The giant Alaska LNG project, long stalled, is finally surging ahead. As of March, Glenfarne has increased its stake in the initiative to 75% and assumed the role of lead developer. This milestone comes after more than 30 years of plans and efforts to start the project. Its mission is to carry stranded natural gas from Alaska’s far north and liquefy it for export. Glenfarne targets a late 2025 FID for the pipeline segment. As for their component of LNG export, they promise to have them all wrapped up by 2026.
Very historically, the Alaska LNG project has struggled to obtain binding contracts with third parties and investment commitments. Glenfarne’s recent engagement has turned over a new leaf for the project. The company already has binding pre-agreements for more than half of the third-party offtake capacity the project will have online. This success is indicative of increased demand from prospective buyers.
In contrast to the environmental movement on this side of the Pacific, Japan is the world’s second-largest LNG importer. It has emerged as a primary backer for new global energy infrastructure and is bullish on the Alaska LNG project’s prospects. The country is hard at work shoring up its energy independence. It would help address the increasing demand for electricity, primarily driven by a surge in data center development. Japan is positioning itself as a trading hub capable of channeling U.S. gas into emerging markets in Southeast Asia, further enhancing its strategic energy position.
In the U.S., President Donald Trump has promised to help push the Alaska LNG project through the approval process. To further strengthen local economies while creating new economic opportunities for U.S. energy exports, this initiative is critically needed. The project’s pipeline and LNG export components are significant infrastructure projects. In short, this effort stands to reshape our domestic energy supply and international trade for decades.
As Glenfarne moves ahead with its route development plans, the future of the Alaska LNG project looks increasingly bright. A committed chief developer is leading a revolution in Alaska’s gas riches are tapped and spent. At the same time, early agreements and deep political will are laying the groundwork for this seismic change.