LNG

Norwegian energy major Equinor, the main supplier of pipeline natural gas to Europe and an LNG producer and exporter, reported soaring profits and record cash flow from becoming the primary gas supplier to its European neighbours after the cutting of Russian gas pipelines.

Norwegian energy company Equinor said plans have been agreed to invest $1.33 billion in upgrading the Hammerfest LNG plant, Western Europe’s only baseload export facility, and to extend its lifespan towards 2050.

Equinor, the Norwegian oil and gas company, is boosting the feed-gas supplies from another field in the Barents Sea to produce more LNG from the Hammerfest plant on Melkøya Island in northern Norway.