Equinor sold 67.4 billion cubic metres of natural gas in 2025 — a 6% increase on 2024 — making it one of Europe’s most consequential gas suppliers and the operator of Norway’s only commercial LNG export facility. Its midstream, marketing and processing (MMP) division markets approximately 70% of all Norwegian gas exports, with Equinor LNG from the Snøhvit field underpinning the company’s access to global spot markets.
Hammerfest LNG: Norway’s Arctic Export Terminal
Hammerfest LNG, located on Melkøya island in northern Norway, is the centrepiece of Equinor’s LNG infrastructure. The facility processes gas from the Snøhvit field in the Barents Sea and has a nameplate capacity of 6.5 BCM per year. Equinor holds a 37% ownership stake and operates the plant. It is the world’s northernmost LNG export facility and the only liquefaction plant on the Norwegian continental shelf.
LNG from Hammerfest is combined with third-party volumes and marketed globally by Equinor’s MMP division, allowing the company to reach buyers beyond the pipeline grid — particularly in Asia and Southern Europe. The plant returned to full operation in 2022 following a major fire in 2020 that required a 14-month shutdown. A further incident occurred at Hammerfest LNG in 2025 involving a serious hydrocarbon gas leak; as of the 2025 annual report, the formal investigation remained ongoing into 2026.
Equinor has committed to the full electrification of Hammerfest LNG as part of its 2026–2030 capital programme. Electrification — replacing gas turbine drivers with grid power — is the primary lever for reducing the plant’s scope 1 emissions intensity, which is among the more carbon-intensive assets in Equinor’s operated portfolio.
European Gas Storage: Aldbrough and Etzel
Beyond liquefaction, Equinor holds stakes in two underground gas storage facilities in northwest Europe that play a direct role in seasonal supply flexibility. Etzel Gas Lager in Germany offers 1,200 million standard cubic metres (MSm³) of working gas capacity, with Equinor holding a 24.8% stake and operating the facility. Aldbrough Gas Storage in the UK provides 260 MSm³ of capacity, where Equinor holds a 33.3% non-operated interest.
Both facilities sit in markets that faced acute storage pressure in 2025–2026. European gas storage entered the 2026 refill season at critically low levels following a cold winter and reduced Russian pipeline flows. The Etzel and Aldbrough positions give Equinor direct exposure to the physical storage market in Germany and the UK — two of the largest gas-consuming economies in northwest Europe. For context on the European storage deficit, see the EU Gas Storage 2026 analysis covering the ENTSOG winter data.
Equinor LNG in the Global Gas Market
Equinor’s gas trading arm — operating through its MMP segment and Danske Commodities (DC), headquartered in Aarhus — trades in over 40 countries. The company realised an average piped gas price of USD 12.20 per MMBtu in Europe in 2025, up 11% from USD 11.03/MMBtu in 2024. TTF spot prices averaged USD 12.0/MMBtu across the year, rising early as Europe competed for LNG cargoes to replace lost Russian pipeline volumes, before easing as US LNG supply — particularly the faster-than-planned ramp-up of the Plaquemines terminal — improved global balances.
Asian LNG (JKM) averaged USD 12.2/MMBtu in 2025, marginally above European prices. Chinese LNG import demand declined year-on-year due to higher domestic gas production and increased Russian pipeline volumes via Power of Siberia 1 — a structural shift that softened Asian spot prices and redirected some US LNG supply toward Europe and other markets. Equinor’s MMP division optimises the value of its gas volumes through bilateral contracts, over-the-counter trading, and its own transport and storage capacity, including the Etzel and Aldbrough positions.
The company’s total natural gas entitlement sales reached 56.6 BCM in 2025, up 6% from 53.2 BCM in 2024. This sits within a broader portfolio that includes gas marketing for the Norwegian state’s direct financial interest (SDFI), which accounts for a further tranche of NCS production marketed by Equinor under a fee arrangement. For comparison of Equinor’s LNG position against other oil major storage portfolios, see the Top 10 Oil Majors by Storage Infrastructure 2026.
Norwegian Continental Shelf: Gas Production Base
Equinor’s LNG and storage strategy rests on its position as the largest operator on the Norwegian continental shelf. NCS daily production reached a record 2,137 thousand barrels of oil equivalent per day (mboe/d) in 2025, with gas processing flowing through three major onshore plants: Kårstø (97 MSm³/day), Kollsnes (156 MSm³/day), and Nyhamna (84 MSm³/day), alongside liquids handling at the Mongstad refinery (226,000 bbl/day) and the Mongstad and Sture crude terminals.
The Snøhvit gas field — which feeds Hammerfest LNG — operates in the Barents Sea, making it one of the most geographically remote upstream assets feeding a major LNG export facility anywhere in the world. New fields including Johan Castberg, which came on stream in 2025 and is expected to produce for at least 30 years, continue to underpin NCS gas volumes over the long term.
Capital Expenditure and 2026 Outlook
Equinor’s organic capital expenditure reached USD 13.1 billion in 2025, up from USD 12.1 billion in 2024. For 2026 and 2027, the company plans to allocate approximately 60% of organic capex to the NCS, 30% to international oil and gas projects, and 10% to its integrated power business. The electrification of Hammerfest LNG sits within the NCS capital envelope and represents one of the more significant individual emissions-reduction investments in the onshore infrastructure programme.
Looking forward, Equinor anticipates that US LNG supply will continue to expand structurally — driven by new liquefaction capacity and growing gas-fired power demand linked to AI data centre buildout. This is consistent with the broader picture of European LNG import dependency: with Russian pipeline gas structurally reduced, Norway’s Snøhvit output and Equinor’s global LNG trading position remain disproportionately important to northwest European supply security. For a broader view of how LNG companies are scaling to meet European demand, see the Top 10 LNG Storage Companies 2026.
Company Snapshot
| Detail | Data |
|---|---|
| Full name | Equinor ASA |
| Headquarters | Stavanger, Norway |
| Founded | 1972 (as Statoil) |
| Ownership | 67% Norwegian state; 33% public shareholders |
| LNG plant | Hammerfest LNG, Melkøya, Norway — 6.5 BCM/year (37% stake) |
| Gas storage (Germany) | Etzel Gas Lager — 1,200 MSm³ capacity (24.8% stake, operated) |
| Gas storage (UK) | Aldbrough Gas Storage — 260 MSm³ capacity (33.3% stake) |
| Crude terminal (Norway) | Mongstad — 9.4 mbbl storage (65% stake) |
| Natural gas sales 2025 | 67.4 BCM (up 6% on 2024) |
| Realised European gas price 2025 | USD 12.20/MMBtu |
| Organic capex 2025 | USD 13.1 billion |
| Daily production 2025 | 2,137 mboe/d (record NCS high) |
| Trading arm | Danske Commodities — 40+ countries |
What LNG facilities does Equinor operate?
Equinor operates Hammerfest LNG on Melkøya island in northern Norway, the only commercial LNG liquefaction plant on the Norwegian continental shelf. The facility processes gas from the Snøhvit field in the Barents Sea and has a capacity of 6.5 BCM per year. Equinor holds a 37% ownership stake.
How much natural gas did Equinor sell in 2025?
Equinor sold 67.4 billion cubic metres of natural gas in 2025, a 6% increase on 2024. The company markets approximately 70% of all Norwegian gas exports through its midstream, marketing and processing (MMP) division, including volumes on behalf of the Norwegian state’s direct financial interest (SDFI).
What gas storage assets does Equinor hold in Europe?
Equinor holds a 24.8% operated stake in Etzel Gas Lager in Germany, which has 1,200 MSm³ of working gas storage capacity. It also holds a 33.3% non-operated stake in Aldbrough Gas Storage in the UK, with 260 MSm³ of capacity. Both facilities provide physical storage flexibility in northwest European markets.
What is Equinor’s plan for Hammerfest LNG electrification?
Equinor has committed to the full electrification of Hammerfest LNG as part of its 2026–2030 capital programme. The project involves replacing gas turbine drivers with grid-supplied power, which would significantly reduce the plant’s scope 1 emissions. The electrification plan is included in the NCS portion of Equinor’s organic capital expenditure, which receives approximately 60% of total company capex.
What was the impact of the 2025 Hammerfest LNG incident?
A hydrocarbon gas leak occurred at Hammerfest LNG in 2025. Equinor’s 2025 Annual Report describes the incident as likely to be classified as a serious HC gas leak, with the formal investigation report pending as of early 2026. Equinor has stated that inspection and verification activities are planned for 2026 as part of the follow-up process.