There’s a whole LNG world beyond the confines of Sabine Pass, La., where Cheniere Energy Inc. has led the U.S. export charge.

In November 2017, French oil and gas giant Total SA bought LNG interests of French utility giant Engie for $1.5 billion. The deal included Engie’s 16.6% stake in the Cameron LNG project in Louisiana, sales and purchase agreements, a tanker fleet and regasification capacity in Europe.

The deal will lift Total’s global LNG market share from 6% to 10%, making it the No. 2 player behind Royal Dutch Shell Plc. It also extends Total’s natural gas reach through Europe, Asia and North America.

“This deal makes sense for everybody,” a senior banker in Paris told the Financial Times. “Total saw this as an opportunity to grow in the LNG market, to become a more integrated player. And in one go, they could make a major move.”

Frank Harris, Wood Mackenzie’s head of global LNG consulting, told the newspaper that the transaction signals how the market has shifted to portfolio players with the resources to execute a viable business plan, even in an oversupplied market. Total’s market capitalization is about $140 billion.

The deal comes as the world’s top buyer of LNG, Jera Co. (Japan’s Energy for a New Era), develops a strategy to become the world’s leading trade platform for the fuel. Hiroki Sato, chief buyer for the joint venture between two utilities, declared the company’s intent to “become a portfolio player like BP or Total.”

As nuclear plants shut down after the Fukushima event come back online, Japan’s need for LNG will decline. Sato, known as “Mr. LNG,” intends to keep buying LNG to sell to other companies and countries, thus maintaining Jera’s market power.

Joseph Markman can be reached at jmarkman@hartenergy.com or 713-260-5208.