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

Equinor, a Norwegian energy producer, plans to increase its liquefied natural gas (LNG) supply to between 10 and 15 million metric tons annually by the early 2030s. This expansion is in response to growing demand from Europe and Asia.

In an interview, Ingvar Egeland, Equinor's vice president for LNG, stated that a second supply agreement with an Asian buyer is expected to be announced this week. The company has already secured a 15-year LNG supply arrangement with India's Deepak Fertilizers and Petrochemicals Corp.

Equinor expects its supply portfolio to reach 7 million tons per year in 2030, when U.S. supplies reach full capacity. Currently, half of its current supply comes from the Hammerfest LNG plant in Norway.

The planned expansion will involve cargoes priced on Brent to diversify price exposure. Egeland mentioned possible sources of new supply as the U.S. east coast, Canada's west coast, South America, and African countries other than Tanzania.