Equinor Scales LNG Strategy to Fill Hormuz Supply Gap

Ingvar Egeland, Equinor’s vice president for LNG, confirmed the company is currently negotiating new supply agreements, with a second deal in Asia expected as early as this week. These efforts follow a recent 15-year supply contract with India’s Deepak Fertilizers and Petrochemicals Corp. The strategy relies on diversifying sources across the U.S. East Coast, Canada, South America, and Africa, while incorporating Brent-linked pricing to hedge against volatility.

Equinor’s footprint in the U.S. remains a cornerstone of this expansion. The company’s recent cargo shipment from Cheniere’s Sabine Pass terminal marks the beginning of a 3.5 million-ton annual supply commitment. Beyond gas, the company is simultaneously ramping up international oil production, targeting a 27% increase to 950,000 barrels of oil equivalent per day by 2030 through new projects in Brazil, Angola, and the Gulf of Mexico.