Equinor Targets Massive LNG Supply Expansion by Early 2030s

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

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

Asian buyers have been seeking alternative supplies after the US-Israeli war on Iran blocked Qatar and the United Arab Emirates from exporting most of their LNG through the Strait of Hormuz. This route previously handled a fifth of global supplies.