Equinor Targets Major LNG Expansion to Meet European and Asian Demand

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

Equinor has already made significant strides in this area, with a recent deal to supply LNG to India's Deepak Fertilizers and Petrochemicals Corp. The company expects to announce another deal to supply an Asian customer this week, according to Ingvar Egeland, Equinor's vice president for LNG.

The increased demand for LNG is largely due to supply disruptions from the Middle East, particularly following 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. This shift in global market dynamics has forced Asian buyers to seek alternative suppliers.

Equinor's current supply portfolio includes Norway and the U.S., with future expansion likely from other regions such as Canada, South America, and Africa. The company is focusing on export deals with major Asian markets, including India and Southeast Asia.