Equinor Targets LNG Expansion to Meet European and Asian Demand
Equinor is expanding its liquefied natural gas (LNG) supply portfolio to meet growing demand from Europe and Asia, according to senior executives. The Norwegian producer aims to increase its LNG supply to between 10 million and 15 million metric tons per year by the early 2030s.
In a recent interview, Ingvar Egeland, Equinor's vice president for LNG, mentioned that the company has been in dialogue with several counterparties in India and Southeast Asia. These regions are seeking new sources of LNG due to supply disruptions caused by the U.S.-Israeli war on Iran, which has prevented Qatar and the United Arab Emirates from exporting most of their LNG via the Strait of Hormuz.
Equinor's current supply portfolio is expected to double to 7 million tpy in 2030 when its U.S. supplies are fully ramped up. The company plans to diversify its price exposure by including cargoes priced on Brent. However, the volume excludes Tanzania, where Equinor is pursuing a project that has been delayed by negotiations with the government.