For over a decade, Statoil’s exploration investment has been one of the highest among the Majors. Low oil prices and weakening exploration performance have put finances and its investment-led growth strategy under pressure. However, despite budget cuts, the current exploration reinvestment rate remains one of the highest in the peer group. Starting in 2015, Statoil moved aggressively to reload its exploration portfolio to improve its longer-term prospects. The company was well ahead of its Majors peer group in acreage reloading over the next 18 months, although this has slowed in the last year. Statoilnow needs a return to exploration out-performance to strengthen growth options and counter waning results at the end of the last decade.