Equinor and Cheniere sign 15-year LNG purchase deal
Norwegian energy giant Equinor and U.S. LNG exporter Cheniere have signed a 15-year purchase agreement of around 1.75 million tonnes of LNG per year starting from 2026.
This new sales and purchase agreement (SPA) will add new volumes to Equinor’s gas portfolio of pipeline gas and LNG.
Under the SPA, Equinor will buy approximately 1.75 million tonnes per annum (mtpa) of LNG from Cheniere Marketing on a free-on-board basis for a term of approximately 15 years.
With global energy demand growing and an increased focus on energy security, the LNG market is expected to grow significantly. U.S. LNG can supply the European markets as well as cover demand in other markets.
“The new LNG agreement is a major building block in Equinor’s ambition to further strengthen our global gas position by adding more LNG to the portfolio. LNG will play a crucial role in providing energy security. By increasing our position in this segment, we will be even better positioned as a long-term reliable supplier of energy,” said Helge Haugane, Equinor’s senior vice president Gas & Power.
The deliveries under the deal will start in the second half of 2026. They will reach the full 1.75 mtpa in the second half of 2027.
Half of the volume, or approximately 0.9 mtpa, is subject to Cheniere making a positive final investment decision (FID) to construct additional liquefaction capacity at the Corpus Christi LNG terminal beyond the Corpus Christi Stage 3 Project.
Jack Fusco, Cheniere’s CEO, said: “The SPA also reflects the urgency in demand for investment in additional LNG capacity, not only for the Corpus Christi Stage III Project, which is nearing FID, but also for capacity beyond the project’s initial seven trains.”
To remind, the Corpus Christi Stage 3 expansion project proposes up to seven midscale trains. These would add approximately 10 mtpa of additional production capacity. The terminal’s total nominal capacity would amount to approximately 25 mtpa of LNG.
According to Fusco, the company expects an FID to occur this summer.