EX-4.1





 Exhibit 4.1 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 EQUINOR ASA 

3.250% Notes due 2049 
  

			
	 	  	$500,000,000
	No. [•]	  	CUSIP NO. 29446M AC6

 Equinor ASA, a public limited company duly organized and existing under the laws of the Kingdom of Norway and
having its corporate seat in Stavanger, Norway (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of Five Hundred Million Dollars ($500,000,000) on November 18, 2049, and to pay interest thereon from November 18, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on May 18 and November 18 in each year, commencing May 18, 2020, at the rate of 3.250% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be 15 calendar days, as the case may be, next preceding such Interest Payment Date (whether or not such calendar day is a Business Day). Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

If any payment is due in respect of the Securities on a day that is not a Business Day (as defined below), it will be made on the next
following Business Day; provided that no interest will accrue on the payment so deferred. A “Business Day” means any week day on which banking or trust institutions in neither New York nor Oslo are authorized generally or obligated by law,
regulation or executive order to close. 












 If any deduction or withholding for any present or future taxes, assessments or other
governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company is incorporated, organized, or tax resident shall at any time be required by such jurisdiction (or any such political
subdivision or taxing authority) in respect of any amounts to be paid by the Company of principal of or interest on a Security of this series, then the Company will pay to the Holder of a Security of this series such additional amounts as may be
necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding, shall be not less
than the amounts specified in such Security to which such Holder is entitled; provided, however, that the Company shall not be required to make any payment of additional amounts for or on account of: 

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former
connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any
political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or
resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of this series (where presentation is required) for
payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

(c) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of)
principal of, or any interest on, the Securities of this series; 
 (d) any tax, assessment or other governmental charge that is imposed or
withheld by reason of the failure to comply by the Holder or the beneficial owner of the Security of this series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to
make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction
as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 
 (e) any tax, assessment or other
governmental charge which such Holder would have been able to avoid by presenting such Security to another Paying Agent; or 
 (f) any
combination of items (a), (b), (c), (d) or (e) above; nor shall additional amounts be paid with respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other
than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a
beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

  
 -2- 













 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or
on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Company is incorporated, organized, or tax resident, or any political subdivision or taxing
authority thereof or therein. 
 Notwithstanding the foregoing provisions, the Company (or any paying agent or any other person) shall not
be required to pay any additional amounts with respect to any withholding or deduction imposed on or in respect of any debt security pursuant to Section 1471-1474 of the United States Internal Revenue Code (the “Code”) (and any
current and future regulations or official interpretations thereof) (“FATCA”), the laws of Norway implementing FATCA or any agreement between the Company, the Guarantor and any taxing or governmental authority entered into for FATCA
purposes. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan in The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof, by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 -3- 













 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed manually or
in facsimile. 
 Dated: November 18, 2019 
  

			
	EQUINOR ASA
		
	By:	 	 
		 	Name: Russell Alton
		 	Title: Senior Vice President, Finance














 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within mentioned Indenture. 

Dated: November 18, 2019 
  

			
	 Deutsche Bank Trust Company Americas

As Trustee

		
	By:	 	 
		 	 Name:

		 	 Title:















 (REVERSE) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of April 15, 2009, as supplemented by the Supplemental Indenture No. 1, dated as of May 26, 2010, as further supplemented by the Supplemental Indenture No. 2, dated as
of May 16, 2018, as further supplemented by the Supplemental Indenture No. 3, dated as of September 10, 2018 and as further supplemented by the Supplemental Indenture No. 4, dated as of November 18, 2019 (herein called the
“Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company, as issuer, Equinor Energy AS, as Guarantor (herein called the “Guarantor”), and Deutsche Bank Trust Company
Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof limited in aggregate principal amount to U.S.$1,000,000,000. 
 This Security is not redeemable prior to the Stated Maturity,
except that this Security may be redeemed in accordance with the terms specified below. 
 This Security may be redeemed at the option of
the Company or the Guarantor, in whole, but not in part, at any time at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if, as a result of any change in or amendment to the laws or any
regulations or rulings promulgated thereunder of the Kingdom of Norway or any political subdivision or taxing authority thereof or therein affecting taxation (or, in the case of a successor Person to the Company or the Guarantor, of the jurisdiction
in which such successor Person is incorporated, organized or tax resident or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings, or any
change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or
political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after November 13, 2019 (or in the case of a successor Person to the Company or the Guarantor, the date on which such successor
Person became such pursuant to Sections 801 and 802 of the Indenture), the Company or the Guarantor (or such successor Person) is or would be required to pay additional amounts with respect to the Securities on the next succeeding interest payment
date as described on the face of this Security, and the payment of such additional amounts above cannot be avoided by the use of any reasonable measures available to the Company or the Guarantor. Prior to the giving of notice of redemption of this
Security, the Company shall deliver to the Trustee an Officer’s Certificate, stating that the Company or the Guarantor, as the case may be, is entitled to effect such redemption and setting forth in reasonable detail a statement of
circumstances showing that the conditions precedent to the right of the Company or the Guarantor, as the case may be, to redeem this Security have been satisfied. 

Further, if a successor Person into which the Company or the Guarantor is merged or to whom the Company or the Guarantor has conveyed,
transferred or leased its properties or assets has been or would be required to pay any additional amounts with respect to this Security as a result of such transaction, this Security may be redeemed at the option of the Company, the Guarantor, or
such successor Person in whole, but not in part, at any time at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption, provided that the Company, Guarantor or such successor Person may have
the option to redeem this Security in the circumstances described in this paragraph only if, after the date of such assumption, there is a change or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction in
which such successor Person is incorporated, organized or tax resident or any political subdivision or taxing authority thereof or therein or any change in the official application or 












 
interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation
to which such jurisdiction or such political subdivision or taxing authority is a party that requires or would require such successor Person to pay additional amounts with respect to such Securities. Prior to the giving of notice of redemption of
this Security, such Person shall deliver to the Trustee an Officer’s Certificate, stating that such Person is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions
precedent to the right of such Person to redeem this Security have been satisfied. 
 Prior to May 18, 2049, the Securities of this
series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, as a whole or in part, at any time and from time to time, at the election of the Company, at a redemption price (the “Optional Make-Whole
Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the
Securities of this series to be redeemed as if the Securities to be redeemed matured on May 18, 2049 (not including any portion of payments of interest accrued to the date of redemption (the “Redemption Date”)) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, together with, in each
case, accrued and unpaid interest on the principal amount of the Securities of this series to be redeemed to the Redemption Date. In addition, on or after May 18, 2049, the Securities of this series are subject to redemption upon not less than
30 nor more than 60 days’ notice by mail, as a whole or in part, at any time and from time to time, at the election of the Company, at a redemption price equal to 100% of the principal amount of the Securities of this series to be redeemed
together with accrued and unpaid interest on the principal amount of the Securities of this series to be redeemed to the Redemption Date. For purposes of determining the Optional Make-Whole Redemption Price, the following terms shall apply: 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.

 “Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation Agent as
having an actual or interpolated maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price”
means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date. 

“Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company to act as the “Quotation
Agent”. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC,
Mizuho Securities LLC, and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. government securities dealers, and their respective successors, and two other primary U.S. government securities dealers selected by
the Company, provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury
Dealer. 












 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m., New York time, on the third Business Day preceding that Redemption Date. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 If an Event of Default with respect to Securities of this series shall occur and
be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series, at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Company or the Guarantor, or both, with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 












 The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge
shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company,
the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to Section 307 of the Indenture), whether or not this Security be overdue, and neither the Company, the
Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture provides that the Company and the
Guarantor, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated
Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company or the Guarantor deposits, in trust, with the Trustee money or
U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of,
and (premium, if any) and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities and Guarantees, and certain other conditions are satisfied. 

Except in the limited circumstances described in Section 305 of the Indenture, the Securities of this series shall be issued in the form
of one or more Global Securities and The Depository Trust Company shall be the Depositary for such Global Security or Securities. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York,
without regard to principles of conflict of laws. 












 GUARANTEE OF EQUINOR ENERGY AS 

For value received, Equinor Energy AS, a limited liability company incorporated under the laws of the Kingdom of Norway (herein called the
“Guarantor”, which term includes any successor entity under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is
endorsed and to the Trustee referred to in such Indenture the due and prompt payment of the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on such Security, when and as the same
shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Equinor ASA, a public
limited company incorporated under the laws of the Kingdom of Norway (herein called the “Company”, which term includes any successor entity under such Indenture) punctually to make any such principal, premium or interest, additional
amounts and sinking fund payments, the Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or
otherwise, and as if such payment were made by the Company. 
 The Guarantor hereby further agrees, subject to the limitations and
exceptions set forth below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the
Guarantor is incorporated, organized or tax resident shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid by the Guarantor under this Guarantee, the Guarantor
will pay to the Holder of such Security such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not resident in
such jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided, however, that the Guarantor shall not be required to make any payment of additional
amounts for or on account of: 
 (a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being
or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of such Security (where presentation is
required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

(c) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of)
principal of, or any interest on such Security; 
 (d) any tax, assessment or other governmental charge that is imposed or withheld by reason
of the failure to comply by the Holder or the beneficial owner of such Security (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other
similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption
from all or part of such tax, assessment or other governmental charge; 












 (e) any tax, assessment or other governmental charge which such Holder would have been able
to avoid by presenting such Security to another Paying Agent; or 
 (f) any combination of items (a), (b), (c), (d) or (e) above; nor
shall additional amounts be paid with respect to any payment of the principal of, or any interest on, such Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment
would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes,
assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Guarantor is incorporated, organized or tax resident or any political subdivision or taxing authority thereof or therein. 

Notwithstanding foregoing provisions, the Guarantor (or any paying agent or any other person) shall not be required to pay any additional
amounts with respect to any withholding or deduction imposed on or in respect of any debt security pursuant to Section 1471-1474 of the United States Internal Revenue Code (the “Code”) (and any current and future regulations or
official interpretations thereof) (“FATCA”), the laws of Norway implementing FATCA or any agreement between the Company, the Guarantor and any taxing or governmental authority entered into for FATCA purposes. 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be
absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver,
modification or indulgence granted to the Company with respect thereto, by the Holder of such Security or such Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the interest rate thereon or impose or increase any premium
payable upon redemption thereof or after the stated maturity thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any sinking fund payment required pursuant to the terms of such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on such Security. This is a guarantee of
payment and not of collection. The Guarantee does not hereby guarantee the performance by the Company of any other of the Company’s covenants, agreements, or obligations under the Securities or the Indenture. 

This Guarantee (i) is a direct, unconditional, unsubordinated and unsecured obligation of the Guarantor and (ii) ranks at least pari
passu in right of payment with all other senior unsecured and unsubordinated obligations of the Guarantor now or hereafter outstanding (other than obligations preferred by applicable law) and senior in priority of payment and in all other respects
to all other obligations of the Guarantor that are designated as subordinate or junior in right of payment to this Guarantee. 












 The Guarantor shall be subrogated to all rights of the Holder of such Security against the
Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon,
such right of subrogation until the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on all Securities of the same series issued under such Indenture shall have been paid in full.

 No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the
Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on the Security upon which this Guarantee is
endorsed at the times, place and rate, and in the coin or currency prescribed therein. 
 This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 

This Guarantee is subject to release upon the terms set forth in the Indenture. 

This Guarantee shall be governed by and construed in accordance with the laws of the State of New York, except that the authorization and
execution of the Guarantee shall be governed by the laws of the jurisdiction of organization of the Guarantor. 
 All terms used in this
Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 












 IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed manually or in facsimile.

 Dated: November 18, 2019 
  

			
	EQUINOR ENERGY AS
		
	By:	 	 
		 	 Name: Russell Alton

		 	 Title: Senior Vice President, Finance