TotalEnergies LNG storage and trading operations generated $4.7 billion in cash flow in FY2025, underpinning a portfolio that reached 44 MTPA in 2025 and is forecast to exceed that figure in 2026. The French major is targeting 60 MTPA in LNG sales by 2030 — a 50% increase on its 2025 position — driven by four major project deliveries: Rio Grande LNG, Qatar’s North Field expansion, Mozambique LNG, and Marsa LNG in Oman. On January 29, 2026, CEO Patrick Pouyanné stood at the Afungi construction site in northern Mozambique to announce the formal restart of the $20 billion project after a four-year freeze — the most significant near-term catalyst for the company’s LNG growth ambitions.
TotalEnergies LNG Storage: Scale and Portfolio Overview
TotalEnergies ranks as the world’s third-largest LNG player by portfolio volume. LNG sales reached 44 MTPA in 2025, with the company forecasting sales above that level in 2026 at an average price of approximately $8.5/MBtu in Q1. The Integrated LNG segment posted adjusted net income of $4.1 billion for FY2025.
Gas is central to the company’s long-term positioning. TotalEnergies is targeting close to 50% of its total sales mix from gas by 2030, with LNG cash flow expected to grow approximately 70% versus 2024 levels at reference prices of $70/barrel and $8/MBtu. Net investment across the group is projected at around $15 billion in 2026. For context on global LNG infrastructure capacity, see the Top 10 LNG Terminals in the World 2026.
US Gulf Coast — Cameron LNG, Rio Grande and Offtake Leadership
TotalEnergies has held a 16.6% equity stake in Cameron LNG at Hackberry, Louisiana since the facility began operations. The terminal passed its 1,000th cargo milestone in July 2025, having shipped its first commissioning cargo on May 31, 2019, and currently exports in excess of 4 MTPA. TotalEnergies has been the leading exporter of US LNG since 2021, shipping 19 million tonnes of US LNG in 2025.
Rio Grande LNG in Brownsville, Texas — developed with GIP and NextDecade — adds further US equity exposure. TotalEnergies holds offtake of 1.5 MTPA from Train 4, with Trains 1–4 collectively raising its US LNG export capacity above 16 MTPA by 2030. Beyond equity positions, TotalEnergies holds offtake agreements at Sabine Pass, Freeport LNG, Corpus Christi, and Cove Point, reinforcing its position as the dominant US LNG exporter among the majors.
Mexico and Canada — Energia Costa Azul and Ksi Lisims
Energia Costa Azul (ECA) in Baja California, Mexico gives TotalEnergies a Pacific coast liquefaction position with a 16.6% equity stake. Total facility capacity stands at 3.0 MTPA, of which TotalEnergies offtakes 1.7 MTPA. The Pacific coast location eliminates Panama Canal routing for Asian deliveries, reducing both shipping cost and carbon footprint relative to Gulf Coast alternatives.
In British Columbia, TotalEnergies holds an equity position in Ksi Lisims LNG, a longer-dated project targeting Asian markets from Canada’s west coast. More immediately, on February 26, 2026, TotalEnergies signed a Letter of Intent with Glenfarne for 2 MTPA over 20 years from Alaska LNG — a 20 MTPA total-capacity project — subject to final investment decision. Its Pacific location gives direct Asia access without canal transit.
Qatar — North Field East and North Field South
TotalEnergies holds a 6.25% equity stake in North Field East (NFE), QatarEnergy’s flagship expansion project, with production commencing in 2026. TotalEnergies’ share equates to approximately 2 MTPA from a project distinguished by its integrated CCS, solar power, and methane detection systems — delivering roughly 20% lower carbon intensity than comparable LNG projects.
A 9.375% stake in North Field South (NFS) adds a further position, with production starting from 2027. The combined Qatar equity addition contributes 3.5 MTPA to TotalEnergies’ portfolio by 2028. Separately, the company is purchasing 3.5 MTPA from QatarEnergy under a 27-year SPA beginning 2026, with volumes delivered ex-ship to the Fos Cavaou regasification terminal in France. For coverage of QatarEnergy’s European receiving infrastructure, see QatarEnergy’s use of the largest LNG receiving terminal in Europe.
Mozambique LNG — $20 Billion Restart After Four-Year Freeze
TotalEnergies is operator of Mozambique LNG at Afungi in Cabo Delgado province, holding a 26.5% stake in a project with partners including Mitsui (20%), ENH (15%), ONGC Videsh (10%), and PTTEP (8.5%). Force majeure was declared in 2021 following Islamist militant attacks in Palma; construction stood at approximately 40% complete when site operations halted.
Force majeure was formally lifted on November 7, 2025. On January 29, 2026, Pouyanné visited the Afungi site and confirmed full restart, with more than 4,000 workers mobilised — over 3,000 of them Mozambican nationals. The original $20 billion investment has increased by approximately $4.5 billion to account for force majeure costs, with the US Ex-Im Bank re-approving a $4.7 billion loan facility. First LNG is targeted for 2029, with approximately 90% of output committed under long-term SPAs to buyers including CNOOC, Shell, and EDF. TotalEnergies has separately requested a 10-year extension of its production concession and faces ongoing French legal proceedings related to the 2021 security events, which the company rejects.
European Regasification — 20+ MTPA of Receiving Capacity
TotalEnergies’ European regasification infrastructure provides access to more than 20 MTPA of receiving capacity across France and the UK. Dunkirk LNG in Hauts-de-France, commissioned in January 2017, is the largest LNG import terminal on the European continent with capacity of 13 bcm/year (~9.6 MTPA); TotalEnergies is a major customer under a 20-year contract. Fos Cavaou serves as the delivery point for the 27-year QatarEnergy SPA volumes. Montoir-de-Bretagne provides additional regasification capacity on France’s Atlantic coast.
In the UK, TotalEnergies holds an 8.35% equity stake in South Hook LNG in Wales, with terminal capacity of 741 bcf. The company’s Le Havre FSRU (Cape Ann), which it operated directly, was ordered decommissioned by a French court in late 2025 following high operational costs and extended idle periods since June 2024. For broader context on Europe’s LNG receiving buildout, see how LNG infrastructure is racing to keep pace with 2026 demand.
Other Equity Positions — Nigeria, Oman, Australia, Angola
TotalEnergies holds an equity stake in Nigeria LNG (NLNG), where Train 7 remains under construction. In Oman, Marsa LNG reached FID in April 2024 as a 1.0 MTPA facility targeting first production in 2028. Ichthys LNG in Australia resumed contributions per Q4 2025 results. Papua LNG in Papua New Guinea — a 5.4 MTPA project — is under FID evaluation. Equity positions in Algeria, Egypt, and Angola round out a liquefaction portfolio spread across six continents.
TotalEnergies LNG Storage Strategy: 60 MTPA by 2030
The path to 60 MTPA by 2030 rests on four core project deliveries: Rio Grande LNG Trains 1–4, Qatar NFE and NFS equity volumes, Mozambique LNG first cargo in 2029, and Marsa LNG in 2028. Ruwais LNG in Abu Dhabi and Papua LNG represent further optionality beyond 2030. The company’s Houston trading hub anchors its natural gas, LNG, and NGL trading operations and serves as the commercial centre for TotalEnergies LNG storage and offtake management across its global book.
At $70/barrel and $8/MBtu reference prices, TotalEnergies LNG storage and trading cash flows are projected to grow approximately 70% by 2030 versus 2024 — the single largest contributor to the company’s overall cash flow expansion target. Gas is positioned to represent close to half of total hydrocarbon sales by the end of the decade, with LNG as the primary delivery mechanism.
What is TotalEnergies’ total LNG portfolio size in 2026?
TotalEnergies’ LNG portfolio reached 44 MTPA in 2025, with sales forecast to exceed that level in 2026 at an average price of approximately $8.5/MBtu in Q1. The company is targeting 60 MTPA in LNG sales by 2030, representing approximately 50% growth on its 2025 position, driven by new production from Qatar, Mozambique, Rio Grande LNG, and Marsa Oman.
What happened with the Mozambique LNG project restart in 2026?
TotalEnergies formally lifted force majeure on Mozambique LNG on November 7, 2025, following a four-year suspension caused by Islamist militant attacks in Palma in 2021. On January 29, 2026, CEO Pouyanné confirmed the full restart at the Afungi site in Cabo Delgado, with over 4,000 workers mobilised. The project, approximately 40% complete at restart, carries a revised total investment above $20 billion — including approximately $4.5 billion in force majeure costs — and targets first LNG in 2029.
What LNG terminals does TotalEnergies have equity in?
TotalEnergies holds equity in Cameron LNG (16.6%, Louisiana), Rio Grande LNG (Texas), Energia Costa Azul (16.6%, Mexico), Ksi Lisims LNG (Canada), North Field East (6.25%, Qatar), North Field South (9.375%, Qatar), South Hook LNG (8.35%, UK), Mozambique LNG (26.5%), Nigeria LNG, Marsa LNG (Oman), and Ichthys LNG (Australia), among others.
How much US LNG does TotalEnergies export?
TotalEnergies has been the leading exporter of US LNG since 2021, shipping 19 million tonnes in 2025. Its US equity and offtake position spans Cameron LNG, Rio Grande LNG, Sabine Pass, Freeport LNG, Corpus Christi, and Cove Point. US LNG export capacity attributable to TotalEnergies is projected to exceed 16 MTPA by 2030 with the addition of Rio Grande LNG Trains 1–4.
What regasification capacity does TotalEnergies have in Europe?
TotalEnergies has access to more than 20 MTPA of LNG regasification capacity in Europe through Dunkirk LNG (France, ~9.6 MTPA, largest continental terminal), Fos Cavaou (France), Montoir-de-Bretagne (France), and South Hook LNG (Wales, UK, 8.35% equity, 741 bcf capacity). The Le Havre FSRU was decommissioned by court order in late 2025.