Equinor targets 15 million tons of LNG by early 2030s

Equinor aims to expand its liquefied natural gas (LNG) supply portfolio to between 10 million and 15 million metric tons per year by the early 2030s. This expansion is intended to meet growing demand in Europe and Asia, particularly as buyers seek alternative sources due to the blockade of the Strait of Hormuz, which has restricted exports from Qatar and the United Arab Emirates.

The Norwegian energy producer expects to announce a second supply agreement with an Asian customer this week. Equinor previously secured a 15-year deal with India’s Deepak Fertilizers and Petrochemicals Corp in May and has been in discussions with various counterparties in India and Southeast Asia, focusing on state energy companies and fertilizer producers.

To reach its targets, Equinor plans to leverage supplies from the U.S. East Coast, Canada’s west coast, South America, and Africa. The company expects its global LNG portfolio to double to 7 million tons per year by 2030, supported by U.S. supplies from Cheniere’s Sabine Pass facility. Currently, half of Equinor’s supply is provided by its Hammerfest LNG plant in Norway.