Equinor Aims for Massive LNG Expansion Amid Global Supply Shortages

Equinor is expanding its global LNG portfolio to meet increased demand from European and Asian buyers, particularly those impacted by the Strait of Hormuz blockade. The company aims to reach between 10 million and 15 million tons per year by the early 2030s.

Equinor's vice president for LNG, Ingvar Egeland, stated that the company is 'in dialogue with many counterparties, especially in India and also places in Southeast Asia.'

The Hormuz passage normally carries about a fifth of global LNG supply, but the U.S.-Israeli war with Iran has blocked Qatar and the UAE from exporting most of their supplies through it. This has led Asian buyers to seek new sources, which Equinor is positioning itself to fill.

Equinor's expansion plan includes drawing on new supply from the U.S. East Coast, Canada's west coast, South America, and African producers, with cargoes priced against Brent crude to diversify its pricing exposure.