30-year gas pact puts $44 billion LNG project at go/no‑go crossroads

May 18, 2026, by Melisa Cavcic

Glenfarne Alaska LNG, a subsidiary of Glenfarne Group, has confirmed that the first segment of its liquefied natural gas (LNG) export development in Alaska is at a critical juncture, with sufficient North Slope natural gas volumes locked in for a final investment decision (FID), following its latest three-decade-long deal with the U.S.-headquartered energy player ConocoPhillips.

Rendering of an LNG plant — Rendering of the liquefaction facility in Nikiski; Source: Alaska LNG

Glenfarne and ConocoPhillips have signed a 30-year gas sales precedent agreement to supply natural gas produced on Alaska’s North Slope for Phase One of the Alaska LNG project. This development has now secured precedent agreements for enough volumes to support a Phase One final investment decision and supply enough natural gas to meet Alaska’s energy needs.

The Alaska LNG project is being developed in two financially independent phases to accelerate project execution. While Phase One consists of the 739-mile, 42-inch pipeline to transport natural gas to Alaska consumers to strengthen long-term energy security and address looming supply shortfalls resulting from declining Cook Inlet production, Phase Two will add the LNG export facilities in Nikiski.

Adam Prestidge, President of Glenfarne Alaska LNG, commented: “All major North Slope producers have now committed enough natural gas to support a Phase One final investment decision. Today’s milestone agreement establishes the commercial terms for ConocoPhillips to supply gas and help Phase One of Alaska LNG provide energy security for Alaska. I appreciate Erec and his team for their continued collaboration and support as we advance this transformational energy project for Alaska.”

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Alaska LNG consists of an 807-mile 42-inch pipeline to deliver natural gas from Alaska’s North Slope to meet the country’s domestic needs and produce 20 million tonnes per annum (mtpa) of LNG for export. Glenfarne holds a 75% stake in the project, with the State of Alaska, through the Alaska Gasline Development Corporation, owning the remaining 25%.

Thanks to the latest deal, Alaska LNG has agreements with all three major North Slope producers, encompassing ConocoPhillips, ExxonMobil, and Hilcorp Alaska, as well as Great Bear Pantheon, a wholly owned subsidiary of Pantheon Resources. Glenfarne’s permitted North American LNG portfolio totals 32.8 mtpa of capacity under development in Alaska, Louisiana, and Texas.

Erec Isaacson, ConocoPhillips Alaska President, outlined: “ConocoPhillips shares Glenfarne’s commitment to developing Alaska’s resources for the long-term benefit of Alaskans. Our participation in Alaska LNG supports reliable access to responsibly produced North Slope natural gas while complementing our ongoing investment in Alaska.”