AI Summary
Equinor is planning a significant LNG expansion, with its liquefied natural gas supply portfolio expected to reach between 10 million and 15 million metric tons per year in the early 2030s. The Norwegian producer is targeting demand from Europe and Asia as it works to increase the volume of LNG available through its supply portfolio.
Focus on Asian Buyers and New Supply Sources
Equinor has been in discussions with multiple parties, with particular attention on India and Southeast Asia, as it looks for additional sources of LNG supply. According to Ingvar Egeland, Equinor’s Vice President for LNG, the company is focusing on supply agreements with state energy companies and fertilizer producers.
The efforts regarding the LNG expansion comes as Asian buyers have sought alternative supplies following disruptions affecting shipments through the Strait of Hormuz. The U.S.-Israeli war on Iran blocked Qatar and the United Arab Emirates from exporting most of their LNG through the route, which previously handled a fifth of global supplies.
Equinor also loaded its first U.S. LNG cargo from Cheniere’s Sabine Pass export facility in August 2026. The company expects its supply portfolio to reach 7 million tons per year in 2030 when U.S. supplies reach full capacity. Half of Equinor’s current supply comes from the Hammerfest LNG plant in Norway.
Portfolio Expansion Across Multiple Regions
The planned LNG expansion to 10 million to 15 million tons per year is expected to include cargoes priced on Brent, with the aim of diversifying price exposure, Egeland said. The projected volume does not include Tanzania, where Equinor continues to pursue a project that has been delayed by government negotiations.
For additional supply, Egeland identified the U.S. east coast, Canada’s west coast, South America, and African countries other than Tanzania as potential sources. These strategic initiatives will help ensure stable energy security while meeting growing international demand across both established and emerging markets.
