Equinor Targets 15 Million Tons of LNG as Qatar Exports Stay Blocked
Equinor is planning to expand its liquefied natural gas (LNG) portfolio to 10–15 million tonnes per year in the early 2030s, aiming to supply European and Asian buyers affected by a Strait of Hormuz export blockade. The company told Reuters it expects to announce a second Asian supply agreement this week and is negotiating with counterparts in India and Southeast Asia.
Why It Matters
The Strait of Hormuz typically transits about one-fifth of global LNG, and recent disruptions that have limited Qatar and UAE shipments are redirecting Asian demand toward new suppliers. Equinor's expansion would increase supply options for markets facing shortages and diversify pricing exposure.
Key Facts
- Equinor LNG target: 10–15 million tonnes per year in the early 2030s
- Near-term announcement: Second Asian supply agreement expected this week (per Ingvar Egeland)
- Recent long-term deal: 15-year supply contract with India's Deepak Fertilizers and Petrochemicals signed in May
- First U.S. cargo: Lifted from Cheniere's Sabine Pass in August aboard the carrier Isabella
- Cheniere contracts: Long-term agreements signed in 2022 and 2023 to supply roughly 3.5 million tonnes per year to Europe from the U.S.
Equinor has set a goal to grow its global LNG portfolio to between 10 million and 15 million tonnes a year by the early 2030s, the company told Reuters. The move is aimed at buyers in Europe and Asia who have been left short of supply after exports through the Strait of Hormuz were disrupted. Equinor’s LNG vice president Ingvar Egeland said the company expects to announce a second Asian supply agreement this week and is engaged in talks with several counterparties.
The company noted that the Hormuz route normally carries about one-fifth of global LNG flows, and recent conflict-related disruptions have prevented Qatar and the United Arab Emirates from exporting most of their volumes through the passage. Equinor said it is concentrating its outreach on state energy companies and fertilizer producers, particularly in India and Southeast Asia; the firm signed a 15-year supply deal with Deepak Fertilizers and Petrochemicals in May.
Equinor lifted its first U.S. cargo in August from Cheniere Energy’s Sabine Pass terminal, shipped on the carrier Isabella and bound for Europe under long-term pacts it struck with Cheniere in 2022 and 2023. Those U.S. agreements are set to provide roughly 3.5 million tonnes a year, and Equinor expects the U.S. volumes to help double its global LNG portfolio to about 7 million tonnes annually by 2030. The company’s Hammerfest plant in Norway currently supplies around half of its existing volumes.
To reach the 10–15 million tonne target in the early 2030s, Equinor plans to draw on new supply from the U.S. East Coast, Canada’s west coast, South America and African producers (excluding a delayed Tanzanian project). The expansion will also include cargoes priced against Brent crude to broaden the company’s pricing exposures. Separately, Equinor is pursuing growth in oil production, aiming for a 27% rise in international output to 950,000 barrels of oil equivalent per day by 2030, driven by new production in the Gulf of Mexico, Brazil and Angola.
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