Equinor has implemented a new operating model designed to accelerate exploration and field development in Norway, aiming to maintain domestic production of 1.2 million barrels of oil equivalent per day through 2035. CEO Anders Opedal announced the model's implementation in a first-quarter media briefing, emphasizing a shift toward working "safer, simpler, and faster." The company has changed over 80 work procedures, retrained leaders and employees on decision-making and meeting structures, and aims to reduce the time from exploration to first oil.

Cost and Efficiency Impacts

Chief Financial Officer Torgrim Reitan described the new model as a "massive story" that will significantly reduce costs and improve profitability. Equinor expects to cut investment costs in new facilities by 50% and reduce the time from discovery to production by 50%. The model supports over 200 ongoing projects and 200 identified prospects, representing a major shift in the company's approach to business. Regarding workforce adjustments, Reitan indicated there would be no "huge cuts," but rather a gradual process as retirements occur over the coming years, with some recruitment to compensate.

Reserves Replacement Ratio

Equinor's 2025 oil and gas reserves replacement ratio was 48%, down from 151% in 2024, with a three-year average of 100%. Reitan expressed no concern over the 48% figure, noting that replacement numbers naturally fluctuate year to year. He highlighted the company's active exploration in Norway and business development options, such as acquisitions, including two significant purchases in the US Marcellus play over the last few years. Equinor's proved reserves were estimated at 5.18 billion barrels of oil equivalent at the end of 2025, compared to 5.57 billion boe at the end of 2024, with a focus on creating longevity in both international and Norwegian portfolios.