed to fully evaluate the potential of

the properties. Historically, Equinor has generally been successful in obtaining such extensions.

Equinor 2022 Reserves Report

Productive oil and gas wells

The number of gross and net productive oil and gas wells, in which Equinor had interests

at 31 December 2022, are presented in the

table below.

The gross and net number of oil wells has decreased from last year mainly due to the exit of joint

arrangements in Russia and the sale

of the Ekofisk Area. The gross and net number of gas wells has increased from last

year mainly due to continued drilling in the

Appalachian basin onshore assets in the USA.

The total gross number of productive wells at year end 2022 includes 319 oil wells and 12 gas wells

with multiple completions or wells

with more than one branch.

Number of productive oil and gas wells

At 31 December 2022

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Oil wells

- gross

776

163

467

231

1712

- net

335

536

Gas wells

- gross

225

115

2421

2767

- net

469

613

1) A gross value reflects the number of wells in which

Equinor owns a working interest.

2) The net value corresponds to the sum of

the fractional working interests owned by

Equinor in the same gross wells.

Equinor 2022 Reserves Report

Net productive and dry oil and gas wells drilled

The following table presents the number of net productive and dry exploratory and development oil and

gas wells drilled and

completed or abandoned over the past three years. Productive wells include exploratory wells

in which hydrocarbons were

discovered, and where drilling or completion has been suspended pending further evaluation. A dry well is

a well found to be

incapable of producing sufficient quantities to justify completion as an oil or gas well. Dry development wells

are mainly injector wells,

but does also include drilled and permanently abandoned wells.

Number of net productive and dry oil and gas wells drilled

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Year 2022

Net productive and dry exploratory wells drilled

6.7

0.3

0.5

5.1

12.6

- Net dry exploratory wells

4.5

0.2

0.5

2.1

7.3

- Net productive exploratory wells

2.2

0.1

3.0

5.3

Net productive and dry development wells drilled

35.4

5.4

4.0

27.6

12.3

84.7

- Net dry development wells

6.4

1.8

0.9

0.1

9.2

- Net productive development wells

28.9

3.6

3.1

27.6

12.2

75.5

Year 2021

Net productive and dry exploratory wells drilled

7.4

0.5

0.6

8.5

- Net dry exploratory wells

4.0

0.5

0.6

5.0

- Net productive exploratory wells

3.5

Net productive and dry development wells drilled

38.8

26.6

2.0

19.7

8.5

95.6

- Net dry development wells

8.3

8.6

0.4

17.8

- Net productive development wells

30.5

18.0

1.5

19.7

8.1

77.8

Year 2020

Net productive and dry exploratory wells drilled

8.2

2.0

1.1

2.7

14.0

- Net dry exploratory wells

4.7

1.0

0.4

0.9

6.9

- Net productive exploratory wells

3.6

1.0

0.7

1.8

7.0

Net productive and dry development wells drilled

27.6

22.1

1.6

48.2

8.7

108.2

- Net dry development wells

4.0

3.9

0.7

8.6

- Net productive development wells

23.6

18.2

1.6

48.2

8.0

99.6

1) The net value corresponds to the sum of the

fractional working interests owned by Equinor

in the same gross wells.

Equinor 2022 Reserves Report

Exploratory and development drilling in process

The following table presents the number of gross and net exploratory and development oil and gas wells in the

process of being

drilled, or drilled but not yet put on stream at 31 December 2022.

Number of wells in progress

At 31 December 2022

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Exploratory wells

- gross

4.0

1.0

5.0

- net

2.2

0.3

2.4

Development wells

- gross

36.0

5.0

7.0

9.0

8.0

65.0

- net

15.7

1.2

2.0

4.0

1.8

24.8

1) A gross value reflects the number of wells

in which Equinor owns a working interest.

2) The net value corresponds to the sum of

the fractional working interests owned by

Equinor in the same gross wells.

Delivery commitments

Equinor is responsible for managing, transporting and selling the Norwegian State's oil and gas from the NCS

on behalf of the

Norwegian State's direct financial interest (SDFI). These reserves are sold in conjunction with Equinor’s

own reserves. As part of this

arrangement, Equinor delivers gas to customers under various types of sales contracts. In order

to meet the commitments, a field

supply schedule is utilised to ensure the highest possible total value for Equinor and SDFI's

joint portfolio of oil and gas.

Equinor’s and SDFI's delivery commitments under bilateral agreements for the calendar years

2023, 2024, 2025

and 2026

expressed

as the sum of expected gas off-take, are equal to 43.3, 26.4, 20.2 and 10.6 bcm, respectively. Delivery commitments under bilateral

agreements is declining over time as our customers are increasingly requesting more and more

short-term contracts and increased

volumes are traded on the spot market.

Equinor’s currently developed gas reserves on the NCS are more than sufficient to meet

our share of these commitments for the next

four years.

Any remaining volumes after covering our delivery commitments under the bilateral agreements, will be sold through

trading activities

at the hubs.

Equinor 2022 Reserves Report

Entitlement production

The following tables present Equinor's Norwegian and international entitlement production of oil, condensate, NGL

and natural gas for

the periods indicated. The stated production volumes are the volumes to which Equinor is entitled,

pursuant to conditions laid down in

licence agreements and PSAs. The production volumes are net of royalty oil paid in-kind, and of gas used for

fuel and flaring.

Production is based on proportionate participation in fields with multiple owners and does not include

production of the Norwegian

State's oil and gas. NGL includes both LPG and naphtha. For further information on production volumes

see section Terms and

abbreviations.

Equinor 2022 Reserves Report

Entitlement production

Consolidated companies

Equity accounted

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Subtotal

Eurasia

excluding

Norway

Americas

excluding

USA

Subtotal

Total

Oil and condensate (mmboe)

2022

188

287

291

2021

200

303

310

2020

193

320

322

NGL (mmboe)

2022

2021

2020

Natural gas (mmmcf)

2022

1,608

346

2,012

2,015

2021

1,500

396

1,966

1,971

2020

1,425

373

1,874

1,878

Combined oil, condensate, NGL and natural gas (mmboe)

2022

508

103

691

695

2021

505

117

703

710

2020

486

126

708

710

The Troll field in Norway is the only field containing more than 15% of total proved reserves based on barrels

of oil equivalent.

Troll entitlement production

2022

2021

2020

Troll field

Oil and condensate (mmboe)

NGL (mmboe)

Natural gas (mmmcf)

427

403

378

Combined oil, condensate, NGL and natural gas

(mmboe)

Equinor 2022 Reserves Report

Supplementary oil and gas information (unaudited)

In accordance with the US Financial Accounting Standards Board Accounting Standards

Codification "Extractive Activities - Oil and

Gas" (Topic 932), Equinor is reporting certain supplemental disclosures about oil and gas exploration and production operations.

While this information is developed with reasonable care and disclosed in good faith, it is

emphasised that some of the data is

necessarily imprecise and represents only approximate amounts because of the subjective judgement

involved in developing such

information. Accordingly, this information may not necessarily represent the present financial condition of Equinor or its expected

future results.

For further information regarding the reserves estimation requirement, see note 12 Property, plant and equipment - Estimation

uncertainty regarding determining oil and gas reserves and Estimation uncertainty; Proved oil and

gas reserves in the annual report

on Form 20-F for 2022.

No events have occurred since 31 December 2022 that would result in a significant change in

the estimated proved reserves or other

figures reported as of that date.

Proved oil and gas reserves

Equinor's proved oil and gas reserves have been estimated by its qualified professionals in accordance

with industry standards under

the requirements of the US Securities and Exchange Commission (SEC), Rule

4-10 of Regulation S-X. Statements of reserves are

forward-looking statements. Proved oil and gas reserves are those quantities of oil and gas, which,

by analysis of geoscience and

engineering data, can be estimated with reasonable certainty to be economically producible—from

a given date forward, from known

reservoirs, and under existing economic conditions, operating methods, and government regulations—prior

to the time at which

contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably

certain, regardless of whether

deterministic or probabilistic methods are used for the estimation. The project to extract

the hydrocarbons must have commenced or

the operator must be reasonably certain that it will commence the project within a reasonable

time.

The determination of these reserves is part of an ongoing process subject to continual revision

as additional information becomes

available. Estimates of proved reserve quantities are dynamic and change over time as new information

becomes available.

Moreover, identified reserves and contingent resources that may become proved in the future are excluded from the estimates of

proved reserves.

Equinor's proved reserves are recognised under various forms of contractual agreements, including PSAs

where Equinor's share of

reserves can vary due to commodity prices or other factors. Reserves from agreements such as

PSAs are based on the volumes to

which Equinor has access (cost oil and profit oil), limited to available market access. At 31 December

2022, 5%

of total proved

reserves were related to such agreements, representing 10% of the oil, condensate and NGL reserves

and 1% of the gas reserves.

This compares with 6% and 5% of total proved reserves for 2021 and 2020, respectively. Net entitlement oil and gas production from

fields with such agreements was 44 million boe during 2022, compared to 49 million boe for 2021 and

59 million boe for 2020. Equinor

participates in such agreements in Algeria, Angola, Azerbaijan, Brazil, Libya and Nigeria.

Equinor is recording, as proved reserves, volumes equivalent to our tax liabilities under negotiated fiscal

arrangements (PSAs) where

the tax is paid on behalf of Equinor. Reserves

are net of royalty volumes in the USA and net of royalty paid in-kind in PSA fields.

Proved reserves does not include quantities consumed during production.

Rule 4-10 of Regulation S-X requires that the estimation of reserves shall be based on existing economic

conditions, including a 12-

month average price determined as an unweighted arithmetic average of the first-of-the month price for each month

within the

reporting period, unless prices are defined by contractual arrangements. Volume weighted average prices for the total Equinor

portfolio, and the Brent blend price, are presented in the following table:

Equinor 2022 Reserves Report

Volume weighted average prices

at 31 December

Brent blend

Oil

Condensate

NGL

Natural gas

(USD/boe)

(USD/mmbtu)

2022

101.24

100.30

90.79

56.23

30.66

2021

69.22

67.61

65.02

47.17

11.89

2020

41.26

40.60

33.99

23.72

3.18

Higher commodity prices affected the profitable reserves to be recovered from accumulations, resulting in increased

proved reserves.

The positive revisions due to higher price are in general a result of later economic cut-off. For fields with a PSA

the effect of higher

prices is to some degree offset

by reduced entitlement to the reserves. These changes are all included in the revision category, giving

a net increase of Equinor’s proved reserves at year end.

From the NCS, Equinor is responsible for managing, transporting and selling the Norwegian State's

oil and gas on behalf of the

Norwegian State's direct financial interest (SDFI). These reserves are sold in conjunction with

the Equinor reserves. As part of this

arrangement, Equinor delivers and sells gas to customers in accordance with various types of sales

contracts on behalf of the SDFI.

In order to fulfil the commitments, Equinor utilises a field supply schedule which provides the highest

possible total value for the joint

portfolio of oil and gas between Equinor and the SDFI.

Equinor and the SDFI receive income from the joint gas sales portfolio based upon their respective

share in the supplied volumes. For

sales of the SDFI gas, to Equinor and to third parties, the payment to the Norwegian State is

based on achieved prices, a net back

formula calculated price or market value. All of the Norwegian State's oil and NGL is acquired by Equinor. The price Equinor pays to

the SDFI for the crude oil is based on market reflective prices. The prices for NGL

are either based on achieved prices, market value

or market reflective prices. The regulations of the owner's instruction may be changed or withdrawn

by the Equinor ASA's general

meeting.

Topic 932 requires the presentation of reserves and certain other supplemental oil and gas disclosures by geographic area, defined

as country or continent containing 15% or more of total proved reserves. At 31 December 2022,

Norway is the only country in this

category, with 71% of the total proved reserves. The USA contains close to 15% of the total proved reserves at 31 December 2022

and has been close to this level for several years. Management has therefore determined that

the most meaningful presentation of

geographical areas in 2022 would be Norway, the USA, and the continents of Eurasia excluding Norway, Africa, and Americas

excluding USA.

Proved reserves movements

The largest relative changes in the proved reserves within a geographic area compared to the

previous year for each of the last three

years, are summarised below. All changes in the Net proved reserves (in million boe) table that represent 10% or more of the net

proved reserves in million boe at the beginning of each year are discussed.

Proved reserves movements 2022

Eurasia excluding Norway

The net decrease of 14 million boe in revisions and improved recovery in Eurasia excluding

Norway is the combined effect of mainly

negative revisions based on reduced production potential, and reduced entitlement volumes resulting from

higher commodity prices.

Purchase of the UK part of the Statfjord field is the main reason for the increase of 15 million

boe through purchases of reserves-in-

place in this area. Exit from our Russian joint arrangements reduced the proved reserves in

both consolidated (10 million boe) and

equity accounted (76 million boe) companies and is included as a sales of reserves-in-place.

Africa

The net effect of revisions and improved recovery of 29 million boe in Africa is the combined effect of 46 million

boe in positive

revisions resulting from both longer economic lifetime with higher commodity prices as well as extended contract

and longer technical

lifetime on some fields, and negative revisions of 17 million boe related to reduced entitlement

volumes with higher commodity prices.

USA

The increase of 89 million boe in extensions and discoveries in the USA is the result of new wells

drilled in previously unproven areas

in our onshore developments in the Appalachian basin assets.

Americas excluding USA

The increase of 9 million boe in extensions and discoveries in the Americas excluding USA

is the result of new wells drilled in

previously unproven areas in our onshore developments in Argentina.

Proved reserves movements 2021

Norway

Equinor 2022 Reserves Report

The increase of 465 million boe in revisions and improved recovery in Norway was the combined

effect of positive revisions following

increased certainty in the ultimate recovery at many fields, prolonged economic lifetime at

several fields due to higher commodity

prices, and decisions to install low pressure production facilities increasing the future recovery at

the Oseberg and Ormen Lange

fields.

Eurasia excluding Norway

The net decrease of 16 million boe in equity accounted assets in the revisions and improved recovery

category was related to proved

reserves in Russia, where negative revisions of 35 million boe due to reduced production

potential in some areas was partially offset

by positive revisions based on increased certainty in the expected ultimate recovery in other areas.

USA

The increase of 78 million boe in revisions and improved recovery was the combined effect of positive revisions following increased

certainty in the ultimate recovery, and prolonged economic lifetime at several fields mainly due to higher commodity prices. Sales of

reserves-in-place of 89 million boe was a result of the divestment of our interests in the Bakken

assets which was completed in 2021.

Americas excluding USA

The increase of 62 million boe in revisions and improved recovery was mainly related to proved reserves

in Brazil and is the combined

effect of positive revisions following increased certainty in the ultimate recovery, and prolonged economic lifetime due to higher

commodity prices. The increase of 210 million boe in extensions and discoveries was the result of sanctioning

of the Bacalhau

development in Brazil, and the 14 million boe of equity accounted additions in the same

category represent drilling of new wells in

previously unproven areas at the Bandurria Sur development in Argentina.

Proved reserves movements 2020

Africa

The net increase of 40 mill boe in revision and improved recovery was mainly due to positive revisions

on several fields with PSAs in

Angola, Algeria, Nigeria and Libya.

USA

The net decrease of 118 million boe in revisions and improved recovery included a negative revision of 110 million boe related to our

onshore developments. This was mainly due to reduced activity levels as well as shorter economic field

lifetime caused by lower oil

and gas prices. The lower prices have also affected some of our Gulf of Mexico fields negatively. The increase of 101 million boe in

extension and discoveries was the result of new wells drilled in previously unproven areas in

our onshore developments.

Americas excl USA

The net decrease of 55 million boe in revisions and improved recovery was mainly due to shorter economic lifetime

for fields in Brazil

caused by lower oil prices. The equity accounted increase of 6 million boe in purchases of reserves-in-place

is in Argentina.

The following tables reflect the estimated oil, condensate, NGL and natural gas proved reserves

at 31 December 2019 through 2022

and the changes therein.

Equinor 2022 Reserves Report

Consolidated companies

Equity accounted

Net proved oil and condensate

reserves

(in million boe)

Norway

Eurasia

excludin

Norway

Africa

USA

America

excludin

g USA

Subtotal

Eurasia

excludin

Norway

America

excludin

g USA

Subtotal

Total

At 31 December 2019

1,463

168

137

383

369

2,518

2,575

Revisions and improved recovery

(12)

(55)

(57)

(58)

(5)

(63)

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

Production

(193)

(15)

(39)

(48)

(25)

(320)

(1)

(2)

(322)

At 31 December 2020

1,329

143

131

287

2,177

2,232

Revisions and improved recovery

153

(15)

240

257

Extensions and discoveries

210

225

239

Purchases of reserves-in-place

Sales of reserves-in-place

(57)

(6)

(63)

Production

(200)

(15)

(32)

(37)

(19)

(303)

(5)

(2)

(7)

(310)

At 31 December 2021

1,296

114

116

217

533

2,276

2,355

Revisions and improved recovery

133

(15)

192

(0)

192

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

(25)

(10)

(35)

(62)

(97)

Production

(188)

(11)

(32)

(33)

(23)

(287)

(1)

(3)

(4)

(291)

At 31 December 2022

1,292

123

217

513

2,228

2,248

Proved developed oil and

condensate reserves

At 31 December 2019

691

124

278

254

1,392

1,396

At 31 December 2020

654

110

217

202

1,237

1,249

At 31 December 2021

702

104

161

205

1,218

1,249

At 31 December 2022

731

107

161

203

1,236

1,249

Proved undeveloped oil and

condensate reserves

At 31 December 2019

772

123

104

115

1,127

1,178

At 31 December 2020

676

940

982

At 31 December 2021

594

328

1,058

1,105

At 31 December 2022

562

309

992

999

Equinor 2022 Reserves Report

Consolidated companies

Equity accounted

Net proved NGL reserves

(in million boe)

Norway

Eurasia

excludin

Norway

Africa

USA

America

excludin

g USA

Subtotal

Eurasia

excludin

Norway

America

excludin

g USA

Subtotal

Total

At 31 December 2019

254

337

Revisions and improved recovery

(7)

(8)

(13)

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

Production

(40)

(0)

(3)

(11)

(54)

At 31 December 2020

208

278

Revisions and improved recovery

(1)

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

(17)

Production

(38)

(0)

(3)

(9)

(49)

At 31 December 2021

202

261

Revisions and improved recovery

(3)

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

(3)

Production

(34)

(0)

(2)

(8)

(45)

At 31 December 2022

209

280

Proved developed NGL reserves

At 31 December 2019

175

240

At 31 December 2020

141

204

At 31 December 2021

160

209

At 31 December 2022

149

210

Proved undeveloped NGL

reserves

At 31 December 2019

At 31 December 2020

(0)

At 31 December 2021

At 31 December 2022

Equinor 2022 Reserves Report

Consolidated companies

Equity accounted

Net proved

natural gas reserves

(in billion cf)

Norway

Eurasia

excludin

Norway

Africa

USA

America

excludin

g USA

Subtotal

Norway

Eurasia

excludin

Norway

America

excludin

g USA

Subtotal

Total

At 31 December 2019

14,330

111

241

2,371

17,060

295

17,355

Revisions and improved

recovery

(195)

(36)

(311)

(505)

(28)

(534)

Extensions and discoveries

485

488

Purchases of reserves-in-

place

Sales of reserves-in-place

Production

(1,425)

(26)

(42)

(373)

(9)

(1,874)

(3)

(1)

(3)

(1,878)

At 31 December 2020

12,714

227

2,171

15,169

264

267

15,436

Revisions and improved

recovery

1,576

(23)

231

1,837

(183)

(182)

1,656

Extensions and discoveries

313

337

348

Purchases of reserves-in-

place

Sales of reserves-in-place

(87)

Production

(1,500)

(20)

(41)

(396)

(8)

(1,966)

(3)

(1)

(5)

(1,971)

At 31 December 2021

12,813

163

2,233

15,289

15,381

Revisions and improved

recovery

720

(44)

713

720

Extensions and discoveries

494

434

928

937

Purchases of reserves-in-

place

Sales of reserves-in-place

(79)

(78)

(157)

Production

(1,608)

(23)

(28)

(346)

(7)

(2,012)

(0)

(2)

(3)

(2,015)

At 31 December 2022

12,380

2,344

14,920

14,946

Proved developed natural

gas reserves

At 31 December 2019

9,417

111

217

1,645

11,398

11,465

At 31 December 2020

7,863

199

1,681

9,799

123

126

9,926

At 31 December 2021

11,145

145

1,845

13,217

13,244

At 31 December 2022

10,294

1,921

12,403

12,420

Proved undeveloped natural

gas reserves

At 31 December 2019

4,912

726

5,662

228

5,889

At 31 December 2020

4,851

490

5,369

141

5,510

At 31 December 2021

1,667

387

2,072

2,136

At 31 December 2022

2,087

423

2,517

2,526

Equinor 2022 Reserves Report

Consolidated companies

Equity accounted

Net proved reserves

(in million boe)

Norway

Eurasia

excludin

Norway

Africa

USA

America

excludin

g USA

Subtotal

Eurasia

excludin

Norway

America

excludin

g USA

Subtotal

Total

At 31 December 2019

4,270

187

198

870

370

5,895

109

6,004

Revisions and improved recovery

(9)

(18)

(118)

(55)

(161)

(10)

(171)

Extensions and discoveries

101

131

Purchases of reserves-in-place

Sales of reserves-in-place

Production

(486)

(20)

(49)

(126)

(26)

(708)

(2)

(1)

(3)

(710)

At 31 December 2020

3,802

151

189

727

289

5,158

102

5,260

Revisions and improved recovery

465

(6)

611

(16)

(15)

596

Extensions and discoveries

210

290

306

Purchases of reserves-in-place

Sales of reserves-in-place

(89)

(6)

(96)

Production

(505)

(18)

(42)

(117)

(20)

(703)

(6)

(2)

(8)

(710)

At 31 December 2021

3,781

127

159

660

534

5,261

5,356

Revisions and improved recovery

275

(14)

343

344

Extensions and discoveries

181

269

278

Purchases of reserves-in-place

Sales of reserves-in-place

(42)

(10)

(52)

(76)

(128)

Production

(508)

(16)

(40)

(103)

(24)

(691)

(1)

(3)

(5)

(695)

At 31 December 2022

3,708

103

148

694

514

5,167

5,191

Proved developed reserves

At 31 December 2019

2,544

178

621

255

3,663

3,679

At 31 December 2020

2,196

161

564

203

3,187

3,222

At 31 December 2021

2,847

141

527

206

3,782

3,818

At 31 December 2022

2,714

131

554

205

3,656

3,672

Proved undeveloped reserves

At 31 December 2019

1,725

123

250

115

2,233

2,325

At 31 December 2020

1,606

163

1,971

2,038

At 31 December 2021

934

133

328

1,479

1,538

At 31 December 2022

994

140

310

1,510

1,519

The conversion rates used in this table are 1 standard cubic meter = 35.3 standard cubic

feet, 1 standard cubic meter oil equivalent =

6.29 barrels of oil equivalent (boe) and 1,000 standard cubic meter gas = 1 standard cubic meter oil equivalent.

Standardised measure of discounted future net cash flows relating to proved oil

and gas reserves

Equinor 2022 Reserves Report

The table below shows the standardised measure of future net cash flows relating to

proved reserves. The analysis is computed in

accordance with Topic 932, by applying average market prices as defined by the SEC, year end costs, year end statutory tax rates

and a discount factor of 10% to year end quantities of net proved reserves. The standardised

measure of discounted future net cash

flows is a forward-looking statement.

Future price changes are limited to those provided by existing contractual arrangements at the

end of each reporting year. Future

development and production costs are those estimated future expenditures necessary to

develop and produce year end estimated

proved reserves based on year end cost indices, assuming continuation of year end economic conditions.

Pre-tax future net cash flow

is net of decommissioning and removal costs. Estimated future income taxes are calculated

by applying the appropriate year end

statutory tax rates. These rates reflect allowable deductions and tax credits and are applied to

estimated future pre-tax net cash flows,

less the tax basis of related assets. Discounted future net cash flows are calculated using a discount

rate of 10% per year.

Discounting requires a year-by-year estimate of when future expenditures will be incurred and when

reserves will be produced. The

standardised measure of discounted future net cash flows prescribed under Topic 932 requires assumptions as to the timing and

amount of future development and production costs and income from the production of proved reserves. The

information does not

represent management's estimate or Equinor's expected future cash flows or the value of its proved reserves

and therefore should not

be relied upon as an indication of Equinor’s future cash flow or value of its proved

reserves.

Equinor 2022 Reserves Report

At 31 December 2022

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Consolidated companies

Future net cash inflows

620,024

11,225

13,955

35,382

50,744

731,330

Future development costs

(15,595)

(1,795)

(1,012)

(1,388)

(3,830)

(23,620)

Future production costs

(60,837)

(4,356)

(3,706)

(8,736)

(19,807)

(97,442)

Future income tax expenses

(449,351)

(1,725)

(3,864)

(5,402)

(5,122)

(465,465)

Future net cash flows

94,241

3,348

5,374

19,855

21,984

144,803

10% annual discount for estimated timing of

cash flows

(36,714)

(954)

(1,275)

(7,124)

(10,633)

(56,701)

Standardised measure of discounted future net

cash flows

57,527

2,394

4,099

12,731

11,351

88,102

Equity accounted investments

Standardised measure of discounted future net

cash flows

316

Total standardised measure of discounted future net cash

flows including equity accounted investments

57,527

2,394

4,099

12,731

11,667

88,418

At 31 December 2021

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Consolidated companies

Future net cash inflows

287,382

8,705

9,619

21,486

35,236

362,429

Future development costs

(10,999)

(1,947)

(685)

(1,112)

(4,186)

(18,928)

Future production costs

(53,251)

(4,196)

(3,380)

(7,269)

(16,782)

(84,878)

Future income tax expenses

(178,370)

(352)

(2,138)

(2,686)

(2,979)

(186,525)

Future net cash flows

44,763

2,209

3,416

10,420

11,289

72,097

10% annual discount for estimated timing of

cash flows

(18,051)

(652)

(707)

(3,406)

(5,842)

(28,658)

Standardised measure of discounted future net

cash flows

26,711

1,557

2,709

7,014

5,447

43,439

Equity accounted investments

Standardised measure of discounted future net

cash flows

224

126

350

Total standardised measure of discounted future net cash

flows including equity accounted investments

26,711

1,782

2,709

7,014

5,573

43,789

At 31 December 2020

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Consolidated companies

Future net cash inflows

107,618

6,610

7,234

14,892

10,685

147,039

Future development costs

(11,209)

(2,489)

(682)

(1,351)

(1,534)

(17,265)

Future production costs

(42,410)

(3,622)

(3,170)

(8,020)

(7,568)

(64,790)

Future income tax expenses

(35,236)

(209)

(1,262)

(965)

(336)

(38,008)

Future net cash flows

18,763

290

2,119

4,556

1,248

26,976

10% annual discount for estimated timing of

cash flows

(6,937)

(80)

(505)

(1,269)

(8,768)

Standardised measure of discounted future net cash

flows

11,826

210

1,614

3,286

1,272

18,209

Equity accounted investments

Standardised measure of discounted future net

cash flows

(32)

(10)

Equinor 2022 Reserves Report

Total standardised measure of discounted future net cash

flows including equity accounted investments

11,826

178

1,614

3,286

1,294

18,199

Equinor 2022 Reserves Report

Changes in the standardised measure of discounted

future net cash flows from proved reserves

(in USD million)

2022

2021

2020

Consolidated companies

Standardised measure at 1 January

43,439

18,209

35,173

Net change in sales and transfer prices and in production

(lifting) costs related to future production

231,555

126,974

(52,527)

Changes in estimated future development costs

(4,739)

(5,915)

(1,547)

Sales and transfers of oil and gas produced

during the period, net of production cost

(91,580)

(43,998)

(15,180)

Net change due to extensions, discoveries,

and improved recovery

15,928

7,734

265

Net change due to purchases and sales of minerals

in place

386

(2,280)

Net change due to revisions in quantity estimates

34,325

17,080

3,263

Previously estimated development costs incurred during

the period

6,691

6,619

6,558

Accretion of discount

15,063

4,078

9,087

Net change in income taxes

(162,965)

(85,062)

33,117

Total change in the standardised measure during the year

44,663

25,230

(16,965)

Standardised measure at 31 December

88,102

43,439

18,209

Equity accounted investments

Standardised measure at 31 December

316

350

(10)

Standardised measure at 31 December including

equity accounted investments

88,418

43,789

18,199

In this table each line item presents the sources of changes in the standardised measure of value

on a discounted basis, with the

accretion of discount line item reflecting the increase in the net discounted value of the proved

oil and gas reserves due to the fact that

the future cash flows are now one year closer in time.

The standardised measure at the beginning of the year represents the discounted net present value

after deductions of both future

development costs, production costs and taxes. The line item Net change in sales and transfer

prices and in production (lifting) costs

related to future production is, on the other hand, related to the future net cash flows

at 31 December 2021. The proved reserves at 31

December 2021 were multiplied by the actual change in price, and change in unit of production costs,

to arrive at the net effect of

changes in price and production costs. Development costs and taxes are reflected in the

line items Change in estimated future

development costs and Net change in income taxes and are not included in the Net change

in sales and transfer prices and in

production (lifting) costs related to future production.

Equinor 2022 Reserves Report

Terms

and abbreviations

Organisational abbreviations

●

ACG - Azeri-Chirag-Gunashli

●

CAPEX - Capital expenditure

●

IOR - Improved oil recovery

●

LPG - Liquefied petroleum gas

●

NCS - Norwegian continental shelf

●

NGL - Natural gas liquids

●

OECD - Organisation of Economic Co-Operation and

Development

●

PDO - Plan for development and operation

●

PSA - Production sharing agreement

●

SDFI - Norwegian State's Direct Financial Interest

●

SEC - US Securities and Exchange Commission

●

UKCS - UK continental shelf

●

USA - United States of America

●

USD - United States dollar

Measurement abbreviations etc.

●

one billion - one thousand million

●

bbl - barrel

●

mmbbl - million barrels

●

boe - barrels of oil equivalent

●

mmboe - million barrels

of oil equivalent

●

cf - cubic feet

●

mmmcf - billion cubic feet

●

MMBtu - million british thermal units

●

bcm - billion cubic metres of natural gas

Equivalent measurements are based upon

●

1 barrel equals 0.134 tonnes of oil (33 degrees

API)

●

1 barrel equals 0.159 standard cubic metres

●

1 barrel of oil equivalent equals 1 barrel

of crude oil

●

1 barrel of oil equivalent equals 159 standard

cubic metres of natural gas

●

1 barrel of oil equivalent equals 5,612 cubic

feet of natural gas

●

1 barrel of oil equivalent equals 0.0837 tonnes of

NGLs

●

1 billion standard cubic metres of natural gas equals

1 million standard cubic metres of oil equivalent

●

1 cubic metre equals 35.3 cubic feet

●

1 cubic metre of natural gas equals 1 standard

cubic metre of natural gas

●

1,000 standard cubic meter gas equals 1 standard

cubic meter oil equivalent

●

1,000 standard cubic metres of natural gas equals

6.29 boe

●

1 standard cubic foot equals 0.0283 standard

cubic metres

●

1 standard cubic foot equals 1000 British thermal units

(btu)

●

1 tonne of NGLs equals 1.9 standard

cubic metres of oil equivalent

Miscellaneous terms

●

Appraisal well: A well drilled to establish the extent

and the size of a discovery.

●

BOE (barrels of oil equivalent): A measure

to quantify crude oil, natural gas liquids and natural

gas amounts using the same basis.

Natural gas volumes are converted to barrels on

the basis of energy content.

●

Condensates: The heavier natural gas components,

such as pentane, hexane, iceptane and so

forth, which are liquid under atmospheric

pressure – also called natural gasoline or naphtha.

●

Development: The drilling, construction, and related activities

following discovery that are necessary to

begin production of crude oil and

natural gas fields.

●

Equity and entitlement volumes of oil and gas:

Equity volumes represent volumes produced under

a production sharing agreement (PSA)

that correspond to Equinor's percentage ownership in

a particular field. Entitlement volumes, on the other

hand, represent Equinor's

share of the volumes distributed to the partners in

the field, which are subject to deductions

for, among other things, royalties and the

host government's share of profit oil. Under

the terms of a PSA, the amount of profit oil deducted

from equity volumes will normally

increase with the cumulative return on investment

to the partners and/or production from the

licence. The distinction between equity and

entitlement is relevant to most PSA regimes, whereas

it is not applicable in most concessionary regimes

such as those in Norway, the

United Kingdom,

Canada and Brazil. The overview of equity production

provides additional information for readers, as certain

costs

described in the profit and loss analysis were

directly associated with equity volumes produced

during the reported years.

●

IOR (improved oil recovery): Actual measures resulting

in an increased oil recovery factor from

a reservoir as compared with the

expected value at a certain reference point in time.

IOR comprises both of conventional and emerging

technologies.

●

Liquids: Refers to oil, condensates and NGL.

Equinor 2022 Reserves Report

●

LPG (liquefied petroleum gas): Consists primarily

of propane and butane, which turn liquid under

a pressure of six to seven atmospheres.

LPG is shipped in special vessels.

●

Natural gas: Petroleum that consists principally of

light hydrocarbons. It can be divided into 1)

lean gas, primarily methane but often

containing some ethane and smaller quantities of

heavier hydrocarbons (also called sales gas) and

2) wet gas, primarily ethane, propane

and butane as well as smaller amounts of heavier

hydrocarbons; partially liquid under atmospheric

pressure.

●

NGL (natural gas liquids): Light hydrocarbons mainly

consisting of ethane, propane and butane which

are liquid under pressure at normal

temperature.

●

Petroleum: A collective term for hydrocarbons, whether

solid, liquid or gaseous. Hydrocarbons are compounds

formed from the elements

hydrogen (H) and carbon (C). The proportion

of different compounds, from methane and ethane up

to the heaviest components, in a

petroleum find varies from discovery to discovery. If a reservoir primarily contains

light hydrocarbons, it is described as a gas field.

heavier hydrocarbons predominate, it is described

as an oil field. An oil field may feature free gas

above the oil and contain a quantity of

light hydrocarbons, also called associated gas.

●

Proved reserves: Reserves claimed to have a

reasonable certainty (normally at least 90% confidence)

of being recoverable under

existing economic and political conditions and using

existing technology. They are the only type the US Securities and Exchange

Commission allows oil companies to report.