About Equinor ASA

Equinor ASA (Equinor) operates as an international energy company. The company is the largest supplier of energy to Europe, a world-leading offshore operator, the largest oil and gas operator in Norway, and an international pioneer in renewables and low-carbon solutions. The company’s deliveries of oil, gas and wind power provide a vital and stabilising contribution to Europe’s energy security, both in the short and long term. Business The company’s portfolio of projects encompasses oil and gas, renewables, hydrogen and low-carbon solutions. Oil and Gas Equinor produces around two million barrels of oil equivalent daily and is responsible for about 70% of Norwegian oil and gas production. In 2022, Equinor’s activity outside Norway accounted for around onethird of the company’s total oil and gas production, and this is expected to increase. The Peregrino field in Brazil and the Mariner field in the U.K. are the company’s largest operatorships outside Norway. Refining, Processing and Marketing The company’s refinery, processing plants and terminals transform crude oil and natural gas into everyday commodities, such as petrol, diesel, heating oil and consumer-ready natural gas. Transportation and marketing, and trading of the company’s products maximise value creation. Most of the company’s products are exported from Norway to continental Europe, but the company also exports to the U.K., North America, and Asia. Equinor also markets and sells the Norwegian State’s share of natural gas and crude produced on the NCS. Renewable Energy Equinor provides more than one million European homes with renewable power from offshore wind farms in the U.K. and Germany. The company develop some of the world's largest offshore wind farms in Europe and the U.S. and are in the process of building a solar portfolio through partnerships in energy farms in Argentina and Brazil and wholly owned subsidiaries in Denmark and Poland. By 2030, the company intends to have grown its installed renewables capacity (equity-based) from 2022’s 0.6 GW to 12-16 GW and produce 35-60 TWh annually. Carbon Capture and Storage Equinor is pursuing new business models to make carbon capture and storage (CCS) viable. The company has 25 years of operational experience from CCS, and more than 15 years of experience from technology development within large-scale hydrogen value chains including transport and CCS. Together with the company’s joint venture partners the company is developing the Northern Lights infrastructure for transportation and storage of CO2. The project is part of the Norwegian government’s project for full-scale carbon capture, transportation and storage in Norway. Technology Development Equinor’s strong ability to develop and apply new technologies and digital solutions constitutes a competitive advantage. Digital technology is a key enabler for the company to develop into a leading company in the energy transition. The company’s ambition is to allocate 40% of the company’s research and development capital towards renewables and low-carbon solutions by 2025. Equinor’s assets and operations are organised through the following business areas: Exploration & Production Norway (EPN) explores for and extracts crude oil, natural gas and natural gas liquids in the North, Norwegian and Barents Seas. EPN aims to ensure safe and efficient operations and transform the NCS to deliver value for many decades. EPN is shaping the future of the NCS with a digital transformation and solutions to achieve a lower carbon footprint and high recovery rates. Exploration & Production International (EPI) manages Equinor’s worldwide upstream activities in all countries outside Norway. EPI operates across five continents, covering offshore and onshore exploration and extraction of crude oil, natural gas and natural gas liquids, and implements rigorous safety standards, technological innovations and environmental protection. EPI intends to build and grow a competitive international portfolio, including through partner-operated activities. Renewables (REN) reflects Equinor’s long-term goal to complement its oil and gas portfolio with profitable renewable energy. REN aims to acheive this by continuing to combine Equinor’s oil and gas competence, project delivery capacities and ability to integrate technological solutions. REN is responsible for wind farms, solar, and other forms of renewable energy and energy storage. Marketing, Midstream & Processing (MMP) works to maximise value creation in Equinor’s global midstream and downstream positions. MMP is responsible for the global marketing and trading of crude, petroleum products, natural gas, electric power and green certificates, including marketing of the Norwegian State’s natural gas and crude resources on the NCS. MMP is responsible for onshore plants and transportation in addition to the development of value chains to ensure flow assurance for Equinor’s upstream production and to maximise value creation. Low-carbon solutions, such as carbon capture and storage and other low-carbon energy solutions, are also a part of MMP’s responsibility. Projects, Drilling & Procurement (PDP) is responsible for oil and gas field development and well delivery, development of wind power, CCS and hydrogen projects, and procurement in Equinor. PDP aims to deliver safe, secure and efficient project development and well construction, founded on world-class project execution and technology excellence. PDP utilises innovative technologies, digital solutions and carbon-efficient concepts to shape a competitive project portfolio at the forefront of the energy industry transformation. Value is being created together with suppliers through a simplified and standardised fit-for-purpose approach. Technology, Digital & Innovation (TDI) is responsible for research and technology development within Equinor to further support the business. This includes identifying potential new businesses and value chains for Equinor. Strategy Equinor’s business strategy is structured around three pillars: always safe, high value, and Low carbon: optimized oil and gas portfolio; high value growth in renewables; and new market opportunities in low carbon solutions. Segments The company operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments. Exploration & Production Norway segment The Exploration & Production Norway (E&P Norway) segment covers exploration, field development and operations on the NCS, which includes the North Sea, the Norwegian Sea and the Barents Sea. E&P Norway aims to ensure safe and efficient operations, maximising the value potential from the NCS. E&P Norway transforms the NCS using digital and carbon-efficient solutions and is considering the electrification of several installations. For 2022, Equinor reports production on the NCS from 45 fields operated by Equinor and nine fields operated by licence partners. Main producing fields on the NCS Fields operated by Equinor Johan Sverdrup (Equinor 42.63%) is a major oil field with associated gas in the North Sea, developed with five platforms: Two processing platforms, a drilling platform, a riser platform and a living quarters platform. Crude oil is exported to Mongstad through a 283-km designated pipeline, and gas is exported to the gas processing facility at Kårstø through a 156-km pipeline via a subsea connection to the Statpipe pipeline. First oil was achieved in October 2019 and the fifth Johan Sverdrup platform, a processing platform connected to the field centre, was brought on stream on 15 December 2022. Troll (Equinor 30.58%) in the North Sea is the largest gas field on the NCS and a major oil field. The Troll field regions are connected to the Troll A, B and C platforms. Troll gas is produced mainly at Troll A, and oil mainly at Troll B and C. Fram, Fram H Nord and Byrding are tieins to Troll C. Over recent years, new compressors have increased the gas processing capacity: one compressor was brought on stream at Troll B in September 2018, and one at Troll C in January 2020. In August 2021, the third phase of the Troll field development was brought on stream, producing from the Troll West gas cap. A partial electrification of Troll B and a full electrification of Troll C are underway. The Troll A platform, brought on stream in 1996, was the first electrified installation on the NCS. The Gullfaks (Equinor 51.00%) oil and gas field in the North Sea is developed with three platforms. Since production started on Gullfaks in 1986, several satellite fields have been developed with subsea wells which are remotely controlled from the Gullfaks A and C platforms. The first power from the Hywind Tampen floating windfarm was supplied to Gullfaks A in November 2022. The Oseberg area (Equinor 49.30%) in the North Sea produces oil and gas. The development includes the Oseberg field centre, Oseberg C, Oseberg East and Oseberg South production platforms. Oil and gas from the satellite fields are transported to the Oseberg field centre for processing and transportation. Oseberg Vestflanken 2 came on stream in October 2018. The wellhead platform was Norway’s first unmanned platform, remotely controlled from the Oseberg field centre. To boost recovery and cut emissions, the installation of two new compressors is underway, and a cable to Kollsnes is projected to connect to the onshore grid for a partial electrification. The Åsgard (Equinor 34.57%) gas and condensate field in the Norwegian Sea is developed with the Åsgard A FPSO for oil, the Åsgard B semisubmersible floating production platform for gas and condensate, and the Åsgard C storage vessel for oil and condensate. Åsgard C also provides storage for oil produced at Kristin and Tyrihans. In 2015 Equinor started the world’s first subsea gas compression train on Åsgard. The Trestakk field is tied back to Åsgard A. The Halten East gas field is being developed in a subsea solution tied back to Åsgard. The Martin Linge (Equinor 51.00%) oil and gas field in the North Sea was brought on stream in June 2021. The field is developed with an integrated wellhead, production and accommodation platform and a permanently anchored oil storage vessel. The gas is piped to St Fergus, Scotland, and the oil is shipped in shuttle tankers, after being processed on board the storage vessel. The field is operated from shore. In 2018, the field development started running on power from shore. Visund (Equinor 53.20%, operator) oil and gas field in the North Sea is developed with the Visund A semisubmersible integrated living quarters, drilling and processing unit, and a subsea installation in the northern part of the field. The Visund North improved oil recovery development, a subsea solution with two new wells in a new subsea template, was brought on stream in September 2018. The Aasta Hansteen (Equinor 51.00%, operator) gas and condensate field in the Norwegian Sea is developed with a floating spar platform and two subsea templates. With the Snefrid North well drilled from the seabed at a depth of 1,309 metres, the field development is the deepest ever on the NCS. The Irpa gas field is being developed in a subsea solution tied back to Aasta Hansteen. The Tyrihans (Equinor 58.84%, operator) oil and gas field in the Norwegian Sea is developed with five subsea templates tied back to Kristin. The Snøhvit (Equinor 36.79%, operator) gas and condensate field is developed with several subsea templates. Snøhvit was the first field development in the Barents Sea and is connected to the liquefied natural gas processing facilities at Melkøya near Hammerfest through a 160-km pipeline. First gas from Askeladd, the next plateau extender of Snøhvit, was achieved on 1 December 2022. The Askeladd development includes two subsea templates, a 42-km tie-back to Snøhvit and drilling of three gas producers. Operations resumed at the refurbished Hammerfest LNG plant in June 2022, after having been suspended following the Melkøya fire in September 2020. Askeladd West, a satellite to Snøhvit, is under development. Fields operated by licence partners Ormen Lange (Equinor 25.35%, operated by A/S Norske Shell) is a deepwater gas field in the Norwegian Sea. The well stream is transported to an onshore processing and export plant at Nyhamna. Gassco became operator of Nyhamna from 1 October 2017, with Shell as technical service provider. Two new subsea compressor stations are underway, projected to be tied into the existing Ormen Lange pipeline. Skarv (Equinor 36.17%, operated by Aker BP ASA) is an oil and gas field in the Norwegian Sea. The field development includes an FPSO and five subsea multiwell installations. Ærfugl (Equinor 30.00%, operated by Aker BP ASA) is a subsea development of the gas and condensate discoveries Ærfugl and Snadd Outer fields in the Norwegian Sea, near the Skarv field, around 200 km west of Sandnessjøen. The field is tied into the Skarv FPSO for processing and storage. Ivar Aasen (Equinor 41.47%, operated by Aker BP ASA) is an oil and gas field in the North Sea. The development includes a fixed steel jacket with partial processing and living quarters tied in as a satellite to Edvard Grieg for further processing and export. Goliat (Equinor 35.00%, operated by Vår Energi ASA) was the first oil field developed in the Barents Sea. The field consists of subsea wells tied back to a circular FPSO. The oil is offloaded to shuttle tankers. Marulk (Equinor 33.00%, operated by Vår Energi ASA) is a gas and condensate field developed as a tie-back to the Norne FPSO. Exploration on the NCS Equinor holds exploration acreage and actively explores for new resources in all three regions on the NCS, the Norwegian Sea, the North Sea and the Barents Sea. The North Sea and Norwegian Sea continue to be the most important areas for exploration, whereas the exploration activity in the Barents Sea is expected to decrease and become more focused close to existing infrastructure. In the Awards for predefined areas on the NCS, Equinor was awarded 26 licences (12 of them as operator) on 18 January 2022 and awarded 26 licences (18 of them as operator) on 10 January 2023. In 2022, Equinor and its partners completed 19 exploratory wells and made 4 commercial discoveries. Projects under development Askeladd West (Equinor 36.79%, operator) is a planned satellite to the Snøhvit gas field in the Barents Sea. The project was sanctioned in April 2021. The projected subsea development is 195 km from the Melkøya plant and will include a subsea template tied in to Askeladd. The project is expected to be ready for first gas in the fourth quarter of 2025. Breidablikk (Equinor 39.00%, operator) is an oil field in the North Sea. The MPE approved the plan for development and operation of the field on 29 June 2021. The field is being developed with a subsea solution tied back to the Grane platform. After being processed at Grane, produced oil will be transported to the Sture terminal. Offshore modification work began March 2021, and the first oil producer was completed in the third quarter of 2022. First oil is planned for first half of 2024. Gina Krog alternative oil export (Equinor 58.70%, operator) comprises a new pipeline to be laid from the Gina Krog platform to Sleipner A in the North Sea to replace the current export using an FSO and tankers. The MPE approved the amended PDO for Gina Krog on 15 December, and the new 23 km pipeline is expected to be operational in the fourth quarter of 2024. Halten East (Equinor 57.70%, operator) gas fields at Haltenbanken in the Norwegian Sea are being developed in a subsea solution, to be tied back to the Åsgard B platform. The plan for development and operation was approved on 13 February 2023. The development is expected to be brought on stream in early 2025. Hywind Tampen (Equinor 33.28% - Snorre and 51.00% - Gullfaks, operator) is a 94.6 MW floating offshore wind pilot being developed to provide power from 11 wind turbines to the Snorre and Gullfaks installations in the Tampen area of the North Sea. The MPE approved the plans for development and operation on 8 April 2020. The 11 wind turbines under installation are based on the Hywind technology developed by Equinor, and are expected to meet around 35% of the annual power needs of the five offshore platforms Snorre A, B and C and Gullfaks A and B. Construction started in October 2020. The wind farm started generating power from the first turbine in November 2022, and all turbines are expected to be brought on line in 2023. Johan Castberg (Equinor 50.00%, operator) develops the three oil discoveries Skrugard, Havis and Drivis, around 240 km northwest of Hammerfest in the Barents Sea. The MPE approved the plan for development and operation of the field on 28 June 2018. The development includes an FPSO and a subsea development with 30 wells, ten subsea templates and two satellite structures. The new FPSO hull sailed from Singapore in February 2022, headed for the Stord yard. In August 2022, the crane vessel Sleipnir installed the turret manifold, winch and gantry – the last two modules - onto the FPSO. Covid-19 precautionary measures, such as manning limitations and quarantining, affected progress, and first oil was rescheduled to the fourth quarter of 2024. Kristin South (Equinor 54.82%, operator) is a development of the Kristin Q segment and Lavrans discovery in the Norwegian Sea. The MPE approved the plan for development and operation of the Kristin South oil and gas field on 2 February 2022. The field is being developed as a subsea solution with two subsea templates tied back to the Kristin platform. Production is scheduled to begin in 2024. Ormen Lange phase 3 (Equinor 25.35%, operated by A/S Norske Shell) In this third phase of the development of the gas field in the Norwegian Sea, two new subsea compressor stations will be tied into the existing Ormen Lange pipeline to enhance field recovery. The MPE approved the PDO on 8 July 2022. Oseberg gas phase 2 and power from shore (Equinor 49.30%, operator) is a development to increase gas production and reduce carbon emissions from the Oseberg field in the North Sea. The development comprises installation of two new compressors to increase recovery with low pressure production, and the installation of a 118 km cable to Kollsnes to connect to the onshore power grid for a partial electrification of the Oseberg field centre and the Oseberg South platform. The MPE approved the plan for development and operation on 1 December 2022. The project is expected to be completed in 2026. Troll West electrification (Equinor 30.60%, operator) is a development to provide Troll B and C with electric power in a new subsea high-tension cable from from Kollsnes in Øygarden. The MPE approved the plan for development and operation of the Troll West electrification on 17 December 2021. In 2022, topside modification work was being conducted at Troll B and C platforms. The Kollsnes - Troll B static cable was laid in third quarter of 2022. The fabrication of the transformer module at Stord also began in third quarter. Troll B is planned to be partially electrified by 2024 and Troll C is expected to be fully electrified by 2026. Decommissioning on the NCS Under the Petroleum Act, the Norwegian government has imposed strict regulations for removal and disposal of offshore oil and gas installations. The Convention for the Protection of the Marine Environment of the Northeast Atlantic (OSPAR), which Norway has committed to, gives requirements with respect to how disused offshore oil and gas installations are to be disposed of. Heimdal (Equinor 29.40%, operator) is due to cease production in 2023. The Heimdal main platform and Gassco/Gassled’s riser platform are scheduled to be removed between 2025 and 2027. The platforms will be brought to shore at Eldøyane, Stord, for dismantling and recycling. Veslefrikk (Equinor 18.00%, operator) ceased production on 17 February 2022. Plugging of wells started early in 2021 and was completed in the first quarter of 2022. Veslefrikk B was towed to shore for dismantling and recycling at MARS in Frederikshavn, Denmark, in summer 2022. Veslefrikk A is scheduled to be removed in 2025/2026 and will be brought to Eldøyane, Stord, for dismantling and recycling. Exploration & Production International segment The Exploration & Production International (E&P International) reporting segment covers exploration, development and production of oil and gas outside the NCS and the U.S. E&P International was present in 13 countries and had production in 11 countries in 2022. E&P International accounted for 16% of Equinor’s total equity production in 2022, the same level as in 2021. Equinor continues to shape the international oil and gas portfolio, focusing activity in areas with high value potential, and continues to optimise its strong set of development projects. In 2022, Equinor continued to implement measures to deliver on the company’s climate ambitions and worked closely with partners to drive CO2 and methane reductions in both the company’s operated and non-operated assets. Americas (excluding the U.S.) Argentina Bandurria Sur is an onshore block in Argentina’s Neuquen province in the core area of the prolific Vaca Muerta play. Equinor entered the licence in 2020. Brazil Peregrino is a heavy oil field in the offshore Campos basin and is operated by Equinor. The oil is produced from three wellhead platforms with drilling capability, processed on the FPSO Peregrino and offloaded to shuttle tankers. Production from Peregrino started in 2011 but was shut down in April 2020 for unplanned maintenance of the subsea equipment. Production was resumed in July 2022 following major maintenance, upgrade and repairs on the FPSO to allow a safe restart. As part of the second phase of the field development, the third wellhead platform, Peregrino C, was brought on stream in October 2022, extending the field life. Peregrino C will import gas and lead to fuel switching on the FPSO, ensuring a significant reduction in diesel consumption, which will avoid 100 kilotonnes of CO2 emissions annually. The Roncador field is in the offshore Campos basin and is operated by Petrobras. The field has been in production since 1999. The hydrocarbons are produced from two semi-submersibles and two FPSOs. The oil is offloaded to shuttle tankers, and the gas is drained out through pipelines to shore. Canada Equinor has interests in the Jeanne d'Arc basin offshore the province of Newfoundland and Labrador in the partner operated producing oil fields Hebron, Hibernia and Hibernia Southern Extension. Africa Algeria In Salah is an onshore gas field in the central Sahara area which consists of seven fields. The Northern fields have been operating since 2004. The Southern fields have been operating since 2016 and are tied back into the Northern fields’ facilities. In Amenas is an onshore gas field which contains significant liquid volumes. The infrastructure includes a gas processing plant which is connected to the Sonatrach distribution system. In 2022, two gas turbine generators were reduced to one, optimising power usage and reducing emissions. The In Amenas and In Salah licences are jointly operated by Sonatrach, Equinor and Eni. Separate PSAs, including mechanisms for revenue sharing, govern the rights and obligations of the parties. Angola The deep-water blocks 17, 15 and 31 contributed 34% of Equinor’s equity liquid production outside the NCS and the U.S. in 2022. Each block is governed by a PSA, which sets out the rights and obligations of the participants, including mechanisms for sharing the production with the Angolan state oil company Sonangol. Block 17 has production from four FPSOs: CLOV, Dalia, Girassol and Pazflor. New projects on Dalia, CLOV, and Pazflor are being developed to stem a natural decline in production. Block 15 has production from four FPSOs: Kizomba A, Kizomba B, Kizomba C-Mondo, and Kizomba C-Saxi Batuque. In 2022, there was a new oil discovery in Bavuca South (Kizomba B area) which is planned to be developed. Block 31 has production from one FPSO producing from the PSVM fields. The FPSOs serve as production hubs, which receive oil from more than one field through multiple wells. The operators in Angola are improving methane leak detection with aircraft-based surveys of offshore facilities. Implementation of a more stringent flaring policy reduced emissions in block 17. In addition, improvements to equipment reliability and changes to reservoir management reduced emissions in blocks 17 and 31. Libya Equinor has an ownership interest in two oil fields onshore in Libya, Murzuq and Mabruk. Mabruk was damaged during the conflict in Libya in 2015. A project to re-develop the field is ongoing. Nigeria Agbami is a deep-water field located off the coast of the Central Niger Delta region. The field straddles the two licences OML 127 and OML 128, operated by Chevron under a Unit agreement. The Agbami field is governed by a PSC. Eurasia Azerbaijan Azeri-Chirag-Gunashli (ACG) is an oil field located offshore Azerbaijan. The crude oil is sent to the Sangachal Terminal, where it is processed prior to export. The Baku-Tbilisi-Ceyhan (BTC) pipeline is the main export route, in which Equinor holds 8.71%. The construction of the Azeri Central East (ACE) platform is in progress, and all engineering, procurement and onshore fabrication work is expected to be completed in 2023. Ireland In November 2021 Equinor entered into an agreement with Vermilion Energy Inc to sell Equinor’s non-operated equity position in the Corrib gas field offshore Ireland. The effective date for the transaction was 1 January 2022. Closing is expected in the first quarter of 2023. The United Kingdom Mariner is a heavy oil field located in the North Sea, east of the Shetland Islands, which is operated by Equinor. The field has one combined platform for production, drilling and accommodation. Oil is exported by offshore loading from a floating storage unit. Production from the field started in August 2019. The Statfjord Unit field is one of the Equinor-operated fields in the Statfjord area, which spans the boundary between the NCS and UKCS. The Statfjord Unit development covers the Statfjord A, B and C platforms. International Exploration In 2022, Equinor and its partners drilled and completed two wells in Angola, one well in Brazil, and three wells in Canada. In Argentina onshore, Equinor and partners completed drilling of six appraisal wells in the Bajo del Toro licence in Vaca Muerta and started test production in July. In Algeria, Equinor decided to exit the Timmisit licence. Fields under Development Internationally Americas (excluding the U.S.) Brazil Bacalhau (Equinor 40%, operator) oil and gas discovery straddles BM-S-8 and Bacalhau North in the Santos basin, off the coast of the state of Sao Paulo. The investment decision for Bacalhau phase 1 was made in June 2021. The field is being developed with subsea wells tied back to an FPSO, and first oil is scheduled for 2025. In November 2022, the first production well was spudded. A second phase of the Bacalhau field development is being considered to fully exploit the value potential. Discoveries with potential for development Americas (excluding the U.S.) Brazil BM-C-33 (Equinor 35%, operator) includes the oil and gas discoveries Pao de Acucar, Gavea and Seat in the southwestern part of the Campos basin, off the coast of the state of Rio de Janeiro, Brazil. The project is maturing towards sanction. A gas export solution is under consideration. Canada Bay du Nord (Equinor 65% now, 58.5% anticipated at sanction, operator) is an oil field in the Flemish pass basin which was discovered by Equinor in 2013. The field is around 500 km northeast of St. John’s in Newfoundland and Labrador, Canada. Developing Bay du Nord and nearby discoveries in a subsea solution tied back to an FPSO is under consideration. In April 2022, the federal Canadian authorities approved the environmental impact assessment. The renegotiation of a framework agreement with the government of Newfoundland and Labrador has started. Africa Tanzania Block 2 (Equinor 65%, operator). Equinor made several large gas discoveries in block 2 in the Indian Ocean, off southern Tanzania, between 2012 and 2015. The partners of block 2 (Equinor, operator) and blocks 1 and 4 (Shell, operator) are collaborating on the future development of the discoveries and are jointly negotiating with the government of Tanzania. On 11 June, 2022, the partners signed a Framework Agreement with the government of Tanzania, aligning on some of the key fundamentals needed for the development of an LNG project. Eurasia Azerbaijan The Karabagh (Equinor 50%, operated by Karabagh Joint Operating Company) field is located off the coast of Azerbaijan. In 2018 Equinor entered into an agreement with SOCAR (the Azerbaijani state oil company) to enter the Karabagh and Ashrafi-Dan Ulduzu-Aypara (ADUA) exploration licences with a 50% share in each. A joint operating company was formed in 2020 and started working on the field development solution. The United Kingdom The Rosebank (Equinor 40%, operator) oil and gas field is located northwest of the Shetland Islands, on the UKCS. Equinor and its licence partners continue to mature and improve the business case for its development. Equinor’s stake in Rosebank will increase to 80% with the acquisition of Suncor Energy the U.K. Limited, announced on 3 March 2023. The transaction is subject to regulatory approval and is expected to be completed in mid-2023. Exploration & Production USA segment The Exploration & Production USA (E&P USA) reporting segment covers exploration, development and production of oil and gas in the U.S. E&P USA produced around 16% of Equinor’s total equity production of oil and gas in 2022, compared to 18% in 2021. Equinor has continued shaping the U.S. oil and gas portfolio, focusing activity in areas with high value potential, and continues to optimise its strong asset base. In 2022, Equinor entered into a Cooperation Agreement with Shell and the U.S. Steel to advance a collaborative clean energy hub in the tri-state region of Ohio, West Virginia and Pennsylvania. The hub will focus on decarbonisation opportunities such as carbon capture utilisation and storage (CCUS), as well as blue hydrogen production and utilisation. In 2022, Equinor also signed a memorandum of understanding (MOU) with Battelle, the world’s largest independent research and development company, to work together on assessing the tri-state area’s carbon storage potential. The U.S. production Entitlement production differs from equity production in the USA where entitlement production is expressed net of royalty interests. Equity production represents volumes that correspond to Equinor’s percentage ownership in a particular field and is larger than Equinor’s entitlement production where the royalties are excluded from entitlement production. Offshore Gulf of Mexico The Titan oil field is an Equinor-operated asset located in the Mississippi Canyon and is producing through a floating spar facility. The Tahiti, Heidelberg, Caesar Tonga and Stampede oil fields are partner-operated assets located in the Green Canyon area. The Tahiti and Heidelberg oil fields produce through floating spar facilities. The Caesar Tonga oil field is tied back to the Anadarko-operated Constitution spar host. The Stampede oil field produces through a tension-leg platform with downhole gas lift. The Jack, St. Malo, Julia and Big Foot oil fields are partner-operated assets located in the Walker Ridge area. The Jack, St. Malo and Julia oil fields are subsea tiebacks to the Chevron-operated Walker Ridge regional host facility. The Big Foot oil field produces through a dry tree tension-leg platform with a drilling rig. Onshore portfolio Since its entry into the U.S. shale in 2008, Equinor has continued to optimise its portfolio through acreage acquisitions and divestments. Equinor has an ownership interest in the Marcellus shale gas play, located in the Appalachian region in northeast the U.S. The position is mostly partner-operated. Since 2012, Equinor has also been an operator in the Appalachian region in the state of Ohio, developing the Marcellus and Utica formations. In addition, Equinor participates in natural gas gathering system and gas treatment and processing facilities in Appalachian basin assets to provide flow assurance for Equinor's upstream production. The U.S. Exploration Throughout 2022, Equinor continued its activity in the U.S. Gulf of Mexico, which is one of the company’s core areas for exploration. Equinor completed drilling an operated appraisal well located in the Walker Ridge area of the U.S. Gulf of Mexico in 2022 which was deemed non-commercial. In addition, Equinor was awarded one lease in 2022. Fields under development in the U.S. Offshore Gulf of Mexico The Vito development project (Equinor 36.89%, operated by Shell) is a Miocene oil discovery located in the Mississippi Canyon area. The development project consists of a light-weight semisubmersible platform with a single eight-well subsea manifold. The project was sanctioned for development in April 2018. On 16 February 2023, production started on the Vito platform, capable of producing 100,000 barrels of oil per day. The St. Malo water injection project (Equinor 21.50%, operated by Chevron) is a secondary depletion project sanctioned in 2019. Both production wells are online, and two injector wells have been drilled. Both injector completions and the last injector conversion were completed in the second half of 2022. Discoveries with Potential for Development Offshore Gulf of Mexico Sparta (Equinor 49%, operated by Shell) is a Paleogene oil discovery in the Garden Banks area. It has been fully appraised since its discovery with three drilled wells and three sidetracks. In February 2022, the operator notified Equinor and the relevant authorities of its decision to withdraw from the North Platte project. In May 2022, Equinor received a 60% interest and the operatorship from TotalEnergies. Subsequently, in June 2022, Equinor assigned 51% interest and operatorship to Shell. The project was also renamed Sparta. Offshore Wind The company is developing as a global offshore wind major, powering European homes with renewable electricity from offshore wind farms in the U.K. and Germany and building material clusters in the North Sea, the Baltic Sea and the U.S. In parallel, the company is actively positioning ourselves to access emerging markets globally. Equinor sees potential for floating offshore wind projects in Norway, Europe, the U.S. and Asia and is accelerating the development of this technology to strengthen the company’s position in the industry. Floating wind is still at an early development phase compared to other renewable energy sources. Equinor has long experience with offshore wind power in the U.K.,having built and brought into operation Sheringham Shoal (Equinor 40%, operator), Dudgeon (Equinor 35%, operator) and Hywind Scotland (Equinor 75%, operator). Together with the partners the company is also developing Dudgeon extension project and Sheringham Shoal extension project. Together with the company’s partners SSE Renewables and Vårgrønn the company is developing Dogger Bank, the world’s biggest offshore wind farm (Equinor 40%, operated by SSE Renewables during the development phase. Equinor assumes operatorship when the windfarms come on stream). Some of the capital expenditure is financed through project financing. At year-end 2022, Equinor’s share of the project financing debt for the Dudgeon project amounted to USD 0.4 billion, and for the Dogger Bank projects USD 1.9 billion. Equinor is pursuing the development of offshore wind projects on the east and west coast of the U.S. Together with the company’s partner bp Equinor is pursuing the development of the Empire Wind and Beacon Wind offshore wind projects (Equinor 50%, operator). The Empire Wind 1 & 2 and Beacon Wind 1 projects have been selected to provide New York State with offshore wind power and will provide a total of 3.3 gigawatts (GW). As the provisional winner of a lease area on the California Pacific outer continental shelf, Equinor continues to lead the way in growing the offshore wind industry in the U.S. With a bid of USD 130 million for 80,062 acres in the Pacific Ocean, Equinor secured a lease of around 2 GW in the Morro Bay area which has the potential to generate enough energy to power some 750,000 the U.S. homes. In Poland, Equinor has an interest (50%, operator) in the three Baltyk offshore wind development projects (MFW Baltyk III, MFW Baltyk II and MFW Baltyk I). Through this position, the company can build scale and value in what the company see as an important energy region. Norway and the North Sea have some of the world’s best wind resources. Large-scale offshore wind can create new industrial opportunities for Norway. The company has developed the first floating offshore wind farm to supply renewable power to oil and gas installations in Norway. The Snorre and Gullfaks oil and gas platforms are the first ever with power supply from a floating offshore wind farm. In addition to the company’s offshore wind presence in the U.K., the U.S., Poland and Norway, the company is present in Germany, Japan, South Korea, France, Spain and Vietnam. The company is a partner (25%) in the Arkona offshore windfarm in Germany, located in the Baltic Sea. The wind farm started production in 2019. Together with the company’s partners, the Korea National Oil Corporation and Korea East-West Power CO, the company has the ambition to develop a floating offshore wind farm in South Korea (Donghae 1). The company has also started conducting the wind measurements that are needed to assess the potential for developing a floating offshore wind project (Firefly). Onshore Renewables Solar Portfolio With the increasing demand for solar, wind and storage solutions as integrated parts of the energy system, Equinor is gradually growing its presence in onshore renewables in selected power markets. In Brazil, Equinor has an interest in Apodi (Equinor 43.75 %, operated by Scatec), and the plant started production in 2018. The final investment decision was made in the fourth quarter of 2022 on the 531 MW Mendubim solar project in Brazil (Equinor 33.3%, operated by Scatec), and the financial close of the project was also reached in the fourth quarter of 2022. Equinor has an interest in the 117 MW Guañizuil II A solar producing plant in Argentina (Equinor 50%, operated by Scatec). In 2021, Equinor acquired the Polish solar developer Wento (Equinor 100%). Its first solar plant, Stepien, was ready for operations in October 2022, and two more reached final investment decision with production expected to start in 2023/2024. In November, Equinor signed an agreement to acquire 100% of the shares in BeGreen, based in Denmark, a leading solar project developer in Northwest Europe. The transaction closed on 26 January 2023 after receiving the necessary regulatory approvals. Equinor holds a 13.1% ownership share in Scatec, an integrated independent renewable power producer. This financial investment is included in the Other Group reporting segment. Storage Systems and Other Activities Equinor sees a solid opportunity to create profitable businesses by deploying batteries and energy storage assets to satisfy the growing need to stabilise power markets, either as a part of offshore or onshore renewable assets or as separate units supplying services to the grid. In 2022, Equinor signed an agreement to buy a 100% stake in the U.S.-based battery storage developer East Point Energy LLC. The acquisition provides a platform for broadening the company’s energy offerings in the U.S. In 2022, Equinor reached final investment decision on the Blandford Road battery storage project in the U.K. This is the first commercial battery storage asset for Equinor, and the first project realised from the strategic partnership between Equinor and Noriker Power. The project will start construction in January 2023 and is expected to be operational by late 2023. Equinor is also exploring opportunities and cooperation within the green hydrogen sector. Hydrogen is expected to become an integrated part of future energy systems and Equinor is taking positions adding clean hydrogen as an enabler for the transport and storage of clean energy produced by renewables. Offshore Wind On 22 February, Equinor and partner Polenergia selected Siemens Gamesa as the preferred supplier of wind turbine generators for the MFW Baltyk II and MFW Baltyk III projects, two of the largest and most advanced offshore wind farms being developed in Poland, with a total installed capacity of 1,440 MW. On 3 March, Equinor and bp signed an agreement to transform South Brooklyn Marine Terminal (SBMT) in Brooklyn, New York into a world-class offshore wind staging and assembling facility and to become the operations and maintenance (O&M) base both for the Empire Wind and Beacon Wind projects, as well as for the growing the U.S. offshore industry on the East Coast. On 6 April, Equinor teamed up with Naturgy to enter a development agreement prior to Spain’s first upcoming offshore wind auction off the coast of the Canary Islands in 2023. On 29 April, the Dogger Bank Wind Farm announced the start of offshore construction work with the installation of export cable off the Yorkshire coast. On 13 November, Equinor started production at Hywind Tampen, Norway’s first and the world’s largest floating wind farm. The power will be delivered to the Gullfaks and Snorre platform in the North Sea. On 7 December, Equinor became the provisional winner of a lease area in California, which will strengthen its floating offshore wind position. Onshore Renewables On 12 July, Equinor signed an agreement to buy a 100% stake in the U.S. based battery storage developer East Point Energy LLC. On 3 October, Equinor approved the final investment decision on the Blandford Road battery storage project in the south of the U.K. This is the first commercial battery storage asset for Equinor, and the first project realised from the strategic partnership between Equinor and Noriker Power. Construction will start in January 2023 and the project is expected to be operational in the third quarter of 2023. On 4 October, Equinor’s first solar plant in Poland (Stepien with 58MW capacity) was completed and ready for operation. Stepien was developed and will be operated by Wento, Equinor’s wholly-owned subsidiary. On 2 November, Equinor signed an agreement to acquire BeGreen, a leading solar project developer in Northwest Europe, as a wholly-owned Equinor subsidiary. On 7 December, Equinor made final investment decision on the 531 MW Mendubim solar project in Brazil. Early phase construction works of this project started in summer 2022 and realized in partnership with Scatec and Hydro Rein. Equinor has 33.3% in the project. Marketing, Midstream and Processing (MMP) segment MMP is responsible for marketing, trading, processing and transporting crude oil and condensate, natural gas, natural gas liquids (NGL) and refined products, including the operation of a refinery, terminals and processing plants. MMP is also responsible for power and emissions trading and for developing transportation solutions for natural gas, liquids and crude oil from Equinor assets, including pipelines, shipping, trucking and rail. In addition, MMP is responsible for Equinor’s low carbon solutions. The business activities within MMP are organised in the following business clusters: Crude, Products and Liquids (CPL), Gas and Power (G&P), Operating Plants (OPL), Low Carbon Solutions (LCS), Data improvements, Shipping and Commercial operations (DISC) and New Value Chains (NVC). MMP markets, trades and transports approximately 60% of all Norwegian liquids export, including Equinor equity, the Norwegian State’s direct financial interest (SDFI) equity production of crude oil and NGL, and third-party volumes. MMP is also responsible for the marketing, trading and transportation of Equinor and SDFI dry gas and LNG together with third-party gas. This represents approximately 70% of all Norwegian gas exports. Marketing and trading of gas, LNG and power MMP is responsible for the sale of Equinor’s and SDFI’s dry gas and LNG. Equinor’s gas marketing and trading business is conducted from Norway and from offices in Belgium, the U.K., Germany and the U.S. Through the acquisition of Danske Commodities (DC), a trading company for power and gas, MMP also strengthened Equinor´s energy trading business, as well as its investments in in renewables. DC is primarily active in Europe but also operates in the U.S. Europe The major export markets for natural gas produced from the NCS are the U.K., Germany, France, the Netherlands and Belgium. LNG from the Snøhvit field8, combined with third-party LNG cargoes, allows Equinor to reach global gas markets. The gas is sold to counterparties through bilateral sales agreements and over the trading desk. Some of Equinor’s long-term gas contracts have price review clauses which can be triggered by the parties. Equinor is active on both the physical and exchange markets, such as the Intercontinental Exchange (ICE) and Trayport. Equinor expects to continue to optimise the value of the gas volumes through a mix of bilateral contracts and over the trading desk, via its production and transportation systems and downstream assets. MMP receives a marketing fee from E&P Norway for the Norwegian gas sold on behalf of the company. DC is active on both the physical and exchange markets for both gas and power as a separate entity. All trading and optimisation of power in Equinor is performed by DC. From 1 September 2022 Equinor held 50% of Triton Power in a joint venture with SSE Thermal. The U.S.A. Equinor Natural Gas LLC (ENG), a wholly owned subsidiary, has a gas marketing and trading organisation in Stamford, Connecticut that markets natural gas to local distribution companies, industrial customers, power generators and other gas trading counterparties. ENG also markets equity production volumes from the Gulf of Mexico and the Appalachian Basin and transports some of the Appalachian production to New York City and into Canada to the greater Toronto area. In addition, ENG has capacity contracts at the Cove Point LNG re-gasification terminal. Marketing and Trading of Liquids MMP is responsible for the sale of Equinor’s and SDFI’s crude oil and NGL produced on the NCS, in addition to the operation and commercial optimisation of Equinor’s refineries and terminals. MMP also markets the equity volumes from the company´s assets located in the U.S., Brazil, Canada, Angola, Nigeria, Algeria, Azerbaijan, and the U.K., as well as third-party volumes. The value is maximised through marketing, physical and financial trading and through the optimisation of owned and leased capacity, such as refineries, processing, terminals, storages, pipelines, railcars and vessels. The liquids marketing and trading business is conducted from Norway, the U.K., Singapore, the U.S. and Canada. The main crude oil market for Equinor is Northwest Europe. Manufacturing Equinor owns and operates the Mongstad refinery in Norway, including a combined heat and power plant (CHP). The refinery is a medium-sized refinery built in 1975, with a crude oil and condensate distillation capacity of 226,000 barrels per day. The refinery is supplied via the Mongstad Terminal DA linked to offshore fields through three crude oil pipelines, a pipeline for NGL’s connecting to Kollsnes and Sture (the Vestprosess pipeline) and to Kollsnes by a gas pipeline. The CHP plant was replaced with a new heater solution in the third quarter of 2022, resulting in an estimated net emissions reduction of 250,000 tonnes of CO2 per year. Equinor holds an ownership interest in the methanol plant at Tjeldbergodden (82 %). The plant receives natural gas from fields in the Norwegian Sea through the Haltenpipe pipeline. In addition, Equinor holds an ownership interest in the air separation unit Tjeldbergodden Luftgassfabrikk DA (50.9%). Equinor is technical service provider (TSP) for the Kårstø and Kollsnes gas processing plants in accordance with the technical service agreement between Equinor and Gassco AS. Equinor holds an ownership interest in Vestprosess (34%), which transports and processes NGL and condensate. Vestprosess is also operated by Gassco, with Equinor as TSP. Equinor holds 30.1% interest in the Nyhamna gas processing plant operated by Gassco. Terminals, Storage and Pipelines Equinor operates the Mongstad crude oil terminal (Equinor: 65%). The crude oil is landed at Mongstad through pipelines from the NCS and by crude tankers from the market. The Mongstad terminal has a storage capacity of 9.4 million barrels of crude oil. Equinor operates the Sture crude oil terminal. The crude oil is landed at Sture through pipelines from the North Sea. The terminal is part of the Oseberg Transportation System (Equinor: 36.2%). The processing facilities at Sture stabilise the crude oil and recover an LPG mix (propane and butane) and naphtha. Equinor operates the South Riding Point Terminal (SRP) on the Bahamas. The terminal has not been operational since 2019 due to hurricane damages. On 21 February 2023 Equinor entered into an agreement for the sale of the terminal to Liwathon. Equinor the U.K. holds an interest in the Aldbrough Gas Storage (Equinor: 33.3%) in the U.K.,which is operated by SSE Hornsea Ltd. Equinor Deutschland Storage GmbH holds an interest in the Etzel Gas Lager (Equinor: 28.7%) in the north of Germany which has a total of 19 caverns and secures regular gas deliveries from the NCS. Equinor has ownership in a large number of oil and gas pipelines in the Norwegian upstream oil and gas infrastructure system, including the largest joint venture Gassled (Equinor 5%). Low carbon solutions The Low Carbon Solutions (LCS) unit in MMP has responsibility for developing a profitable business based on reforming natural gas to hydrogen with carbon capture and storage (CCS) and to develop carbon management services to offer industries based on CO2 transport and storage. Decarbonising hydrocarbons with CCS is key to reaching net-zero, and Equinor aims to combine its long experience from CCS on the NCS, its reservoir expertise and experience from developing value chains with peers, suppliers and customers to develop large-scale, commercially-viable decarbonisation solutions. By 2030, more than 50% of Equinor’s Gross capex* is intended to be dedicated to renewables and low carbon solutions. Below is a list of key CCS and hydrogen projects. Key projects H2BE Equinor, together with ENGIE, is developing the H2BE project in Belgium which aims to produce hydrogen from Norwegian low-carbon natural gas and applying carbon capture and storage (CCS). The project concept will apply technology allowing for decarbonization rates above 95% and will produce hydrogen at large (GW) scale at competitive cost levels. The captured CO2 is planned to be transported by ship or offshore pipeline for permanent and safe storage at a site in the sub-surface of the Norwegian North Sea. H2H Saltend Equinor is developing a proposed 600 MW hydrogen production plant, due to be operational by 2027 and sited at Saltend Chemicals Park in the U.K., where it will help to reduce the park’s emissions by up to one third (890,000 tonnes). To achieve this, low carbon hydrogen will directly replace natural gas in several industrial facilities reducing the carbon intensity of their products, as well as being blended into natural gas at the Equinor and SSE Thermal’s on-site Triton power station. H2H Saltend is the kick-starter project for the wider Zero Carbon Humber scheme which aims to make the Humber, the U.K.’s most carbon intensive industrial region, net-zero by 2040. Northern Lights Equinor is, together with Shell and TotalEnergies, developing infrastructure for transport and storage on the NCS of CO2 from various onshore industries. The approved development will have an initial storage capacity of around 1.5 million tonnes of CO2 per year, scalable to around 5 million tonnes of CO2 per year. The Northern Lights infrastructure will enable transport of CO2 from industrial capture sites to a terminal in Øygarden for intermediate storage before transport by pipeline for permanent storage in a reservoir 2,600 metres under the seabed. In August 2022, Northern Lights and Yara signed the world’s first commercial agreement on cross border CO2 transport and storage. As part of the agreement, Northern Lights will transport and store CO2 captured from Yara Sluiskil, an ammonia and fertiliser plant in the Netherlands. The project is part of Longship, the Norwegian authorities’ project for full-scale carbon capture, transport and storage in Norway, and is expected to come on stream in 2024. Smeaheia Equinor was awarded by the Norwegian Ministry of Petroleum and Energy (MPE) the operatorship for the development of the CO2 storage Smeaheia in the North Sea. Here, Equinor plans to develop enough the CO2 storage capacity for 20 million tonnes of CO2 annually, which entails a sharp increase in the capacity to store CO2 on the NCS. Smeaheia is expected to play an important role in enabling CO2 solutions on a commercial basis to industrial customers, such as steel, cement and other heavy industries. Equinor also has ambitions to develop further storage licences in the North Sea in the coming years with the aim of building a common, pipeline-based infrastructure that can contribute to substantial cost reductions for the CCS value chains. Other segment The Other reporting segment includes activities in Projects, Drilling and Procurement (PDP), the Technology, Digital & Innovation (TDI) segment and corporate staffs and support functions. Technology, Digital & Innovation (TDI) Intending to strengthen the development of technologies, digital solutions and innovation, Equinor has gathered the activities into a business area, Technology, Digital & Innovation (TDI). TDI brings together research, technology development, specialist advisory services, digitisation, IT, improvement, innovation, ventures and future business to one technology powerhouse. TDI is accountable for safe and efficient development and operation of their assets; and for providing expertise, projects and products across the company. Corporate staff and support functions Corporate staff and support functions comprise the non-operating activities supporting Equinor, and include head office and central functions that provide business support such as finance and control, corporate communication, safety, security and sustainability, corporate audit, legal and compliance and people and organisation. Projects, Drilling & Procurement (PDP) Projects, Drilling & Procurement (PDP) is responsible for oil and gas field development and well delivery, development of wind power, CCS and hydrogen projects, and procurement in Equinor. PDP aims to deliver safe, secure and efficient project development, including well construction, founded on world-class project execution and technology excellence. PDP utilises innovative technologies, digital solutions and carbon-efficient concepts to shape a competitive project portfolio at the forefront of the energy industry transformation. Sustainable value is being created together with suppliers through a simplified and standardised fit-for-purpose approach. Project development is responsible for planning, developing and executing major oil and gas field development, brownfield and field decommissioning projects, and development and execution of wind power, CCS and hydrogen projects, where Equinor is the operator. Drilling and well is responsible for designing wells and delivering drilling and well operations onshore and offshore globally (except for the U.S. onshore). Procurement and supplier relations is responsible for the company’s global procurement activities and the management of supplier relations with the company’s extensive portfolio of suppliers. Laws and Regulations Equinor operates in around 30 countries and is exposed and committed to compliance with numerous laws and regulations globally. The principal laws governing Equinor’s petroleum activities in Norway and on the NCS are the Norwegian Petroleum Act of 29November 1996 (the Petroleum Act) and the regulations issued thereunder, and the Norwegian Petroleum Taxation Act of 13 June1975 (the Petroleum Taxation Act). The state agencies particularly relevant to Equinor’s the U.S. onshore activities include Pennsylvania Department of Environmental Protection’s Office of Oil and Gas Management; Ohio Department of Natural Resources, Division of Oil and Gas; and West Virginia Department of Environmental Protection. The Norwegian Petroleum Act imposes strict liability for pollution damage regardless of fault. Accordingly, as a holder of licences on the NCS, Equinor is subject to statutory strict liability under the Petroleum Act as a result of pollution caused by spills or discharges of petroleum from petroleum facilities in any of Equinor’s licences. In addition to the Petroleum Law, Equinor is also subject to many other laws and regulations issued by different authorities, including ANP, IBAMA, Federal Environmental Council (CONAMA) and Brazilian Navy. In Brazil, Equinor is also required to have an emergency response system as per ANP Ordinance 44/2009 to deal withemergency situations in its petroleum operations, as well as an oil spill response plan for each asset to minimise the environmental impact of any environmental unexpected situation that may generate spill of oil or chemical to sea. History The company was founded in 1972. It was incorporated in 1972 in Norway. The company was formerly known as Den norske stats oljeselskap AS and changed its name to Statoil ASA in 2001. Further, the company changed its name to Equinor ASA in 2018.

Country
Industry:
Petroleum refining
Founded:
1972
IPO Date:
06/18/2001
ISIN Number:
I_NO0010096985
Address:
Forusbeen 50, Stavanger, Rogaland, 4035, Norway
Phone Number
47 51 99 00 00

Key Executives

CEO:
Opedal, Anders
CFO
Reitan, Torgrim
COO:
Data Unavailable