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 low USD 11s on April 25, rose slightly to the high USD 11s by the second week of May and remained in the low USD 11s until the middle of the fourth week, as the summer season began to enter, and demand remained sluggish in East Asia. Thereafter, market trends shifted to a full-fledged shift in summer demand and the lack of progress in Ukraine-Russia peace negotiations led to a temporary rise to the high USD12s, but the price fell to the mid USD12s by the end of the fourth week due to sluggish demand in China and India.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.59 per million Btu or JPY 88,789 per tonne in April 2025. The USD price in April was up by USD 0.14 from March largely due to the fall of Japan’s average landed crude oil import price in January 2025 from December 2025. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in February were USD 11.66, USD 11.88, USD 11.75, and USD 11.10, respectively. Elsewhere in Northeast Asia, average import prices in March were USD 9.81 in China, USD 11.41 in Korea and USD 11.26 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 79.00 per barrel or JPY 73.436 per kiloliter in April 2025.
• Japan imported 5.37 million tonnes of LNG in April 2025, 1.7% higher than the same month of 2024. China imported 4.64 million tonnes of LNG in April 2025, 24.8% lower year-on-year (y-o-y). Korea imported 4.04 million tonnes, 2.9% lower to the previous year. Chinese Taipei imported 1.98 million tonnes, 46.7% higher y-o-y.
• Japan imported 16.40 million tonnes of LNG in February, March, April 2025, 16% or 2.25 million tonnes more than China's 15.57 million tonnes during the same period.

United States

• The Henry Hub Natural Gas Futures price was USD 2.9 on April 25, then rose to USD 3.8 by the end of the second week of May on the prospect of higher electricity demand due to rising temperatures. It then dropped to USD 3.3 on May 23 due to basically mild weather in many areas.

Europe

• The Dutch TTF was at USD 10.8 on April 25, but rose to the mid-USD 11 range by the end of the second week due to maintenance of production facilities in Norway and the EU's announcement to stop all imports of Russian gas by the end of 2027. The price then hovered around the mid-USD11 range, but rose to USD12.1 on the May 23 as the market reacted bullishly to the lack of progress in the Ukraine-Russia peace talks.

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. In May, the price rose to high USD 12 in mid-May and remained in the mid USD 12 range thereafter, as market trends shifted in earnest to summer demand and there was no progress in Ukraine-Russia peace negotiations.
• 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 December 2024 stood at 4.99 million tonnes, a decrease of 0.6% or 0.03 million tonnes from November, and a decrease of 13.4% from December 2023, higher than the past five-year average by 0.16 million tonnes.
• Japan's LNG inventories as of the end of January 2025 stood at 4.96 million tonnes, a decrease of 0.6% or 0.03 million tonnes from December, and an increase of 0.4% from January 2024, higher than the past five-year average by 0.62 million tonnes.
• 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 (y-o-y). City-gas companies received 2.66 million tonnes of LNG in January 2025, increasing by 7.8% y-o-y.
• The LNG inventories for city-gas supply as of the end of February 2025 were 2.19 million tonnes, 2.7% lower than January and 2.4% higher than February 2024. LNG consumption for city-gas in February 2025 was 2.58 million tonnes, which decreased by 4.8% year-on-year. City-gas companies received 2.71 million tonnes of LNG in Febuary 2025, increasing by 5.4% y-o-y.
• 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 by 1.0% y-o-y. Power generation companies received 4.17 million tonnes of LNG, decreasing by 6.2% y-o-y.
• The LNG inventories for power generation as of the end of January 2025 were 2.71 million tonnes, increasing by 6.8% from December and 2.4% higher than January 2024. LNG consumption for power generation in January 2025 was 3.55 million tonnes, decreasing by 4.6% y-o-y. Power generation companies received 4.24 million tonnes of LNG, increasing by 12.6% y-o-y.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 21 May 2025, major power utilities’ LNG inventories were 1.98 million tonnes as of 18 May. This is lower by 0.09 million tonnes than the end of May 2024 and 0.20 million tonnes below the five-year average.

United States

• As of 9 May 2025, working gas in underground natural gas storage in the United States was 2.3Tcf, 22.2% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 14.6% lower than those at the same time in 2024 and were 57Bcf lower than the past five-year average.

Europe

• As of 19 May 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 508.2TWh (about 33.62 million tonnes LNG equivalent). The volume was lower than the previous year by 33.2% or 252.55 TWh (about 16.71 million tonnes LNG equivalent). The inventories represented 52.9% of the capacity, which was lower than 67.14% on the same day in 2024 and fell below the five-year average of 55.48%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 37.58%, 54.87% and 31.59% of their capacities respectively.

 

• As of 19 May 2025, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.87 million cubic meters, 2.9% up from the previous month. The inventories were higher than the same day in 2024 by 14.3% and by 2.2% below the five-year average for the same day. The inventories represented 52.9% of the capacity, which was lower than a year ago level of 48.8%.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

Australia's Woodside announced an FID on the first three trains with an aggregated annual capacity of 16.5 million tonnes of the Louisiana LNG project in the United States at the end of April, targeting LNG production in 2029. It is the first FID for a large-scale LNG production project in the United States since July 2023. The Southern Energy FLNG project in Argentina announced an FID in early May. The two FLNG vessels are expected to have an LNG export capacity of 6 million tonnes per year in total, with production commencement targets of the first and second vessels by the end of 2027 and 2028, respectively.

 

Asia and Oceania

• Osaka Gas Co., Ltd. announced on 21 April 2025 that it had launched its shore-to-ship LNG bunkering service. The first delivery took place at the Senboku LNG Terminal, where LNG was supplied to the VERDE HERALDO, an LNG-fuelled vessel operated by Mitsui O.S.K. Lines, Ltd. (MOL). The vessel serves JFE Steel Corporation by transporting raw materials for steel production.
• JERA Co., Inc and Saibu Gas Co., Ltd. announced on 22 April 2025 that they had agreed to collaborate in the strategic use of Hibiki LNG Terminal. In November 2024, to address domestic demand for natural gas and enhance supply stability, Saibu Gas decided to expand capacity at Hibiki LNG Terminal, including the construction of the third LNG Tank. This provided an opportunity for JERA and Saibu Gas to agree to take concrete steps to strengthen stable procurement of LNG.
• Malaysia's PETRONAS announced on 22 April 2025 that PETRONAS LNG Ltd. (PLL) had concluded the delivery of its first LNG cargo to PetroVietnam Gas (PV Gas). The cargo was delivered from the PETRONAS LNG Complex in Bintulu, Sarawak to the Thị Vải LNG Terminal in the Bà Rịa - Vũng Tàu Province. The cargo was carried by Seri Ayu, an LNG vessel chartered from PETRONAS' MISC subsidiary.
• India's HPCL (Hindustan Petroleum Corporation Limited) said on 30 April 2025 that it had signed an LNG SPA (supply and purchase agreement) with Abu Dhabi's ADNOC LNG. HPCL has commissioned an LNG terminal at Chhara, Gujarat.
• Brunei LNG Sendirian Berhad announced on 2 May 2025 a long-term LNG SPA with PetroChina International Singapore (PCSG) Pte Ltd.
• BK LNG Solution Pte. Ltd. (BKLS) announced on 07 May 2025 a strategic partnership with Bosowa Energy Group through the signing of an MOU, launching collaboration across the LNG and broader energy infrastructure sectors. The two parties will cooperate in areas, including LNG supply chain integration, development of FSUs, natural gas power generation, downstream energy applications, and small-scale LNG distribution via ISO tank containers. A key component involves converting existing diesel-fired power plants on remote islands into cleaner, gas-fired power plants using LNG. The partnership will also focus on the deployment of modular LNG regasification units and the development of localized micro-grid systems. Initial pilot projects are scheduled to launch in Eastern Indonesia later in 2025.
• Singapore's EMA (Energy Market Authority) announced on 07 May 2025 that Singapore GasCo Pte Ltd had been established to centralise the procurement and supply of natural gas to the power sector as a fully Government-owned entity.
• Australia's Santos said on 7 May 2025 in a presentation at the 2025 Macquarie Group Conference that the Barossa project was 95.4% complete, with first gas expected in the third quarter of 2025. The FPSO (floating production, storage and offloading) vessel and SURF (subsea production systems) are nearly complete, and construction of the Darwin LNG pipeline duplication is over 85% finished. The Moomba Central optimisation project, with a crucial role in ensuring long-term gas supply to LNG and domestic markets, is targeting FID readiness in 2025. By electrifying and centralising facilities and replacing aging compressors, Santos expects to lower onshore Cooper Basin unit gas production costs.
• Australia's Santos said on 7 May 2025 in a presentation at the 2025 Macquarie Group Conference that the Papua LNG project was targeting FID readiness by 2026, while the P'nyang project was in the processing concept select phase.
• Woodside Energy said on 8 May 2025 at its 2025 Annual General Meeting that the Scarborough project was more than 80% complete and on track for its first LNG cargo in the second half of 2026. The company said that Scarborough was marketed as a low-carbon option, due to its near-zero reservoir CO₂ and efficient processing facilities. Combined with the Louisiana LNG project, Woodside expects to be delivering approximately 24 million tonnes of LNG per year in the 2030s, operating more than 5% of global supply. The company said that contracts signed during the past two months with China Resources and Germany's Uniper would see Woodside's LNG delivered into China and Europe into the 2040s.
• Eni announced on 13 May 2025 gas production start-up from the Merakes East field, in the Kutei basin, offshore Indonesia. The field is in the East Sepinggan block (Eni 85%) and is expected to contribute up to 0.1 bcf/d of gas to Eni's production. Merakes East is tied back via a subsea connection to the Jangkrik Floating Production Unit (FPU). The gas will be transferred to supply the internal market and the Bontang liquefaction plant.
• China's Guangdong Pearl River Investment Management Group announced on 20 May 2025 that it had signed a 15-year LNG SPA with ConocoPhillips.
• Mercuria Energy Group Holding SA announced on 21 May 2025 that Mercuria Energy Trading S.A. signed a long-term LNG SPA with Guangzhou Gas Group Co., Ltd.
• bp announced on 21 May 2025 that bp signed a long-term LNG SPA with Zhejiang Energy Group. bp will supply up to 1 million tonnes per year of LNG on a DES basis for 10 years from bp's global portfolio.

 

North America

• Honeywell announced on 22 April 2025 that it had signed an agreement with Argent LNG to assess the use of Honeywell's pretreatment solutions at an LNG export plant to be constructed in Port Fourchon, Louisiana.
• Australia's Woodside Energy said on 23 April 2025 that for Woodside's Louisiana LNG, all high value orders and major purchase orders (equipment and bulk materials) for Trains 1 and 2 had been released. Purchase orders for Train 3 had also been placed. In early April, Woodside entered into an agreement with Stonepeak for the sale of a 40% equity interest in Louisiana LNG Infrastructure LLC. Woodside is advancing discussions targeting further equity sell-down in Louisiana LNG. "Louisiana LNG has a Foreign-Trade Zone, enabling the project to defer payment of tariffs until completion of each LNG train. We are assessing the potential impacts of recent tariff announcements and potential further trade measures on Louisiana LNG. Around 25% of Louisiana LNG's estimated capital expenditure is equipment and materials, approximately half of which is currently expected to be sourced from the United States."
• PHMSA (Pipeline and Hazardous Materials Safety Administration) announced on 29 April 2025 that it was seeking comment to inform a rulemaking proposal to update regulations for LNG facilities, fast-track new LNG infrastructure projects, expand domestic export capacity, and grow the small-scale LNG market. According to the announcement, "These rulemakings would reduce the burden on those who produce and transport American energy by allowing them to take advantage of advances in technology and engineering best practices and removing out-of-date regulatory requirements. These rules would contribute to lower costs for American consumers and help our allies abroad."
• Woodside Energy announced on 29 April 2025 that it had made an FID to develop the three-train, 16.5 million tonne per year Louisiana LNG development. Woodside is targeting first LNG in 2029. The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 million tonnes per year. The forecast total capital expenditure for the LNG project, pipeline and management reserve is USD 17.5 billion.
• Singapore-based LNG Alliance Pte Ltd announced on 30 April 2025 that Oman's OQ Trading had signed a definitive 15-year LNG SPA with Amigo LNG S.A. de C.V., the Mexican subsidiary of LNG Alliance. OQT will purchase 0.6 million tonnes per year of LNG on an FOB basis from Amigo LNG's export facility in Guaymas, Sonora, Mexico. The first LNG deliveries are expected to commence in the second quarter of 2028.
• Australia's Woodside Energy announced on 30 April 2025 that it had signed an agreement with bp for the latter to supply natural gas to the Louisiana LNG project. According to the announcement, the agreement represents the first tranche of a diversified portfolio of feedgas. "By drawing upon bp's experience with MiQ certificates, we can access verifiably low methane intensity molecules for the Louisiana LNG project. This supports Woodside's goals as a member in the UN Environment Programme's OGMP 2.0 initiative." Louisiana LNG Gas Management LLC (GasCo), a wholly owned subsidiary of Louisiana LNG LLC, has committed to purchase on a long-term basis up to 640 billion cubic feet (4.86 million tonnes) of gas from bp for an ultimate delivery to Line 200 beginning in 2029.
• ExxonMobil Corporation said on 2 May 2025 that the Golden Pass LNG project continued to be progressing at the pace that it had anticipated. The company expects to have the first LNG by the end of 2025, potentially slipping into early 2026. QatarEnergy said on 20 May 2025 that it would be LNG exporter from the United States with Golden Pass online at the end of 2025.
• Commonwealth LNG announced on 5 May 2025 that it had signed an SPA with a major Asian energy company. The buyer will purchase 1 million tonnes per year of LNG for 20 years from Commonwealth's 9.5 million tonnes per year facility under development in Cameron, Louisiana. Commonwealth also noted that on 28 April 2025 Commonwealth terminated the two LNG SPAs with Woodside Energy Trading Singapore Pte Ltd executed on 2 September 2022 pursuant to their terms.
• Energy Transfer LP said on 6 May 2025 that in April Lake Charles LNG and Mid Ocean Energy signed an HoA to provide a non-binding framework for the joint development of the LNG project. Mid Ocean would commit to fund 30% of the construction cost and be entitled to 30% of the LNG production. Energy Transfer said that in April Lake Charles LNG signed a binding SPA with a Japanese utility company for up to 1 million tonnes per year, with the agreement subject to the approval of the board of the company, which is expected to be received by May. Energy Transfer said that in April Lake Charles LNG signed an HOA with a German energy company for 1 million tonnes per year. Lake Charles LNG is targeting FID by the end of 2025. Lake Charles LNG Export Company, LLC on 17 April 2025 submitted an application to the DOE Office of Fossil Energy and Carbon Management for an amendment to its DOE non-FTA Export Order to extend the commencement of export operations deadline to 31 December 2031. Lake Charles LNG Export requests that DOE/FECM approve the Extension Application on or before 16 June 2025.
• NextDecade Corporation said on 6 May 2025 that in April the company announced 20-year LNG SPAs with Aramco and TotalEnergies, joining ADNOC as the long-term customers supporting Train 4, resulting in sufficient commercial commitments to underpin a positive FID. The company is working with Bechtel on a refresh of the Train 4 EPC contract and expects to launch the financing process for Train 4 imminently.
• Sempra acknowledged on 8 May 2025 the safety incidents at the Port Arthur facility, which has resulted in the loss of 3 employees. Port Arthur LNG began admitting all items and the designated foreign trade zones into the United States to mitigate tariff impacts as a pre-emptive action in February 2025 to avoid higher costs. While the end of 2025 remains Port Arthur LNG Phase 2 target of an FID, uncertainty and the macro-economic environment may affect the timing. The priorities reflected in Sempra's capital program are focused on growing regulated utilities.
• Thailand's Department of Energy said on 8 May 2025 that it would consider the appropriate amount of gas imports from Alaska LNG, which may be around 3 - 5 million tonnes per year. The ministry said it had assigned PTT Public Company Limited, the Electricity Generating Authority of Thailand, and Electricity Generating Public Company Limited, to negotiate the details of the project.
• FERC on 9 May 2025 issued the Final Supplemental Environmental Impact Statement for Venture Global CP2 LNG and CP Express Pipeline Projects.
• Louisiana LNG and Driftwood Pipeline, in a filing with FERC on 13 May 2025, requested an additional eight-month extension of time, until 31 December 2029, to place the project in service in order to align the in-service date with updated schedule milestones under Louisiana LNG's EPC contract with Bechtel Energy Inc., which were revised to more accurately reflect the status of project construction after Australia's Woodside Energy's acquisition of Tellurian. According to the filing, the extension is required to support additional equity sell-downs, which Woodside Energy is currently progressing, as well as offtake agreements and other arrangements with third parties to progress the development, all of which require that Louisiana LNG and Driftwood Pipeline's authorizations remain legally valid throughout the construction of the project. Louisiana LNG and Driftwood Pipeline request that FERC grant the request for extension by 13 June 2025.
• Kimmeridge announced on 13 May 2025 that Kimmeridge Texas Gas (KTG) and Commonwealth LNG had finalized binding agreements with Glencore LTD to form a strategic natural gas and LNG partnership. Glencore will purchase 2 million tonnes per year of LNG for 20 years from Commonwealth, as well as equivalent natural gas supply from KTG under a netback agreement at international prices. Inclusive of agreements with Glencore, Commonwealth has 3 million tonnes per year of offtake under long-term agreement, ahead of a targeted FID in Q3 2025 and anticipated first LNG production in 2029.
• Australia's Woodside Energy Ltd announced on 14 May 2025 that it entered into a non-binding collaboration agreement with Aramco to explore global opportunities, including Aramco's potential acquisition of an equity interest in and LNG offtake from the Louisiana LNG project.
• The staff of FERC issued on 16 May 2025 a final supplemental environmental impact statement (EIS) to address the 16 July 2024 Opinion issued by the United States Court of Appeals for the District of Columbia Circuit regarding the Commission's environmental review of the Commonwealth LNG Project.
• DOE on 19 May 2025 released its Response to Comments on the 2024 LNG Export Study. As it said, "expanding America's LNG exports is good for Americans and good for the world." DOE would proceed with issuing final orders on pending applications to export U.S.-sourced natural gas as LNG to non-free trade agreement countries.
• TotalEnergies announced on 19 May 2025 that it had signed an SPA with Ksi Lisims LNG for the purchase of 2 million tonnes per year of LNG for 20 years from the planned liquefaction plant, subject to the FID of the project. TotalEnergies acquires a 5% stake in Western LNG, the developer, shareholder, and future operator of the Ksi Lisims LNG project. This acquisition grants TotalEnergies the option to increase its stake in Western LNG and/or take a direct stake in the plant up to approximately 10% when the FID is made.

 

European and surrounding regions

• Germany's DET (Deutsche Energy Terminal GmbH) announced on 28 April 2025 that the FSRU Excelsior (Floating Storage and Regasification Unit) reached its purpose-built island jetty in the Jade Stream near Wilhelmshaven. The FSRU is owned by Excelerate Energy. Wilhelmshaven02 is DET's second terminal in Wilhelmshaven and, together with Brunsbüttel, DET's third terminal.
• INEOS and Covestro announced on 30 April 2025 a long-term agreement for the supply of natural gas sourced from INEOS' global LNG portfolio for up to eight years, starting 2027. INEOS first entered the LNG sector in June 2022, signing a 20-year agreement with Sempra Infrastructure to supply 1.4 million tonnes per year of LNG from the US Gulf Coast.
• Germany's BMWK (Ministry for Economic Affairs and Climate Action) announced on 30 April 2025 that the Federal Cabinet acknowledged the regulation presented by BMWK on adjusting the filling level specifications for gas storage facilities. The regulation provides for a moderate reduction in the legal requirements for gas storage levels while simultaneously ensuring a continued high level of gas supply security. The regulation therefore differentiates between fast, responsive cavern storage facilities and pore storage facilities, which have a slower injection and withdrawal rate. The fill level requirements for all cavern storage facilities will be reduced from 90 % to 80 % on 1 November of each year. These requirements also apply to the four southern German porous storage facilities, which are also important for supply security in Austria and Switzerland. For the remaining porous storage facilities, the requirements will be reduced to 45%. The ordinance is a ministerial decree and does not require parliamentary approval. It enters into force upon promulgation.
• VTTI and Höegh Evi announced on 2 May 2025 that they had launched the permitting process for Zeeland Energy Terminal (ZET). The Ministry of Climate and Green Growth (KGG) published the Notification of Intent and Proposal for Participation, marking the formal start of the permitting process as a project of strategic interest for the Dutch Government. ZET will feature an FSRU. ZET aims to commence operations by 2028/2029.
• The European Commission published "Roadmap towards ending Russian energy imports" (REPowerEU Roadmap) on 6 May 2025 a few weeks later than the previously targeted date of 26 March. EC's upcoming proposals aim to improve the transparency, monitoring and traceability of Russian gas across the EU markets. New contracts with suppliers of Russian gas (pipeline and LNG) will be prevented, and existing spot contracts will be stopped by the end of 2025. The commission claims that the measure will ensure that by the end of 2025, the EU will have slashed by one third remaining supplies of Russian gas. The Commission will further propose to stop all remaining imports of Russian gas by the end of 2027.

 

Other regions

• Abu Dhabi's ADNOC and China's ENN Natural Gas said on 18 and 21 April 2025, respectively, that they had signed a 15-year LNG SPA. According to ENN, ADNOC will supply one million tonnes per year of LNG to ENN. The LNG will primarily be sourced from ADNOC's Ruwais LNG project.
• The Ministry of Energy Transition and Sustainable Development of Morocco issued on 23 April 2025 a notice of call for expressions of interest for development of infrastructure for reception, storage, regasification and transmission of natural gas and gas-fired power plants at the port of Nador West Med. The programme includes the design, construction, equipment, operation and maintenance of infrastructure. The terminal will be either an FSRU or an FSU (with regasification element moved to the jetty).
• Wison New Energies (WNE) announced on 25 April 2025 that it had signed the Detailed Feasibility Study (DFS) for a new-build FLNG facility in Suriname's Offshore Block 52. Located 120 kilometers off Suriname's coast, the FLNG facility will tap into the Sloanea Gas Field, at a water depth of around 450 meters.
• TotalEnergies SE said on 30 April 2025 that regarding the Mozambique LNG project, all the financing was back on track. The company expects "one or two answers", according to the company. The security of the industrial area is completely secure, according to the company. The company said that it had asked Mozambique authority to launch an enquiry into any human rights issues at the project. According to the company, the target is to be able somewhere to relaunch the project by the middle of the year.
• TotalEnergies announced on 1 May 2025 that the company and OQ Exploration and Production celebrated the ground-breaking of the Marsa LNG plant, in the port of Sohar, northern Oman, one year after the FID. The 1 million tonne per year liquefaction plant is being built by Marsa LNG LLC, a joint company between TotalEnergies (80%) and OQEP (20%). The LNG production, which is expected to start in the first quarter of 2028, is primarily intended to serve the marine fuel market (LNG bunkering) in the Gulf.
• Harbour Energy plc announced on 2 May 2025 that Harbour and its partners - Pan American Energy, YPF, Pampa Energía and Golar LNG - had taken an FID for the Southern Energy FLNG export project in Argentina. The project envisages deploying two of Golar LNG's FLNG vessels - the Hilli Episeyo and MK II - off the coast of the Río Negro province. The project is expected to have processing and export capacity of 6 million tonnes per year of LNG. The Southern Energy partners are targeting production start-up from the Hili Episeyo around year-end 2027 with the MK II expected to commence operations end 2028. Southern Energy S.A. (SESA) is owned by a consortium of gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar LNG (10%).
• Golar LNG Limited announced on 2 May 2025 the FID and fulfilment of all conditions precedent for the 20-year re-deployment charter of the FLNG Hilli Episeyo, first announced on 5 July 2024. The vessel will be chartered to Southern Energy S.A. (SESA), offshore Argentina. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted to the FLNG Hilli project, expected within 2025.
• Norway's Höegh Evi announced on 12 May 2025 a 10-year time charter agreement with Egyptian Natural Gas Holding Company (EGAS) for the deployment of Hoegh Gandria as an FSRU in Egypt. The FSRU Hoegh Gandria will be deployed in Q4 2026 to the Port of Sumed. Höegh Evi will convert Hoegh Gandria to an FSRU. Hoegh Gandria was purchased in February 2023 with the intention of conversion. The FSRU Hoegh Gandria will replace the Hoegh Galleon, which was deployed to Egypt in July 2024, on an interim charter from AIE and Höegh Evi. The Galleon will remain in Egypt for up to an additional year before deployment to the LNG terminal in Port Kembla, Australia in 2027.
• New Fortress Energy Inc. announced on 13 May 2025 that its subsidiary had executed a three-year charter agreement for the Energos Freeze, a 125,000 m3 FSRU, with Energía 2000 S.A. in the Dominican Republic. The Energos Freeze will be deployed to Energía 2000 S.A.'s LNG import terminal in the port of Pepillo Salcedo (Manzanillo) and is expected to commence operations in September 2025.
• LNG shipping industry association SEA-LNG said on 14 May 2025 that it had completed its initial analysis of the IMO Net-Zero Framework following MEPC 83. The calculations show that under the framework investments in LNG dual fuel vessels offer shipowners a significantly shorter payback period than methanol, ammonia or VLSFO.
• Oman LNG announced on 19 May 2025 the signing of an SPA with Vitol. Oman LNG will supply LNG to Vitol on a DES Flexible basis, with deliveries (800,000 tonnes per year) from January 2026.
• Qatar's Energy Minister said on 21 May 2025 "We will be starting the first LNG train from the North Field East development by mid-next year. As for North Field West, it is in the engineering phase and will be going into the construction phase somewhere in 2027. We will more than double of LNG production from the current 77 million tonnes to 160 million including production from the Golden Pass project in Texas, which will come online later this year." "QatarEnergy will be the largest single LNG exporter as a company. While Qatar, as a country, will be the second largest exporter of LNG after the United States for a very long time." The minister said that QatarEnergy was building the world's largest ethane cracker in the United States, expected to start production in the first quarter of 2027; and the largest ethane cracker in the MENA region being built in Ras Laffan, expected to begin production in early 2027. "China is our biggest buyer of LNG and a partner in our NFE and NFS expansion. We are also building a large number of ships in China as part of our historic LNG shipbuilding program."

 

(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)