Equinor Sets Sights on Triple-LNG Portfolio Amid Strait of Hormuz Disruption

Equinor, an energy company, aims to increase its liquefied natural gas (LNG) portfolio to 10-15 million tons per year by the early 2030s. This expansion targets markets affected by the blockade of the Strait of Hormuz, particularly in Europe and Asia.

The disruption caused by the U.S.-Israeli conflict with Iran has limited Qatari and UAE exports. Equinor has signed a 15-year supply agreement with India's Deepak Fertilizers and is in talks with various Asian buyers.

To achieve this goal, Equinor expects to double its LNG volumes to 7 million tons by 2030, utilizing supplies from the U.S., Canada, and South America. Additionally, the company plans to increase oil production by 27% by 2030.