Why the World's Top LNG Trader Is Heading North

TotalEnergies signs a 20-year LOI with Glenfarne for 2 Mtpa from Alaska LNG, the only US Pacific-coast export terminal

14 Apr 2026

TotalEnergies has signed a letter of intent with Glenfarne Energy Transition to purchase 2 million tonnes per year of liquefied natural gas from the Alaska LNG project over 20 years. The non-binding agreement, announced on 26 February, positions the French major as a key commercial partner for a project still awaiting a final investment decision.

Alaska LNG holds federal authorisation as the only US LNG export terminal on the Pacific coast, with a planned capacity of 20 million tonnes per year. Its location offers shorter shipping times to Asian markets than Gulf Coast facilities, which require Panama Canal routing, a logistical edge that has drawn increasing attention as Asian demand for LNG continues to grow.

TotalEnergies is already the largest exporter of US LNG, having shipped 19 million tonnes in 2025, representing 18 per cent of total US production. Its existing North American portfolio spans terminals at Cameron, Corpus Christi, Freeport and Sabine Pass, along with interests in Rio Grande LNG and Canada's Ksi Lisims project. Adding a Pacific-facing supply source extends that portfolio's geographic reach and reduces dependence on Gulf Coast routing.

For Glenfarne, the deal carries significant weight. Long-term offtake commitments of this scale are typically required before project lenders will advance construction financing. The LOI covers 10 per cent of Alaska LNG's planned capacity. Glenfarne chief executive Brendan Duval said TotalEnergies was "one of the most sophisticated LNG market participants in the world" and that the project's Pacific orientation complemented the company's global supply strategy.

The agreement remains non-binding and contingent on the project reaching FID. Further offtake commitments will be required before that threshold can be met.

US LNG exports exceeded 100 million tonnes for the first time in 2025. Whether that momentum translates into the financing and commercial support needed to bring a large, remote Alaskan project to construction remains an open question.