Equinor Targets 10-15 Million Tons of LNG Supply by Early 2030s

Equinor, a Norwegian energy producer, is planning to expand its liquefied natural gas (LNG) supply portfolio by the early 2030s. The company aims to meet growing demand from Europe and Asia, with a target of supplying between 10 million and 15 million metric tons per year.

Equinor has already committed to a 15-year LNG supply deal with India's Deepak Fertilizers and Petrochemicals Corp in May. The company is also expected to announce a second deal to supply LNG to an Asian customer this week, according to Ingvar Egeland, Equinor's vice president for LNG.

The expansion plans come at a time when Qatar and the United Arab Emirates have been prevented from exporting most of their LNG via the Strait of Hormuz due to the U.S.-Israeli war on Iran. This has forced Asian buyers to seek alternative supplies, creating an opportunity for Equinor to increase its market share.

Equinor's current supply portfolio is expected to double to 7 million metric tons per year by 2030, when U.S. supplies are fully ramped up. The company plans to diversify its price exposure by including cargoes priced on Brent in its expanded supply portfolio.