Norway’s Equinor plans major expansion of LNG supply by early 2030s

Norway’s state-run Equinor has set an ambitious target to raise its LNG supply portfolio to up to 15mn tonnes per year (tpy) by the early 2030s, Reuters reported on September 16 citing senior executives at the energy firm.

Amid growing demand for the super-chilled fuel in Europe and Asia, Equinor is aiming to expand its LNG supply portfolio to between 10mn and 15mn tpy.

Asian markets are projected to see a major rise in demand for LNG as countries use it for fuel switching from coal in order to meet clean energy targets.

A report in July by Zero Carbon Analytics (ZCA) and the Center for Renewable Energy and Sustainable Technology forecast that the Philippines will see an increase in LNG imports by 508% by 2029. Currently, the Philippines relies on coal for 63% of its energy supply.

Meanwhile, the world’s biggest LNG trader Shell, forecasts that demand for the super-cooled gas in South and Southeast Asia will account for around 40% of global LNG imports by 2050.

Europe is also scrambling for LNG in the short-term as it pivots away from Russian LNG imports. The EU’s 19th sanctions package enacts a ban on Russian LNG imports from January 1, 2027.

European countries have also grown weary of dependence on US LNG amid President Donald Trump’s attempts to redesign global trade with hefty tariffs on trade partners and past threats to annex Greenland from Denmark.

Meanwhile, Equinor says the case for its long-stalled Tanzania LNG project has improved following the Middle East conflict. Development of the $42bn project would unlock 47.13tn cubic feet (1.33tn cubic metres) of ​natural gas deposits. Equinor is partnering with US supermajor Exxon Mobil, Singapore’s Pavilion Energy, Indonesia’s Medco Energi ​and Tanzania's ⁠national oil company TPDC on the project.

Earlier this month, Equinor received its first LNG cargo from the US Gulf Coast with a delivery made from Cheniere Energy’s Sabine Pass facility.

The shipment from the Louisiana facility commences a 15-year deal between Equinor and the US’s largest LNG developer, which was signed in 2022 and will see Cheniere provide around 1.75mn tpy of the super-chilled fuel.