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

Equinor is expanding its liquefied natural gas (LNG) supply portfolio to meet growing demand from Europe and Asia. The Norwegian energy company aims to reach 10-15 million metric tons per year by the early 2030s, up from its current capacity of around 7 million tons in 2030.

The expansion will include cargoes priced on various indexes, such as the Japan Korea Marker (JKM) and the Platts LNG Japan/Korea Index, to diversify price exposure. This move comes after Asian buyers sought alternative supplies following the U.S.-Israeli war on Iran, which blocked Qatar and the UAE from exporting most of their LNG through the Strait of Hormuz.

Equinor has already signed 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 LNG supply agreement with an Asian customer this week, according to Ingvar Egeland, Equinor’s vice president for LNG.