exhibit155

Equinor 2023 Oil and gas reserves report

2023 Oil and gas reserves report

Equinor 2023 Oil and gas reserves report

Contents

3 Introduction

4 Proved oil and gas reserves

14 Preparation of reserves estimates

15 Operational statistics

18 Delivery commitments

19 Entitlement production

20 Supplementary oil and gas information (unaudited)

30 Terms

and abbreviations

Equinor 2023 Oil and gas reserves report

Introduction

About the report

This report presents Equinor`s proved oil and gas reserves

as of 31 December 2023. 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 definitions of reserves

to be used in filings with the US Securities and

Exchange Commission (SEC) contained in Rule

4-10(a) (1)-(32) of the SEC’s Regulation S-X. All numbers

are internal estimates produced by

Equinor. Estimates of reserves may change over time as further production

history and additional information becomes available.

The

determination of these reserves estimates 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.

This report is included as Exhibit 15.5 to the

2023 Annual report on Form 20-

Equinor 2023 Oil and gas reserves report

Operational performance

Proved oil and gas reserves

Proved oil and gas reserves were estimated to be 5,214

million boe at year end 2023, compared to 5,191 million boe at the end of

2022.

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 proved reserves estimates 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 product 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 category in the tables that follow 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 SEC. The geographical areas are defined by country and continent. In 2023

these are Norway, Eurasia excluding

Norway, Africa, the USA and the Americas excluding USA.

In Norway and other countries where there is a reasonable 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 assets 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 83% of Equinor’s proved reserves are located in countries that

are members of the Organisation of Economic Co-

Operation and Development (OECD). 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,

Libya and

Nigeria. Other proved non-OECD reserves are related to concession fields in Brazil and Argentina,

representing together 12% of

Equinor's total proved reserves.

Volumes related to the planned exit from Azerbaijan are included in the proved oil and gas reserves at year end 2023.

Equinor 2023 Oil and gas reserves report

Volumes related to the planned exit from Azerbaijan are included in the proved oil and gas reserves at year end 2023.

Equinor 2023 Oil and gas reserves report

Changes in proved reserves in 2023

The total volume of proved reserves increased by 23 million boe in 2023.

Change in proved reserves

For the year ended 31 December

(in million boe)

2023

2022

2021

Revisions and improved recovery

232

344

596

Extensions and discoveries

507

278

306

Purchases of reserves-in-place

Sales of reserves-in-place

(35)

(128)

(96)

Total reserve additions

734

530

806

Production

(711)

(695)

(710)

Net change in proved reserves

(165)

Revisions and improved recovery

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

net 232 million boe in 2023. The increase is the result of

366 million boe in positive revisions and increased recovery, partially offset

by 135 million boe in negative revisions. Many producing assets 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. Increased

entitlement volumes from several fields with PSAs added to the positive revisions. The negative revisions

were mainly related to

unforeseen events and operational challenges resulting in reduced production potential on

some assets. The negative revisions also

included a direct effect of lower commodity prices, decreasing the proved reserves by approximately 17 million boe

through decreased

economic lifetime on several assets.

Extensions and discoveries

A total of 507 million boe of new proved reserves were added through extensions and

discoveries.

The Raia field in Brazil, the

Rosebank field in the United Kingdom (UK) and the Sparta field in the USA are the main

contributors in this category and are included

in the proved reserves for the first time this year. In addition, this category includes extension of the proved area through continuous

drilling of new wells in previously undrilled areas in the Appalachian basin assets in the

USA and in Argentina.

Purchases and sales of reserves-in-place

A total of 31 million boe of proved reserves were added through the purchase of Suncor Energy

UK Limited in 2023 which included a

working interest in the producing Buzzard field.

total of 35 million boe of sales of reserves-in-place in 2023 are related to

the sale of a 28% working interest in the Statfjord area on

the Norwegian continental shelf (NCS) and the sale of our interests in the Corrib field in Ireland.

Equinor 2023 Oil and gas reserves report

In the fourth quarter of 2023, Equinor entered into an agreement to divest our interests

in the Azeri-Chirag-Gunashli (ACG) field in

Azerbaijan. Closing is subject to regulatory and contractual approvals and is expected to

take place in mid 2024. The sale will result in

an estimated reduction in proved reserves of approximately 45 million boe.

Production

The 2023 entitlement production was 711 million boe, compared to 695 million boe in 2022. The increase was mainly due to ramp up

to plateau production at the Johan Sverdrup field in Norway and the Peregrino field in

Brazil.

Equinor 2023 Oil and gas reserves report

Development of reserves

In 2023, 325 million boe were matured from proved undeveloped to proved developed reserves mainly due

to continued drilling in

major offshore assets, Johan Sverdrup being the largest contributor, and in the Appalachian basin in the USA. The production start of

Vito in the USA in addition to Breidablikk and Bauge in Norway added to the maturation of proved undeveloped

reserves. The positive

revision and improved recovery of proved undeveloped reserves of 90 million boe is related to large

offshore fields in Norway such as

the Oseberg area, Visund, Johan Sverdrup and Snorre due to continued high activity level and planned

future infill wells. Finally, 475

million boe was added to proved undeveloped reserves through extensions and discoveries. The

largest additions in this category are

related to the sanctions of Raia in Brazil, Rosebank in the UK and Sparta

in the USA, in addition to further development in the

Appalachian basin.

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 was 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 were 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 were 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.

Equinor has matured 2,123 million boe of proved undeveloped reserves to proved developed

reserves over the last five years.

Development of proved reserves

2023

2022

2021

(in million boe)

Total

proved

reserves

Developed

Undeveloped

Total

proved

reserves

Developed

Undeveloped

Total

proved

reserves

Developed

Undeveloped

At 1 January

5,191

3,672

1,519

5,356

3,818

1,538

5,260

3,222

2,038

Revisions and improved

recovery

232

141

344

322

596

471

125

Extensions and discoveries

507

475

278

256

306

269

Purchases of reserves-in-place

Sales of reserves-in-place

(35)

(30)

(5)

(128)

(66)

(62)

(96)

(83)

(13)

Production

(711)

(695)

(710)

Moved from undeveloped to

developed

325

(325)

241

(241)

881

(881)

At 31 December

5,214

3,459

1,755

5,191

3,672

1,519

5,356

3,818

1,538

Equinor 2023 Oil and gas reserves report

Proved developed and undeveloped reserves

At 31 December 2023

Oil and

condensate

NGL

Natural gas

Total oil and

gas

(mmboe)

(mmmcf)

(mmboe)

Developed

Norway

720

124

9,131

2,470

Eurasia excluding Norway

Africa

107

126

USA

201

1,859

583

Americas excluding USA

211

219

Total proved developed reserves

1,296

182

11,118

3,459

Undeveloped

Norway

426

2,175

871

Eurasia excluding Norway

156

168

Africa

USA

408

162

Americas excluding USA

410

710

537

Total proved undeveloped reserves

1,089

3,353

1,755

Total proved reserves

2,384

251

14,471

5,214

As of 31 December 2023, the total proved undeveloped reserves amounted to 1,755 million boe,

close to 50% of which are related to

fields in Norway. The Oseberg area, Snøhvit and Johan Sverdrup fields, which have continuous development activities, together with

fields not yet in production, such as Johan Castberg, Munin and Ormen Lange Phase

3, have the largest proved undeveloped

reserves in Norway. The largest assets with proved undeveloped reserves outside Norway, are Raia, Bacalhau, Peregrino and

Roncador in Brazil, Rosebank and Mariner in the UK, Sparta and the Appalachian

basin in the USA, and ACG in Azerbaijan. All these

assets are either currently in the production phase or will start production within the next five

years.

For assets 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, that would require a

separate future investment decision by management, included in our proved reserves estimates.

Some offshore development

activities will take place more than five years from the disclosure date on many assets, 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 the 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,

but the start-up is delayed to the

fourth quarter of 2024.

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

be drilled within five years.

In 2023, Equinor incurred USD 8.1 billion in development costs relating to assets carrying

proved reserves, of which USD 6.7 billion

was related to proved undeveloped reserves.

Equinor 2023 Oil and gas reserves report

Reserves replacement

The reserves replacement ratio is defined as the net amount of proved reserves added for a given period divided

by produced

volumes in the same period.

The 2023 reserves replacement ratio was 103%

and the corresponding three-year average was 98%, compared to 76% and 62%

respectively at the end of 2022.

The organic reserves replacement ratio, excluding sales and purchases, was 104% in 2023 compared to

89% in 2022. The organic

three-year average replacement ratio was 107% at the end of 2023

compared to 70% at the end of 2022.

Reserves replacement ratio

For the year ended 31 December

2023

2022

2021

Annual

103%

76%

113%

Three-year-average

98%

62%

61%

Equinor 2023 Oil and gas reserves report

Proved reserves by region

Proved reserves in Norway

A total of 3,341 million boe was recognised as proved reserves on the NCS, representing

64% of Equinor's total proved reserves at

year end 2023. Of these, 2,923 million boe are related to fields and field areas

currently in production, 95% 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 241 million boe in 2023. Negative revisions totalled 85 million boe and were mainly

related to reduced well performance as well as

operational challenges on some fields, and lower commodity prices. A total of 25 million boe of sales

of reserves-in-place are related

to the sale of a 28% working interest in the Statfjord area.

Of total proved reserves on the NCS, 2,470 million boe (74%) are proved developed reserves at

year end 2023. Of the total proved

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

Lange,

Visund, Tyrihans and Aasta Hansteen, and 40% are liquid reserves mainly related to large fields such as Johan Sverdrup, Johan

Castberg, Snorre, the Oseberg area, the Gullfaks area and Munin.

Proved reserves in Eurasia excluding Norway

A total of 229 million boe was recognised as proved reserves in the UK and Azerbaijan

at year end 2023. Eurasia excluding Norway

represents 4% of Equinor's total proved reserves. All fields in this region except for Rosebank are in the

production phase at year end.

The sanctioning of the Rosebank field in 2023 added a total of 117 million boe in the extensions and discoveries category. A total of

31 million boe of new proved reserves were added through the purchase of Suncor Energy UK

Limited in 2023 which included a

working interest in the producing Buzzard field. The sale of our interest in the Corrib field in Ireland in

2023 resulted in a reduction of

proved reserves of 11 million boe.

Of total proved reserves in Eurasia excluding Norway,

61 million boe (27%) are proved developed reserves at year end 2023. Of the

total proved reserves in this region, 94% are liquid reserves mainly related to larger fields such as Rosebank,

ACG and Mariner, and

6% are gas reserves mainly related to the Rosebank field and the UK part of the Statfjord

field.

Volumes related to the planned exit from Azerbaijan are included in the proved oil and gas reserves at year end 2023.

Equinor 2023 Oil and gas reserves report

Proved reserves in Africa

A total of 144 million boe was recognised as proved reserves in PSAs in Angola, Algeria,

Libya and Nigeria at year end 2023. Angola

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

3% of Equinor's total proved reserves.

All fields in this region are currently producing.

Net positive revisions increased the proved reserves by 34 million boe in 2023, mainly

related to positive reservoir performance and new wells.

Lower commodity prices increased the proved reserves in Africa by 9 million

boe due to increased entitlement to produced volumes.

Of total proved reserves in Africa, 126 million boe (88%) are proved developed reserves at year end 2023. Of the

total proved

reserves in this region,

91% are liquid reserves mainly related to large oil fields such as CLOV,

Agbami and In Amenas,

and 9% are

gas reserves related to the In Salah field.

Proved reserves in the USA

A total of 745 million boe was recognised as proved reserves related to both onshore and offshore assets in the

USA at year end

2023. The USA represents 14% of Equinor's total proved reserves. All assets in this region except for Sparta

are in the production

phase at year end.

Most of the onshore and offshore assets in the USA are mature assets and on decline. New wells

extending the

proved areas in the USA onshore assets and the sanctioning of the Sparta field in 2023,

added a total of 147 million boe in the

extensions and discoveries category. The revisions and improved recovery category increased the proved reserves by net 18 million

boe. Better performance on some fields in the Gulf of Mexico area increased the proved reserves

by 62 million boe, while reduced

activity level on some onshore assets in the USA reduced the proved reserves by 44 million

boe.

Of total proved reserves in the USA, 583 million boe (78%) are proved developed reserves at year

end 2023. Of the total proved

reserves in this region,

54% are gas reserves mainly related to the Appalachian basin, and 46% are liquid reserves mainly

related to

the offshore fields Sparta, Caesar-Tonga and St. Malo in addition to the Appalachian basin.

Equinor 2023 Oil and gas reserves report

Equinor 2023 Oil and gas reserves report

Proved reserves in the Americas excluding USA

A total of 756 million boe was recognised as proved reserves in the Americas excluding

USA at year end 2023. Four fields are located

offshore Brazil, two fields offshore Canada and one field onshore in Argentina. The Americas excluding USA

represents 14% of

Equinor's total proved reserves. All fields in this region except for Bacalhau and Raia are in the production

phase at year end. The

sanctioning of the Raia field in 2023, added a total of 215 million boe in the extensions

and discoveries category.

Of total proved reserves in the Americas excluding USA, 219 million boe (29%) are proved developed reserves

at year end 2023. Of

the total proved reserves in this region, 82% are liquid reserves mainly related to large oil fields

such as Bacalhau, Peregrino,

Raia

and Roncador, and 18% are gas reserves mainly related to the Raia field.

Equinor 2023 Oil and gas reserves report

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 26 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

degree in petroleum exploration and exploitation from Chalmers University of Technology in Gothenburg, Sweden. She has 38 years'

experience in the oil and gas industry, 37 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 2023 using data provided by Equinor. The evaluation accounts for 100% of Equinor's proved reserves.

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 2023.

Net proved reserves

Oil and

condensate

NGL/LPG

Natural gas

Oil equivalent

At 31 December 2023

(mmboe)

(mmmcf)

(mmboe)

Estimated by Equinor

2,384

251

14,471

5,214

Estimated by DeGolyer and MacNaughton

2,447

280

15,105

5,418

Equinor 2023 Oil and gas 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 2023, are

presented in the table below.

Total developed and undeveloped oil and gas acreage

At 31 December 2023 (in thousands of acres)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Developed acreage

- gross

913

847

404

259

2,468

- net

367

267

100

811

Undeveloped acreage

- gross

9,694

1,555

7,154

1,647

22,223

42,274

- net

4,609

813

2,372

676

9,919

18,389

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 represent the largest

net developed acreage.

The largest concentration of net undeveloped acreage is in Argentina, which represents 35% of

Equinor’s total net undeveloped

acreage, followed by Norway and Canada.

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

expiration dates vary

significantly from property to property. Work programs 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 2023 Oil and gas 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 2023, are presented in the

table below.

The gross and net number of oil wells has increased from last year mainly due to the purchase of

Suncor Energy UK Limited which

included a working interest in the producing Buzzard field and continued drilling in Argentina.

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 2023 includes 324 oil wells and 13 gas wells

with multiple completions or wells

with more than one branch.

Number of productive oil and gas wells

At 31 December 2023

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Oil wells

- gross

784

201

482

266

1811

- net

312

538

Gas wells

- gross

240

119

2572

2931

- net

105

493

644

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 2023 Oil and gas 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 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 2023

Net productive and dry exploratory wells drilled

10.0

1.4

2.0

13.5

- Net dry exploratory wells

4.4

0.9

5.3

- Net productive exploratory wells

5.7

0.5

2.0

8.1

Net productive and dry development wells drilled

34.8

4.7

5.6

25.3

13.7

84.1

- Net dry development wells

1.1

1.4

0.5

0.6

1.7

5.2

- Net productive development wells

33.6

3.3

5.1

24.8

12.0

78.9

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

1) The net value corresponds to the sum of

the fractional working interests owned by

Equinor in the same gross wells.

Equinor 2023 Oil and gas 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 2023.

Number of wells in progress

At 31 December 2023

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Exploratory wells

- gross

3.0

1.0

5.0

- net

1.3

0.5

0.4

2.1

Development wells

- gross

27.0

10.0

47.0

45.0

139.0

- net

11.2

3.4

2.6

4.3

13.8

35.3

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

2024, 2025, 2026

and 2027

expressed

as the sum of expected gas off-take, are equal to 50.6, 39.5, 26.8 and 18.7 bcm, respectively.

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 2023 Oil and gas 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 assets with multiple owners and does not include

production of the Norwegian

State's oil and gas. NGL includes both LPG and naphtha. From 2023 all our assets are classified

as consolidated companies. For

further information on production volumes see section Terms and abbreviations.

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)

2023

202

327

2022

188

287

291

2021

200

303

310

NGL (mmboe)

2023

2022

2021

Natural gas (mmmcf)

2023

1,515

357

1,920

2022

1,608

346

2,012

2,015

2021

1,500

396

1,966

1,971

Sum of oil, condensate, NGL and natural gas

(mmboe)

2023

501

114

711

2022

508

103

691

695

2021

505

117

703

710

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

on barrels of oil

equivalent.

For the year ended 31 December

Troll entitlement production

2023

2022

2021

Troll field

Oil and condensate (mmboe)

NGL (mmboe)

Natural gas (mmmcf)

399

427

403

Sum of oil, condensate, NGL and natural gas

(mmboe)

Equinor 2023 Oil and gas 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 2023.

There have been no incidents since 31 December 2023, which would cause a significant change in the

estimated proved reserves or

any other numbers presented in this report.

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 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 proved reserves is part of an ongoing process subject to

continual revision as additional information

becomes available. Estimates of proved reserves 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 estimated 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 2023, 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 5% and 6% of total proved reserves for 2022 and 2021, respectively. Net entitlement oil and gas

production from fields with such agreements was 44 million boe during 2023, compared to 44 million

boe for 2022 and 49 million boe

for 2021. 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. The

estimated proved reserves do 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 2023 Oil and gas reserves report

Volume weighted average prices

Brent blend

Oil

Condensate

NGL

Natural gas

At 31 December

(USD/boe)

(USD/mmbtu)

2023

83.27

80.86

72.70

40.27

11.02

2022

101.24

100.30

90.79

56.23

30.66

2021

69.22

67.61

65.02

47.17

11.89

Lower commodity prices affected the profitable reserves to be recovered from accumulations, resulting in decreased

proved reserves.

The negative revisions due to lower prices are in general a result of earlier economic cut-off. For PSA

fields the effect of lower prices

is to some degree offset by increased entitlement to the reserves. These changes are all included in the revision

category, resulting in

a net decrease of Equinor’s estimated 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 SDFI.

These volumes 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 to be by geographic area,

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

2023, Norway is the only country in

this category, with 64% of the total estimated proved reserves. The USA contains close to 15% of the total proved reserves at 31

December 2023 and has been close to this level for several years. Management has therefore

determined that the most meaningful

presentation of geographical areas in 2023 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 shown in the table Net proved reserves (in million boe) that represent 10% or more of the

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

Proved reserves movements 2023

Eurasia excluding Norway

The increase of 117 million boe in extensions and discoveries in Eurasia excluding Norway is the result of the sanctioning of the

Rosebank field in the UK. Purchase of reserves-in-place of 31 million boe is the result of the

purchase of Suncor Energy UK Limited

which included a working interest in the producing Buzzard field. Sale of reserves-in-place of

11 million boe is the result of the sale of

our share in the Corrib field in Ireland.

Africa

The increase of 34 million boe in the revisions and increased recovery category is the sum of several

smaller positive revisions on

most fields in this area, mainly related to positive reservoir performance and new planned wells.

Lower commodity prices also resulted

in an increase of 9 million boe through increased entitlement volumes, which is included in

this category.

USA

The increase of 147 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 and sanctioning of the Sparta

field in the Gulf of Mexico.

Americas excluding USA

The increase of 239 million boe in extensions and discoveries in the Americas excluding USA

is mainly the result of the sanctioning of

the Raia discovery offshore Brazil. This category also includes some additions through drilling of new wells

in previously unproven

areas in our onshore developments in Argentina and in the Roncador field in Brazil. From 2023

all our equity accounted assets in this

region have been reclassified to consolidated companies. This reclassification is presented as a negative revision

of 24 million boe of

reserves in the equity accounted assets, and as a positive revision of 24 million boe of reserves in the consolidated

companies.

Equinor 2023 Oil and gas reserves report

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 sale 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

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.

The following tables present the estimated oil, condensate, NGL and natural gas proved reserves at 31 December

2020 through 2023

and the changes therein. From 2023 all our assets are classified as consolidated companies.

Equinor 2023 Oil and gas 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 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

Revisions and improved recovery

190

(19)

170

Extensions and discoveries

106

114

273

Purchases of reserves-in-place

Sales of reserves-in-place

(12)

Production

(202)

(15)

(32)

(40)

(39)

(327)

At 31 December 2023

1,146

213

123

280

622

2,384

Proved developed oil and

condensate reserves

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

At 31 December 2023

720

107

201

211

1,296

Proved undeveloped oil and

condensate reserves

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

At 31 December 2023

426

156

410

1,089

1) Volumes related to the planned exit from Azerbaijan are included

in the proved oil and gas reserves

at year end 2023.

2) From 2023 all our equity accounted assets have

been reclassified to consolidated companies.

Equinor 2023 Oil and gas 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 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

Revisions and improved recovery

(1)

Extensions and discoveries

Purchases of reserves-in-place

Sales of reserves-in-place

(4)

Production

(29)

(0)

(2)

(10)

(42)

At 31 December 2023

180

251

Proved developed NGL reserves

At 31 December 2020

141

204

At 31 December 2021

160

209

At 31 December 2022

149

210

At 31 December 2023

124

182

Proved undeveloped NGL

reserves

At 31 December 2020

(0)

At 31 December 2021

At 31 December 2022

At 31 December 2023

Equinor 2023 Oil and gas 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 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

Revisions and improved

recovery

480

(11)

(185)

353

(26)

327

Extensions and discoveries

465

700

1,228

Purchases of reserves-in-

place

Sales of reserves-in-place

(51)

(59)

(110)

Production

(1,515)

(5)

(32)

(357)

(11)

(1,920)

At 31 December 2023

11,306

2,267

752

14,471

Proved developed natural

gas reserves

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

At 31 December 2023

9,131

1,859

11,118

Proved undeveloped natural

gas reserves

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

At 31 December 2023

2,175

408

710

3,353

1) From 2023 all our equity accounted assets have

been reclassified to consolidated companies.

Equinor 2023 Oil and gas 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 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

Revisions and improved recovery

157

256

(24)

232

Extensions and discoveries

117

147

239

507

Purchases of reserves-in-place

Sales of reserves-in-place

(25)

(11)

(35)

Production

(501)

(16)

(40)

(114)

(41)

(711)

At 31 December 2023

3,341

229

144

745

756

5,214

Proved developed reserves

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

At 31 December 2023

2,470

126

583

219

3,459

Proved undeveloped reserves

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

At 31 December 2023

871

168

162

537

1,755

1) Volumes related to the planned exit from Azerbaijan are included

in the proved oil and gas reserves

at year end 2023.

2) From 2023 all our equity accounted assets have

been reclassified to consolidated companies.

Equinor 2023 Oil and gas reserves report

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

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.

At 31 December 2023

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Consolidated companies

Future net cash inflows

261,852

18,468

11,062

27,256

55,255

373,892

Future development costs

(14,383)

(4,297)

(807)

(3,460)

(6,556)

(29,502)

Future production costs

(52,468)

(8,217)

(3,304)

(9,521)

(23,769)

(97,279)

Future income tax expenses

(161,063)

(2,254)

(2,625)

(2,537)

(6,875)

(175,352)

Future net cash flows

33,938

3,701

4,327

11,738

18,055

71,759

10% annual discount for estimated timing of cash flows

(12,395)

(2,230)

(1,047)

(4,296)

(9,710)

(29,677)

Standardised measure of discounted future net

cash flows

21,543

1,471

3,280

7,443

8,346

42,082

Equity accounted investments

Standardised measure of discounted future net

cash flows

Total standardised measure of discounted future net cash flows

including equity accounted investments

21,543

1,471

3,280

7,443

8,346

42,082

1) Volumes related to the planned exit from Azerbaijan are included

in the proved oil and gas reserves

at year end 2023.

2) From 2023 all our equity accounted assets

have been reclassified to consolidated companies.

Equinor 2023 Oil and gas 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

Equinor 2023 Oil and gas reserves report

Changes in the standardised measure of discounted

future net cash flows from proved reserves

(in USD million)

2023

2022

2021

Consolidated companies

Standardised measure at 1 January

88,418

43,439

18,209

Net change in sales and transfer prices and in production

(lifting) costs related to future production

(224,133)

231,555

126,974

Changes in estimated future development costs

(4,940)

(4,739)

(5,915)

Sales and transfers of oil and gas produced during

the period, net of production cost

(43,225)

(91,580)

(43,998)

Net change due to extensions, discoveries,

and improved recovery

3,794

15,928

7,734

Net change due to purchases and sales of

minerals in place

710

386

(2,280)

Net change due to revisions in quantity estimates

11,706

34,325

17,080

Previously estimated development costs incurred during

the period

8,101

6,691

6,619

Accretion of discount

35,905

15,063

4,078

Net change in income taxes

165,746

(162,965)

(85,062)

Total change in the standardised measure during the year

(46,336)

44,663

25,230

Standardised measure at 31 December

42,082

88,102

43,439

Equity accounted investments

Standardised measure at 31 December

316

350

Standardised measure at 31 December including

equity accounted investments

42,082

88,418

43,789

1) From 2023 all our equity accounted assets have

been reclassified to consolidated companies.

2) Volumes related to the planned exit from Azerbaijan are included

in the proved oil and gas reserves

at year end 2023.

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. From 2023 all our assets are classified

as consolidated companies.

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 2022. The proved reserves at 31

December 2022 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 2023 Oil and gas reserves report

Terms

and abbreviations

Organisational abbreviations

●

ACG - Azeri-Chirag-Gunashli

●

CLOV – Cravo, Lirio, Orquidea and Violeta

●

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

●

UK – United Kingdom

●

USA - United States of America

●

USD - United States dollar

Measurement abbreviations etc.

●

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

●

one billion - one thousand million

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.

●

Barrels of oil equivalent (boe): 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, heptane 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 assets.

●

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.

●

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.

Equinor 2023 Oil and gas reserves report

●

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

light hydrocarbons, also called associated gas.

●

Proved reserves: 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.