Equinor Targets 10-15 Million Ton LNG Portfolio by Early 2030s Amid Asian Demand

Norwegian energy producer Equinor is targeting a major expansion of its liquefied natural gas (LNG) supply portfolio to between 10 million and 15 million metric tons per year by the early 2030s. The company aims to capitalize on rising demand from European and Asian markets, senior executives said Thursday.

Strategic Growth Target

Equinor's goal represents a significant increase from its current trajectory. The company projects its supply portfolio will reach 7 million tons per year in 2030 once its U.S. supply agreements reach full capacity, according to company statements. Half of its current supply originates from the Hammerfest LNG plant in Norway.

To fuel this growth, Equinor is actively securing new long-term contracts, particularly in Asia. Ingvar Egeland, Equinor’s vice president for LNG, said the company expects to announce a second supply agreement with an Asian customer this week. This follows a 15-year deal signed with India’s Deepak Fertilizers and Petrochemicals Corp in May.

Diversifying Supply and Pricing

Equinor is exploring multiple regions for new LNG sources to build its portfolio. Egeland identified several areas of interest:

Ad

• The U.S. east coast
• Canada’s west coast
• South America
• Various African countries

The company noted this expansion target does not include potential volumes from a project in Tanzania, which has been delayed by government negotiations. To diversify its market risk, Equinor also plans for the expanded portfolio to include cargoes priced against the Brent crude benchmark, moving beyond traditional gas hub pricing.

Market Context

Equinor's strategy is a direct response to shifting global energy flows. According to Egeland, the company has held discussions with multiple parties in India and Southeast Asia seeking to secure new, reliable energy sources. This demand has been driven by Asian buyers looking for alternative supplies following geopolitical disruptions in the Middle East that have impacted LNG exports through the Strait of Hormuz, a critical global energy chokepoint.