Equinor targets between 11 million and 16.5 million U.S. ton LNG portfolio by early 2030s to serve European and Asian buyers
Norwegian energy company Equinor plans to more than double its liquefied natural gas supply portfolio to between between 11 million and 16.5 million U.S. tons per year by the early 2030s, targeting buyers in Europe and Asia. Ingvar Egeland, Equinor’s vice president for LNG, disclosed the expansion target to Reuters as the company was preparing to announce a second supply deal with an Asian customer.
Equinor sets LNG expansion target for early 2030s
That target isn’t just a number on a slide deck. Egeland confirmed to Reuters that a second Asian supply agreement was essentially ready to announce at the time he spoke — which means Equinor is already lining up the commercial relationships it needs to hit that 10–15 million metric ton goal.
The groundwork started earlier this year. In May, Equinor signed a 15-year LNG supply deal with India’s Deepak Fertilizers and Petrochemicals Corp, locking in a long-term buyer in one of Asia’s fastest-growing energy markets. That deal says a lot about the kind of customer Equinor is after: stable, long-term offtakers with predictable demand. The company isn’t chasing spot buyers.
“We have been in dialogue with many counterparties, especially in India and also places in Southeast Asia, wanting to have new sources,” he said.
Egeland was direct about where Equinor is looking. “We have been in dialogue with many counterparties, especially in India and also places in Southeast Asia, wanting to have new sources,” he said. The focus is squarely on state energy companies and fertilizer producers — sectors with large, consistent LNG needs.
Middle East disruptions drive Asian buyers to seek alternative LNG sources
Equinor’s push into Asia isn’t happening in a vacuum. The U.S.-Israeli war on Iran has effectively shut down most LNG exports from Qatar and the UAE through the Strait of Hormuz — a waterway that previously handled roughly one-fifth of global LNG supply. That’s a massive chunk suddenly redirected or cut off entirely.
Asian buyers are feeling the pressure now. Countries that relied heavily on Middle Eastern LNG are scrambling for replacement volumes, and suppliers outside the Gulf are moving into the gap. Equinor is positioning itself as exactly that kind of alternative.
Its focus on state energy companies and fertilizer producers in India and Southeast Asia reflects where the urgent demand actually sits. These aren’t speculative future customers — they have real, near-term needs, which makes them attractive partners for a company trying to lock in long-term supply commitments.
U.S. cargoes and Hammerfest plant form the near-term supply base
Before Equinor can reach 10–15 million metric tons per year, it needs a credible near-term foundation. That’s already taking shape. The company lifted its first U.S. LNG cargo from Cheniere’s Sabine Pass export facility in August, marking its entry into U.S.-sourced supply — a meaningful first step.
As those U.S. volumes ramp up, Equinor expects its total portfolio to hit around 7.7 million U.S. tons per year by 2030 — roughly double current supply capacity, and a solid platform before the bigger push in the early 2030s.
Right now, half of Equinor’s LNG supply comes from the Hammerfest plant in northern Norway. Stable and well-established, but Hammerfest alone won’t get the company where it wants to go. That’s precisely why the U.S. cargoes and new supply agreements matter. To reduce exposure to any single pricing benchmark, Equinor also plans to include Brent-priced cargoes in its expanded portfolio — a practical hedge as the business scales.
Future supply sources and the status of the Tanzania project
One notable detail in Equinor’s expansion plan: the 10–15 million metric ton target explicitly excludes its Tanzania mega-project. That’s a meaningful caveat. Tanzania has long been seen as a potential major LNG export hub, but negotiations between Equinor and the Tanzanian government have hit repeated delays.
There may be some movement. Tanzania’s deputy energy minister said this week that the government could pass a new law governing LNG investments by the end of the year — though whether that actually clears the path for Equinor’s project remains an open question.
In the meantime, Equinor is looking elsewhere. Egeland identified the U.S. East Coast, western Canada, South America, and African countries outside Tanzania as potential new supply sources. It’s a deliberately diverse list — spreading origins reduces concentration risk and gives the company more room to maneuver when markets shift. The breadth of those options also suggests Equinor isn’t counting on any single project to get there.
Long-term deals with state energy companies
Equinor’s LNG expansion strategy is straightforward in outline. The company wants to grow its supply portfolio from roughly 3.86 million U.S. tons per year today to 7.7 million U.S. tons per year by 2030, then push on to between 11 million and 16.5 million U.S. tons by the early 2030s. U.S. cargoes from Sabine Pass and production from the Hammerfest plant in Norway anchor the near-term base.
Asian markets — particularly India and Southeast Asia — are the primary commercial target, driven by the supply gap that Middle East disruptions through the Strait of Hormuz have opened up. Long-term deals with state energy companies and fertilizer producers are the preferred structure.
Tanzania remains a wildcard. Its delayed mega-project is excluded from current targets, though a new investment law could shift that picture. For now, Equinor is building supply from the Americas, Canada, and non-Tanzanian Africa to reach its 2030s goals.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
