Equinor Targets 10-15 Million Tons of LNG Amid Hormuz Supply Disruption

Norwegian energy company Equinor aims to grow its liquefied natural gas (LNG) portfolio to 10-15 million tons per year by the early 2030s, according to Reuters. The goal comes amid a supply disruption in the Strait of Hormuz, which handles roughly one-fifth of global LNG supply.

Equinor's LNG vice president, Ingvar Egeland, indicated that an additional supply agreement in Asia is expected to be announced this week. The company has already concluded a 15-year supply arrangement with India's Deepak Fertilizers and Petrochemicals Corp in May.

The expansion of Equinor's LNG portfolio will rely on new supply from the U.S. East Coast, Canada's west coast, South America, and African producers, excluding Tanzania's delayed project. The company anticipates doubling its global LNG portfolio to 7 million tons per year by 2030 with volumes from the U.S.

Alongside the LNG plans, Equinor is pursuing an expansion in oil production, targeting a 27% rise in international output to 950,000 barrels of oil equivalent per day by 2030.