Equinor will purchase 1.75 million tonnes of LNG annually from US-based Cheniere Energy under a new 15-year agreement inked on Thursday (9th June).
Set to begin from 2026, the new LNG supply will add new volumes to Equinor’s withstanding gas portfolio and pipeline of gas and LNG.
This comes as the US is investing heavily in LNG and many are looking to cut reliance on Russian energy, due to the ongoing conflict with Ukraine.
Helge Haugane, Vice-President of Gas and Power at Equinor, said, “I am very pleased that we have entered into a long-term agreement with Cheniere, the US’ largest producer of LNG. Based on our production in Norway, Equinor is the second largest supplier of pipeline gas to Europe.”
“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.”
While deliveries will start in 2026, the full 1.75 million tonnes per annum supply won’t begin until the second half of 2027.
Half of the volume, approximately 0.9 million tonnes per annum, is subject to Cheniere making a positive final investment decision to construct additional liquefaction capacity at the Corpus Christi LNG Terminal beyond the seven-train Corpus Christi Stage III Project.