Norway’s Equinor plans to expand its global LNG portfolio to 10 million-15 million tons a year in the early 2030s. Reuters reported that the company is looking to strengthen its position in Europe and Asia, where buyers are seeking extra supply after the Strait of Hormuz blockade tightened the market.
According to Equinor LNG vice president Ingvar Egeland, the company could announce a second Asian supply agreement later this week. He said Equinor is in talks with multiple counterparties, particularly in India and across Southeast Asia, with a focus on state energy companies and fertilizer producers.
The Strait of Hormuz normally carries about a fifth of global LNG supply. Reuters said the U.S.-Israeli war with Iran has prevented Qatar and the UAE from exporting most of their LNG through that route, pushing Asian buyers to seek alternative suppliers.
In May, Equinor signed a 15-year supply agreement with India’s Deepak Fertilizers and Petrochemicals Corp. In August, the company lifted its first U.S. cargo from Cheniere’s Sabine Pass terminal aboard the carrier Isabella, with the shipment heading to Europe. Those volumes are backed by long-term agreements signed with Cheniere in 2022 and 2023 and amount to roughly 3.5 million tons per year.
Helle Østergaard Kristiansen, Equinor’s senior vice president for gas and power, described the shipment as an important milestone that strengthens the company’s standing as a reliable supplier. Equinor expects the U.S. volumes to help double its global LNG portfolio to 7 million tons annually by 2030. At present, about half of its existing volumes come from Norway’s Hammerfest plant.
The move toward 10 million-15 million tons in the early 2030s will rely on new supply from the U.S. East Coast, Canada’s west coast, South America and African producers. Reuters added that the expansion will also include cargoes priced against Brent crude, helping Equinor diversify its pricing exposure.
At the same time, the company is also pursuing growth in oil production. Equinor is targeting a 27% increase in international output to 950,000 barrels of oil equivalent a day by 2030, driven by new production from the Gulf of Mexico, Brazil and Angola.
