Adds production forecast, details of dividend

OSLO, June 16 (Reuters) - Norway's Equinor EQNR.OL said on Tuesday it will increase its share buybacks, returning more cash to owners as the war in the Middle East has boosted the price of oil and gas and sharply lifted the company's earnings.

Majority state-owned Equinor said in a strategy update it now plans to spend $3 billion on buying back its own shares this year, up from $1.5 billion projected in February before the U.S.-Israeli attack on Iran.

The company aims to increase its oil and gas output by 150,000 barrels of oil equivalent per day (boed) by 2030 to a total of 2.3 million boed, it said.

Going forward the company plans to raise its quarterly cash dividend by 5% per year, it said.

The company plans annual share buybacks of between $2 billion and $4 billion from 2027, based on oil prices of $60 to $80 per barrel and European gas prices of $7 to $11 per million British thermal units (MMBtu), balance sheet strength, and the macro economic outlook, it said.