Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM was in the high-USD 13s on March 21, but fell to the high-USD 12s at the end of March due to market sentiment easing as the US-Russia negotiations over the ceasefire in Ukraine began, and further fell to the low-USD 11s on April 11 following the announcement of new tariff measures by the Trump administration on April 3. After that, the price returned to the low-USD 12s on April 22 due to the Trump administration's announcement of a postponement and review of the tariff implementation schedule, as well as unplanned outages at several LNG shipping terminals in the Asian region.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.73 per million Btu and JPY 90,953 per tonne in March 2025. The USD price in March was down by USD 0.04 from February largely due to the fall of Japan’s average landed crude oil import price in December 2024 from November. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in February were USD 12.22, USD 11.69, USD 12.11, and USD 11.60, respectively. Elsewhere in Northeast Asia, average import prices in March were USD 9.92 in China, USD 11.82 in Korea and USD 11.01 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 79.49 per barrel and JPY 74.773 per kiloliter in March 2025.
• Japan imported 5.15 million tonnes of LNG in March 2025, 7.2% lower than the same month of 2024. China imported 4.97 million tonnes of LNG in March 2025, 24.5% lower than the same month of 2024. Korea imported 4.27 million tonnes, 19.3% higher than the same month of 2024. Chinese Taipei imported 2.09 million tonnes, 10.1% higher than the same month of 2024.
• Japan imported 17.67 million tonnes of LNG in the first three months of 2025, 13% or 2.10 million tonnes more than China's 15.57 million tonnes during the same period.

United States

• The Henry Hub Natural Gas Futures price hovered around USD 4s in late March, but continued to decline throughout the month as concerns grew over an economic downturn that would result from retaliatory tariffs imposed by other countries in response to the tariff policy announced by the Trump administration on April 3, and fell to USD 3.0 on April 22.

Europe

• The Dutch TTF Gas Futures price was USD 13.5 on March 21, but market sentiment turned bearish following the news of the start of negotiations between the US and Russia regarding a ceasefire in Ukraine, and the rise in temperatures in Europe and the continued increase in renewable energy output led to a downward trend, and further declined following the announcement of new tariff measures by the US in early April, reaching USD 10.8 on April 10. After that, the price rebounded from the large price drop and recovered, hovering around USD 11.5 on April 22.

Mid- to long-term trend

• In June 2023, JKM was hovering around USD 12s due to European gas prices fluctuations and other factors, but softened slightly in July to hover around USD 11s on the back of high inventories and low demand. In August, the possibility of a strike at major projects in Australia caused prices to move slightly higher, rising to USD 15 after the strike was implemented in September. In October, the price rose to USD 17 due to the outbreak of conflict in the Middle East and other factors, but in November, geopolitical risks eased somewhat, and the price generally hovered around USD 14s. In December, abundant supply and soft demand brought JKM down to USD 11, and the trend remained unchanged in January, generally at USD 9. In February, the downward trend was further spurred after the Luner New Year in the Northeast Asia region, falling below USD 8, but temporarily approached USD 10 in March, mainly due to short-term demand. In the middle of April, JKM rose to low-USD 11s due to escalating tensions in the Middle East. In the second half of April, JKM trended low-USD 10s due to easing geopolitical tensions. In the second half of May, the price trended in the range of high-USD 11s to low-USD 12s due to increased demand for the summer season. In June, JKM rose to mid-USD 13s partly due to summer demand. In July, JKM hovered in the range high-USD 11s to low-USD 12s since demand was weak but falling of the price boosted demand in short term. In mid-August, JKM hit the mid-USD 14s and updated its highest in 2024 amid geopolitical uncertainty. From September to October, the price softened slightly to hover around USD 13s due to low demand. In November, falling temperatures and rising geopolitical tensions pushed it to USD 15s, updated its highest in 2024. After that, the increase temporarily paused, but it returned to an upward trend due to the uncertainty of Russian gas flows next year. In January 2025, it mainly hovered around the USD 13s -14s level, following European gas prices. In February, it hit USD 17s, its highest since November 2023, but soon fell. In March, it fell to the low USD 12s on the back of low demand in Northeast Asia, but after that, rose to the high USD 13s due to heightened geopolitical risks. In April, it fell sharply to the low-USD 11s due to concerns about a global economic recession following the announcement of the US tariff policy, but then rebounded and remained at the low-USD 12s.
• Japan's average LNG import price was in the USD 5s from August until October 2020, the lowest level since January 2005, due to the collapse of international crude oil prices from March 2020. Then, the average price rose to USD 7s in December 2020 as crude oil prices recovered. In response to strong crude oil price movements, the average price further went up to USD 9s in February 2021, after falling to the mid-USD 7s in March. It had then been on the constant rise for the following 18 months to the highest ever at USD 22.73 in September 2022, along with the rise of crude oil prices until June 2022. Japan's average LNG import price declined, following the decline of the oil prices from July 2022, and has remained in the range between USD 11 and USD 13 since April 2023.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of November 2024 stood at 5.03million tonnes, an increase of 3.3% and 0.16 million tonnes from October, and a decrease of 8.0% from November 2023, higher than the past five-year average by 0.08 million tonnes.
• Japan's LNG inventories as of the end of December 2024 stood at 4.99 million tonnes, an decrease of 0.6% and 0.03 million tonnes from November, and an decrease of 13.4% from December 2023, higher than the past five-year average by 0.16 million tonnes.
• The LNG inventories for city-gas supply as of the end of December 2024 were 2.46 million tonnes, 12.0% lower than November and 7.0% lower than December 2023. LNG consumption for city-gas in December 2024 was 2.95 million tonnes, which decreased by 4.3% year-on-year. City-gas companies received 2.36 million tonnes of LNG in December 2024, decreasing year-on-year by 10.3%.
• The LNG inventories for city-gas supply as of the end of January 2025 were 2.25 million tonnes, 8.3% lower than December and 1.8% lower than January 2024. LNG consumption for city-gas in January 2025 was 2.69 million tonnes, which decreased by 4.7% year-on-year. City-gas companies received 2.66 million tonnes of LNG in January 2025, increasing year-on-year by 7.8%.
• The LNG inventories for power generation as of the end of November 2024 were 2.24 million tonnes, decreasing by 4.4% from October and 15.0% lower than November 2023. LNG consumption for power generation in November 2023 was 2.71 million tonnes, decreasing year-on-year by 8.5%. Power generation companies received 2.98 million tonnes of LNG, decreasing year-on-year by 12.2%.
• The LNG inventories for power generation as of the end of December 2024 were 2.54 million tonnes, increasing by 13.5% from November and 18.8% lower than December 2023. LNG consumption for power generation in December 2024 was 3.45 million tonnes, increasing year-on-year by 1.0%. Power generation companies received 4.17 million tonnes of LNG, decreasing year-on-year by 6.2%.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 23 April 2025, major power utilities’ LNG inventories were 2.11 million tonnes as of 20 April. This is lower by 0.07 million tonnes than the end of April 2024 and 0.03 million tonnes below the average of the end of April of the past five years.

United States

• As of 11 April 2025, working gas in underground natural gas storage in the United States was 1.9Tcf, 8.1% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 20.9% lower than those at the same time in 2024 and were 74Bcf lower than the past five-year average.

Europe

• As of 16 April 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 407.67 TWh (about 26.96 million tonnes LNG equivalent). The volume was lower than that of one year ago by 42.0% or 295.04 TWh (about 19.52 million tonnes LNG equivalent). The inventories represented 36.09% of the capacity, which was lower than 62.18% on the same day in 2024 and lower than the five-year average of 46.98%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 30.14%, 43.88% and 23.25% of their respective capacities.

 

• As of 16 April 2024, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 5.03 million cubic meters, 34.4% up from the previous month. The inventories were higher than the same day in 2024 by 9.8% and by 14.8% above the five-year average for the same day. The inventories represented 54.7% of the capacity, which was lower than 51.5% on the same day in 2024.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

LNG projects in the Lower 48 of the United States have seen progress on the commercial side as well as the regulatory side. Regarding the Louisiana LNG project, which was acquired by Woodside, Stonepeak is expected to own 40% of the facility. The project secured LNG sale deals with Germany's Uniper. Energy Transfer has signed an HOA with MidOcean Energy for the latter's 30% participation in the Lake Charles LNG project. Mubadala Energy of Abu Dhabi will acquire a 24.1% stake in Kimmeridge's asset holding company of the Commonwealth LNG project. The Rio Grande LNG project, with its first phase under construction, secured LNG sale deals for its next phase project.

 

Asia and Oceania

• Vietnam's PV GAS (PetroVietnam Gas Corporation) announced on 26 March 2025 that PV GAS held discussions with Malaysia's PETRONAS on potential cooperation opportunities. PETRONAS announced on 10 April that PETRONAS and PETROVIETNAM had signed a Key Principles Agreement (KPA) to extend the Production Sharing Contract (PSC) and Upstream Gas Sales Agreement (UGSA) for the PM3 Commercial Arrangement Area (CAA) for another 20 years. The area straddles the maritime border of Malaysia and Vietnam.
• Australia's Viva Energy announced on 31 March 2025 that it had engaged Poten & Partners to secure an FSRU for its proposed LNG terminal in Geelong, Australia. The new terminal demands a vessel with a capacity between 160,000 m3 - 180,000 m3 of LNG. Viva Energy is awaiting regulatory approval for its plans to construct the LNG terminal adjacent to its oil refinery in Geelong. An environmental impact assessment from the Victorian State Government is anticipated in April 2025, setting the stage for Viva Energy to make an FID by the end of 2025. If greenlit, the terminal is slated to commence operations in 2028.
• Shell announced on 1 April 2025 that Shell Eastern Trading Pte. Ltd. had completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. Pavilion Energy operates a global LNG trading business with contracted supply volume of 6.5 million tonnes per year. The acquisition includes Pavilion Energy's portfolio of LNG offtake and supply contracts, regasification capacity, and LNG bunkering business. Pavilion Energy's pipeline gas business in Singapore was not included as part of the transaction and has been transferred to Gas Supply Pte Ltd (GSPL), a wholly-owned subsidiary of Temasek. Pavilion Energy's 20% interest in blocks 1 and 4 in Tanzania are not included in the transaction.
• Mitsui O.S.K. Lines, Ltd. (MOL) announced on 10 April 2025 an agreement with Tokyo LNG Tanker Co., Ltd. (TLT), a subsidiary of Tokyo Gas Co., Ltd. to install two Wind Challenger wind-assisted ship propulsion systems developed by MOL and Oshima Shipbuilding Co., Ltd. together on a newbuilding LNG carrier that would be under a long-term charter to TLT. This is the world's second Wind Challenger to be installed on an LNG carrier.
• The Maritime and Port Authority of Singapore (MPA) announced on 10 April 2025 that MPA had received 14 proposals under its Expression of Interest (EOI) to scale up the supply of LNG as marine fuel in the Port of Singapore. 18 companies took part in the EOI. Eight included bio-methane and e-methane solutions. MPA will work with shortlisted companies to carry out sea-based LNG reloading trials by the second half of 2025. It will also develop plans to promote the use bio- and e-methane as marine fuels in Singapore. MPA expects to call for applications for additional bunker supply licences - including those covering bio- and e-methane - by early 2026.
• Australia's Santos said on 17 April 2025 that Barossa LNG was 95.2% complete as of the end of the first quarter with the Gas Export Pipeline and Darwin Pipeline Duplication complete, the majority of subsea infrastructure installed and the FPSO shipyard commissioning over 90% complete. Four wells have been drilled and completed, a fifth well is suspended for later completion and drilling of the sixth well is in progress. Production from four wells is capable of delivering full production rates at DLNG. The project remains on track for first gas in the third quarter, according to the announcement.

 

North America

• Canada's Cedar LNG revealed on 21 March 2025 that the Minister of Energy and Natural Resources had announced a contribution agreement under the Strategic Innovation Fund (SIF) of up to CAD 200 million for the Cedar LNG Project. Cedar LNG made an FID in June 2024, making Canada's first Indigenous majority-owned LNG facility a reality. Since FID, marine terminal and pipeline right-of-way clearing was initiated and is near completion. Marine terminal and pipeline construction is anticipated to commence in Q2 2025, with peak construction expected in 2026. The development of the FLNG is underway in Korea. The project's anticipated in-service date is expected in late 2028.
• Germany's SEFE (Securing Energy for Europe) and Delfin Midstream Inc. announced on 25 March 2025 that they had signed an HOA for the long-term supply of 1.5 million tonnes per year of LNG for at least 15 years on an FOB basis. The LNG will be sourced from FLNG vessels that Delfin is deploying offshore Cameron, Louisiana, on the Gulf Coast.
• Venture Global Calcasieu Pass, LLC on 25 March 2025 requested FERC authorization to place in-service the remainder of the facilities for the Project: Power Island, Pre-Treatment, LNG Storage, Boil-Off Gas, and Marine Facilities. FERC granted approval on 3 April. Venture Global announced on 15 April 2025 the commercial operation date for its inaugural LNG export project - Calcasieu Pass - and the commencement of the sale of low-cost LNG to the project's long-term customers. The company said that Calcasieu Pass reached the milestone in 68 months from the FID, making it among the fastest greenfield LNG projects completed. According to the announcement, due to its innovative, first-of-its kind configuration consisting of many mid-scale, modular liquefaction trains and process facilities that are delivered and installed sequentially, as well as Venture Global's owner-led approach to construction, the project was able to overcome significant unforeseen challenges, including a global pandemic, two hurricanes, and a force majeure event that arose due to major manufacturing issues with the facility's power island. The project has completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, according to the announcement. The long-term SPAs at Calcasieu Pass are among the most attractive price points for customers in the world, with average liquefaction fees under USD 2/million btu, according to the announcement.
• Glenfarne Group, LLC and the Alaska Gasline Development Corporation (AGDC) announced on 27 March 2025 that Glenfarne Alaska LNG, LLC and AGDC had signed agreements for Glenfarne to become majority owner of Alaska LNG and lead its development to construction and operations of the entire project. Alaska LNG is designed to deliver North Slope natural gas to Alaskans and Alaska utilities and export up to 20 million tonnes per year of LNG. AGDC is divesting 75% of 8 Star Alaska, a subsidiary AGDC created to hold and manage all Alaska LNG project assets, to Glenfarne. Glenfarne assumes the role of Alaska LNG's lead developer and will lead all remaining development work of Alaska LNG from FEED through to an FID. AGDC remains a 25% owner of 8 Star Alaska. Alaska LNG's three subprojects are an 807-mile 42-inch pipeline, the LNG export terminal in Nikiski, Alaska, and a North Slope-based CCS plant to remove and store 7 million tonnes per year of carbon dioxide. In light of declining gas production from Cook Inlet, phase one of the project will kick off immediately, prioritizing the development and an FID of the pipeline infrastructure needed to deliver North Slope gas to Alaskans as rapidly as possible. Following the FID, the State of Alaska will retain a 25% share in 8 Star Alaska and have the option to invest up to 25% in any or all of the three 8 Star Alaska subprojects.
• Alaska LNG Project LLC submitted on 28 March 2025 its latest semi-annual report to DOE describing the progress of the proposed Alaska LNG Project. AGDC (Alaska Gasline Development Corporation) reports that it is in the process of raising capital for the FEED phase of the project. Potential investors are performing due diligence on the project to consider providing the funding needed for FEED. Based on AGDC's FERC filing and the Final Environmental Impact Statement issued by FERC, the project could be operational six years following commencement of construction. Alaska LNG Project LLC has not yet entered into any long-term contracts associated with the long-term export of LNG or any long-term supply contracts.
• FERC announced on 28 March 2025 that the staff of FERC had prepared a draft supplemental environmental impact statement (EIS) to address the 6 August 2024 opinion issued by the U.S. Court of Appeals for the District of Columbia Circuit regarding the Commission's environmental review of the Rio Grande LNG Project and Texas LNG Project. The draft supplemental EIS comment period closes on 19 May.
• Tokyo Gas Co., Ltd. and Chevron Corporation announced on 31 March and 1 April 2025 that Tokyo Gas' subsidiary, Tokyo Gas America Ltd., through its majority-owned subsidiary TG Natural Resources LLC (TGNR) had closed on a transaction to purchase a 70% interest in the East Texas gas assets of Chevron.
• DOE announced on 1 April 2025 that DOE had rescinded a Biden-era policy statement that required authorized LNG exporters to meet stringent criteria before the agency would consider a request to extend a commencement date for an approved project. DOE will again review requests to extend the commencement date of non-FTA (free trade agreement) export authorizations on a case-by-case basis instead of requiring authorized exporters to meet stringent criteria before DOE would consider approving the request, including that the associated export project be under construction, and the authorization holder needed to demonstrate that extenuating circumstances outside its control prevented the commencement of exports within 7 years.
• LNG Canada announced on 2 April 2025 that the Maran Gas Roxana LNG carrier arrived at the LNG Canada facility in Kitimat, carrying a cargo of LNG to be offloaded into the facility for equipment testing.
• Canada's Cedar LNG said on 4 April 2025 that it had selected Ledcor Haisla Limited Partnership (LHLP) to construct the pipeline scope of work for the project. Haisla Nation and Ledcor established a joint venture over 10 years ago to execute projects in the Kitimat region. The pipeline construction is anticipated to commence in Q2 2025. Since Cedar LNG made an FID in June 2024, the project has completed clearing of the marine terminal site and pipeline route. The marine terminal site construction is anticipated to commence in Q2 2025. The development of the floating LNG facility is underway overseas with the project's anticipated in-service date expected in late 2028.
• Australia's Woodside Energy and investment firm Stonepeak announced on 7 April 2025 that they had entered into a binding agreement for Stonepeak to acquire an interest in Louisiana LNG Infrastructure LLC (InfraCo). Stonepeak will hold 40% equity in InfraCo, with the remaining 60% of InfraCo owned by Louisiana LNG LLC (HoldCo), the holding company operated by Woodside. InfraCo holds the Bechtel EPC (engineering, procurement and construction) agreement and, subject to FID (final investment decision), will own and construct the liquefaction infrastructure and the common user facilities. This investment in InfraCo is supported by a long-term liquefaction tolling agreement between InfraCo and HoldCo. HoldCo will be responsible for gas supply and LNG offtake. The effective date of the transaction is 1 January 2025, and closing is targeted in the second quarter of 2025.
• NextDecade Corporation announced on 8 April 2025 that it had executed a 20-year LNG SPA with a subsidiary of Aramco for offtake from Train 4 at the Rio Grande LNG Facility. The Aramco subsidiary will purchase 1.2 million tonnes per year of LNG for 20 years on an FOB basis, at a price indexed to Henry Hub, subject to a positive FID on Train 4.
• Energy Transfer LP and MidOcean Energy announced on 9 April 2025 that Energy Transfer's subsidiary, Energy Transfer LNG Export, LLC, had entered into an HOA (Heads of Agreement) related to its Lake Charles LNG project with MidOcean managed by EIG Global Energy Partners. The HOA provides a non-binding framework of the major terms for the joint development of the Lake Charles LNG project. MidOcean would commit to fund 30% of the construction costs and be entitled to receive 30% of the LNG production (5 million tonnes per year). The HOA also provides that MidOcean Energy will have the option to arrange for gas supply for its share of LNG production and that MidOcean will commit to long-term gas transportation on Energy Transfer pipelines.
• Abu Dhabi's Mubadala Energy signed on 10 April 2025 an agreement with Kimmeridge to acquire a 24.1% interest in Kimmeridge's SoTex HoldCo LLC, via the issuance of new equity. SoTex holds two portfolio companies: Kimmeridge Texas Gas, which operates an upstream unconventional gas business in the Eagle Ford in South Texas, and Commonwealth LNG, which owns the 9.3 million tonnes per year pre-FID LNG liquefaction and export facility at the mouth of the Calcasieu Pass in Louisiana. Commonwealth LNG is finalizing key pre-FID workstreams ahead of taking FID in 2025 with first offtake from the LNG plant planned for 2029.
• NextDecade Corporation announced on 14 April 2025 that TotalEnergies had exercised its LNG purchase option with respect to Train 4 at the Rio Grande LNG Facility, and subsidiaries of both companies had executed a long-term LNG SPA for offtake from Train 4. TotalEnergies Gas & Power North America, Inc. will purchase 1.5 million tonnes per year of LNG for 20 years on an FOB basis at a price indexed to Henry Hub, subject to an FID on Train 4. According to the announcement, NextDecade has contracted a total of 4.6 million tonnes per year of LNG from Train 4 on a long-term basis. According to TotalEnergies, it holds a 16.7% stake in the first phase of the Rio Grande LNG facility of three LNG trains under construction. TotalEnergies previously agreed to purchase 5.4 million tonnes per year of the approximately 17.5 million tonnes per year to be produced by the first phase, expected to start up in 2027. TotalEnergies also holds a 17.5% stake in NextDecade.
• Cheniere's Corpus Christi Liquefaction, LLC, submitted on 16 April 2025 a request to FERC to commence site preparation activities for the Corpus Christi Liquefaction Midscale Trains 8 & 9 Project.
• Energy and infrastructure company Sahara Group announced on 16 April 2025 that it had signed a 20-year LNG SPA with Amigo LNG S.A. de C.V., the Mexican subsidiary of Singapore-based LNG Alliance. Sahara Group will purchase 0.6 million tonnes per year of LNG from Amigo LNG's export facility in Guaymas, Sonora, Mexico. LNG deliveries are set to begin in the third quarter of 2028. Amigo LNG's 7.8 million tonnes per year export facility comprises of two trains.
• USTR (U.S. Trade Representative) announced on 17 April 2025 that it had issued "targeted action to restore American shipbuilding and address China's unreasonable acts, policies, and practices to dominate the maritime, logistics, and shipbuilding sectors." For the first 180 days the applicable fees will be set at zero. "(1) In the first phase, after 180 days: Fees on vessel owners and operators of China based on net tonnage per U.S. voyage, increasing incrementally over the following years." The announcement further reads "(2) The second phase actions will not take place for 3 years: To incentivize U.S.-built liquified natural gas (LNG) vessels, limited restrictions on transporting LNG via foreign vessels. These restrictions will increase incrementally over 22 years."
• Australia's Woodside announced on 17 April 2025 that it had signed LNG SPAs with Germany's Uniper. Louisiana LNG LLC will supply 1.0 million tonnes per year of LNG on an FOB basis for up to thirteen years from the commercial operations date (COD) of Louisiana LNG. Woodside Energy Trading Singapore Pty. Ltd. will supply up to 1.0 million tonnes per year of LNG on a DES basis from Woodside's global portfolio into Europe commencing with Louisiana LNG's COD over a term until 2039. The SPAs are subject to Woodside's FID on the three train 16.5 million tonnes per year foundation development of Louisiana LNG.

 

European and surrounding regions

• Worley Limited announced on 3 April 2025 that it had been awarded a contract by Deutsche Energy Terminal GmbH (DET) for Phase 2 of the Brunsbüttel FSRU terminal in Brunsbüttel, Germany. Worley will provide construction, installation and commissioning services. Worley's Phase 2 scope includes the installation of a permanent jetty and associated gas import facilities. Separately, Worley is also providing engineering and procurement services. DET is a wholly owned subsidiary of the German federal government.
• Wärtsilä Corporation announced on 3 April 2025 that Wärtsilä Gas Solutions would supply and install the bioLNG production solutions for two large-scale biogas projects in Finland. The plants have been ordered by Suomen Lantakaasu Oy, a joint venture between the biomethane company St1 Biokraft and dairy and food company, Valio. The two projects will each have the capacity to produce 25 tonnes of bioLNG per day. The feedstock for the biogas will be mainly manure and food processing waste. The residue product is an odour-free biofertilizer to be used by the farmers that supply the manure.
• Italy's Snam said on 8 April 2025 that the regasification unit BW Singapore, which had been moored 8.5 kilometres off the coast of Punta Marina since 28 February, was ready to enter operation. With the arrival of the first cargo from the United States on 3 April, the commissioning activities of the facility preliminary to the start of the first phase of commercial operations, scheduled for early May, began.
• The Council of European Union announced that on 11 April 2025 that the member states' representatives approved the Council's position on amending the gas storage regulation. The Council agreed to extend gas storage rules by two years while providing additional flexibilities for member states to adapt to evolving market conditions and to address possible market manipulations. The 90% filling targets should be reached anytime between 1 October and 1 December instead of the current 1 November deadline. Member states may deviate by up to 10% from the filling target.

 

Other regions

• Commodity trading company Vitol announced its 2024 volumes on 24 March 2025. LNG volumes grew 10% to 19.4 million TOE (15 million tonnes of LNG). In 2024 Vitol acquired Biomethane Partners in the United States, which captures methane from waste landfill, injecting it into the gas grid. Vitol has recently agreed with Eni to invest in producing assets offshore West Africa. This will take Vitol's total production to 110 kboepd, including almost 1 million tonnes of equity LNG, according to the announcement.
• Excelerate Energy, Inc. announced on 27 March 2025 that it had entered into an agreement with New Fortress Energy Inc. (NFE) under which Excelerate will acquire NFE's business in Jamaica. Excelerate will acquire the assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power (CHP) co-generation plant.
• bp Trinidad and Tobago (bpTT) announced on 27 March 2025 that it had sanctioned the Ginger gas development and achieved exploration success at its Frangipani well. Ginger will become bpTT's fourth subsea project and will include four subsea wells and subsea trees tied back to bpTT's existing Mahogany B platform. First gas from the project is expected in 2027. Drilling at the Frangipani exploration well identified multiple stacked gas reservoirs within the same geological structure. Options are being evaluated to move the discovery forward at pace.
• XRG, Abu Dhabi ADNOC's investment company, announced on 28 March 2025 that it had completed its acquisition of Galp's 10% interest in the Area 4 concession in Mozambique's Rovuma Basin, announced in May 2024. The acquisition includes stakes in the operational Coral South FLNG, the planned Coral North FLNG and Rovuma LNG's onshore development projects. Coral North FLNG anticipates an imminent FID. Both offshore projects are led by Eni. The onshore Rovuma LNG Phase 1 Project, led by ExxonMobil, is expected to complete its FEED phase in 2025.
• Dixstone, an affiliate of Perenco, announced on 3 April 2025 that Dixstone had been awarded the Construction, Procurement and Integration of a new LNG Project in Cap Lopez, GABON. The project is a nearshore LNG facility that will produce 0.7 million tonnes per year of LNG and 25,000 tonnes of LPG per year (phase 1).
• bp Trinidad and Tobago (bpTT) confirmed on 3 April 2025 that its Cypre development had delivered its first gas. Cypre is one of bp's 10 major projects expected to start up worldwide between 2025 and 2027, announced as part of bp's reset strategy to grow the upstream. Cypre is bpTT's third subsea development. It will comprise seven wells tied back into bpTT's existing Juniper platform. At peak, it is projected to deliver around 45,000 boed (approximately 250 million standard cubic feet of gas a day). The first phase of the development - four wells - was completed at the end of 2024. The second phase is expected to commence in the second half of 2025. Cypre is bp's second major start-up of 2025, following the start of production from the second development phase of the Raven field, offshore Egypt. The Cypre gas field is located 78 kilometers off the southeast coast of Trinidad within the East Mayaro Block, in water depth of approximately 80 metres. Cypre is 100% owned by bp Trinidad and Tobago which is owned by bp (70%) and Repsol (30%).
• The Council of Ministers of Mozambique approved the development plan for the offshore Coral Norte FLNG project on 8 April 2025. According to the announcement, the Coral Norte FLNG floating platform will be a replica of the Coral Sul FLNG model.
• Italy's Eni announced on 14 April 2025 that Eni and Argentina's YPF had signed an MoU to evaluate Eni's participation in the Argentina LNG project. According to the announcement, Argentina LNG is designed to develop the resources of the Vaca Muerta onshore gas field and export in various phases up to 30 million tonnes per year of LNG by the end of the decade (by 2029). The phase covered by the MoU relates to the development of upstream, transportation and gas liquefaction facilities through two FLNG units of 6 million tonnes per year each, for a total of 12 million tonnes per year.
• Abu Dhabi's ADNOC said on 16 April 2025 that it had signed a 15-year LNG SPA with Mitsui and Company, to deliver up to 0.6 million tonnes per year of LNG from the Ruwais LNG project.
• bp announced on 17 April 2025 that it had loaded the first cargo of LNG for export from its GTA Phase 1 FLNG project offshore Mauritania and Senegal. The first cargo is the third upstream major project start-up of 2025 for bp. GTA is one of the deepest offshore developments in Africa, with gas resources in water depths of up to 2,850 metres. GTA Phase 1 is expected to produce around 2.4 million tonnes per year of LNG, with an allocation of gas volumes to the domestic markets in both countries.
• Abu Dhabi's ADNOC said on 18 April 2025 that it had signed a 15-year LNG SPA  with China's ENN Natural Gas.

 

(Note: bcm: billion cubic metre, CCS: Carbon Capture and Storage, DES: delivered ex-ship, DOE: U.S. Department of Energy, EPC: Engineering, Procurement and Construction, EPCI: Engineering, Procurement, Construction and Installation, EPCm: Engineering, Procurement and Construction management, FEED: Front-End Engineering Design, FERC: U.S. Federal Energy Regulatory Commission, FID: Final Invest Decision, FLNG: Floating Liquified Natural Gas, FOB: free-on-board, FSRU: Floating Storage and Regasification Unit, FSU: Floating Storage Unit, HOA: Heads of Agreement, MOU: Memorandum of Understanding, SPA: Sale and Purchase Agreement)

 

 

Supprted by the Institute of Energy Economics Japan (IEEJ)