Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, remained within USD 11s range throughout September. The continued supply from Russia’s Arctic LNG 2 to China has not shown major impact on spot LNG prices. In Japan, spot demand increased temporarily in early September due to persistent heatwaves, but this seemed to be tentative one. The market continues to face a situation of low demand and high inventory levels in the 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 11.05/MBtu or JPY 84,650/tonne in July 2025. The USD price in August was down by USD 0.22 from July due to the falling of Japan’s average landed crude oil import price in May 2025 from April 2025. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in August were USD 11.27/MBtu, USD 10.78/MBtu, USD 10.40/MBtu, and USD 11.02/MBtu, respectively. Elsewhere in Northeast Asia, average import prices in August were USD 10.35/MBtu in China, USD 11.16/MBtu in Korea and USD 10.15/MBtu in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 72.06/bbl or JPY 66,961/kL in August 2025.
• Japan imported 5.36 million tonnes of LNG in August 2025, 6.5% lower than the same month of 2024. China imported 6.35 million tonnes of LNG in August 2025, 2.3% lower year-on-year (y-o-y). Korea imported 4.62 million tonnes, 19.8% higher y-o-y. Chinese Taipei imported 1.93 million tonnes, 2.4% lower y-o-y.

United States

• The Henry Hub Natural Gas Futures price remained mostly flat in the first half of September, supported by mild weather and ample inventory. In the middle of the month, prices hovered around USD 3.1/MBtu due to rising temperatures and stronger feed gas demand, but later declined to high-USD 2s range as the EIA reported healthy storage levels and market sentiment shifted accordingly.

Europe

• The Dutch TTF hovered within a relatively narrow range from the high -USD 10s to mid-USD 11s throughout September. This was despite supply reductions due to maintenance in Norway, as weak demand driven by mild weather across Europe. According to AGSI+, underground gas storage level in Europe reached 80% on 12 September.

Mid- to long-term trend

2024

• January 2024, generally at USD 9/MBtu. In February, the downward trend was further spurred after the Luner New Year in the Northeast Asia region, falling below USD 8/MBtu, but temporarily approached USD 10/MBtu in March, mainly due to short-term demand. In the middle of April, JKM rose to low-USD 11s/MBtu due to escalating tensions in the Middle East. In the second half of April, JKM trended low-USD 10s/MBtu due to easing geopolitical tensions. In the second half of May, the price trended in the range of high-USD 11s/MBtu to low-USD 12s/MBtu due to increased demand for the summer season. In June, JKM rose to mid-USD 13s/MBtu partly due to summer demand. In July, JKM hovered in the range high-USD 11s/MBtu to low-USD 12s/MBtu since demand was weak but falling of the price boosted demand in short term. In mid-August, JKM hit the mid-USD 14s/MBtu and updated its highest in 2024 amid geopolitical uncertainty. From September to October, the price softened slightly to hover around USD 13/MBtu due to low demand. In November, falling temperatures and rising geopolitical tensions pushed it to USD 15/MBtu range, 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.

2025

• In January 2025, JKM mainly hovered around the USD 13s -14s/MBtu level, following European gas prices. In February, it hit USD 17/MBtu, its highest since November 2023, but soon fell. In March, it fell to the low-USD 12s/MBtu on the back of low demand in Northeast Asia, but after that, rose to the high-USD 13s/MBtu due to heightened geopolitical risks. In April, it fell sharply to the low-USD 11s/MBtu 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/MBtu. In May, the price rose to high-USD 12s/MBtu in mid-May and remained in the mid-USD 12s/MBtu range thereafter, as market trends shifted in earnest to summer demand and there was no progress in Ukraine-Russia peace negotiations. In June, it temporarily rose to high-USD 14s/MBtu on rising geopolitical tensions following a conflict between Israel and Iran, but subsequently fell to low-USD 12s/MBtu following the ceasefire. In July, it rose to around USD 13/MBtu due to a shortage of August cargo due to increased demand from temperature information in Northeast Asia, but fell to mid-USD 11s/MBtu as supplies and demand eased with the shift to September delivery. In August, due to ample supply and weak demand, prices fell to around USD 11 in the early to mid-month, but then rose to the high-USD 11 range due to increasing uncertainty surrounding the ceasefire negotiations between Ukraine and Russia. In the price remained broadly within USD 11s range.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of April 2025 stood at 4.70 million tonnes, an increase of 7.8% or 0.34 million tonnes from previous month, and a decrease by 0.1% y-o-y, higher than the past five-year average by 0.03 million tonnes.
• Japan's LNG inventories as of the end of May 2025 stood at 5.36 million tonnes, a increase of 13.9% or 0.65 million tonnes from April, and an increase of 6.4% from May 2024, higher than the past five-year average by 0.34 million tonnes.
• The LNG inventories for city-gas supply as of the end of May 2025 were 2.54 million tonnes, 12.5% higher than previous month and 4.0% higher than the same month last year. LNG consumption for city-gas in May 2025 was 1.86 million tonnes, which decreased by 6.5% y-o-y. City-gas companies received 2.00 million tonnes of LNG in May 2025, which decreased by 2.9% y-o-y.
• The LNG inventories for city-gas supply as of the end of June 2025 were 2.52 million tonnes, 0.9% lower than May and 3.1% lower than June 2024. LNG consumption for city-gas in June 2025 was 2.01 million tonnes, which decreased by 2.4% y-o-y. City-gas companies received 1.87 million tonnes of LNG in June 2025, which decreased by 7.2% y-o-y.
• The LNG inventories for power generation as of the end of April 2025 were 2.44 million tonnes, decreasing by 0.6% from previous month and 6.0% lower than the same month last year. LNG consumption for power generation in April 2025 was 2.45 million tonnes, increasing by 2.6% y-o-y. Power generation companies received 2.77 million tonnes of LNG, decreasing by 22.2% y-o-y.
• The LNG inventories for power generation as of the end of May 2025 were 2.81 million tonnes, increasing by 15.2% from April and 8.7% higher than May 2024. LNG consumption for power generation in May 2025 was 2.20 million tonnes, decreasing by 6.2% y-o-y. Power generation companies received 2.89 million tonnes of LNG, increasing by 9.6% y-o-y.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 24 September 2025, major power utilities’ LNG inventories were 1.88 million tonnes as of 21 September. This is higher by 0.05 million tonnes than the end of the same month last year and 0.17 million tonnes below the five-year average.

United States

• As of 12 September 2025, working gas in underground natural gas storage in the United States was 3.4Tcf, 7.3% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 0.3% lower than those at the same time last year and were 204Bcf higher than the past five-year average.

Europe

• As of 17 September 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI+) EU member companies was 923.1TWh (about 61.06 million tonnes LNG equivalent). The volume was lower than the previous year by 13.7% or 146.84 TWh (about 9.71 million tonnes LNG equivalent). The inventories represented 81.09% of the capacity, which was lower than 93.38% on the same day last year and below the five-year average of 87.92%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 75.86%, 90.65% and 68.81% of their capacities respectively.

 

• As of 17 September 2025, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.60 million cubic meters, 4.1% up from the previous month. The inventories were lower than the same day last year by 3.7% and by 2.1% below the five-year average for the same day. The inventories represented 48.5% of the capacity, which was lower than a year ago level of 53.9%.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• The fourth and fifth FIDs on LNG export facilities in 2025 were announced in the United States.
• A sanctioned LNG carrier vessel, with a cargo from Russia's Kamchatka Transshipment, unloaded the cargo at an LNG import terminal in southern China in late August, apparently followed by a few similar cargo deliveries from sanctioned Russian LNG facilities on sanctioned LNG carriers. In early September, Russia's Gazprom and China National Petroleum Corporation (CNPC) signed documents, including an Agreement on Strategic Cooperation, including the planned Power of Siberia 2 pipeline.

 

Asia and Oceania

• KOGAS (Korea Gas Corporation) announced on 25 August 2025 that it signed LNG import contracts with suppliers including Trafigura. According to the announcement, KOGAS plans to additionally import 3.3 million tonnes per year, mainly from the United States, for approximately 10 years starting in 2028. The volume of KOGAS-Trafigura long-term contract will be supplied based on LNG projects operated by Cheniere, including Corpus Christi, Texas.
• Australia's Santos Limited announced on 25 August 2025 its half-year results for 2025, in which the company said its average realised LNG prices for the period were USD 11.57 per million btu. According to the company, Barossa LNG is more than 98% complete and first gas is expected imminently. The Darwin LNG plant has reached RFSU and the Barossa FPSO is expected to meet its RFSU milestone within weeks.
• ENN Natural Gas Co., Ltd. announced on 27 August 2025 that ENN Global Trading Pte Ltd had signed a second long-term LNG SPA with Chevron Corporation. Chevron will deliver multiple cargoes of LNG to ENN Global annually over a 10-year period, starting in 2028.
• JGC Holdings Corporation announced on 27 August 2025 that a consortium consisting of JGC Group subsidiary JGC Indonesia and Indonesian subsidiaries of Technip Energies had been awarded a contract to provide FEED and EPC estimation for an onshore LNG (OLNG) plant (with two trains each producing 4.75 million tonnes) and an FPSO facility in the Abadi LNG Project planned by INPEX in Indonesia. FEED for the OLNG plant and FPSO facility will be conducted in parallel but separately by the JGC consortium and another, under a "dual FEED" approach.
• ENGIE announced on 5 September 2025 that the company and KOMIPO (Korea Midland Power Co., Ltd.) had signed a long-term LNG SPA.
• Singapore GasCo announced on 5 September 2025 that GasCo had been granted the Gas Importer (Central Import) Licence by the Energy Market Authority (EMA). The licence allows GasCo to centrally import both piped natural gas and LNG into Singapore.
• KOSPO (Korea Southern Power Co.) announced on 5 September 2025 that the company had signed a natural gas purchase agreement with KOGAS (Korea Gas Corporation). KOSPO will receive 4.4 million tonnes of natural gas for 10 years starting in 2027. Unlike the existing 'average rate system' where KOGAS averaged the prices of all LNG import contracts it had signed and supplied them equally to all power generation companies, the 'Individual Rate System' is a system where specific import contracts are linked to individual power generators and supplied directly at the price and conditions of the relevant contract.
• TotalEnergies and KOGAS (Korea Gas Corporation) announced on 9 September 2025 the signing of an HoA for delivery in Korea of 1 million tonnes of LNG per year over 10 years starting from the end of 2027. The contract increases to 3 million tonnes per year from 2028 onward the volume of LNG supplied by TotalEnergies to KOGAS. The additional LNG volumes will come from TotalEnergies' global supply portfolio, and particularly from its U.S. LNG production and offtake.
• MET Group announced on 10 September 2025 that the company had finalised the HoA with Keppel Ltd.'s Infrastructure Division, together with a licensed LNG importer, for the long-term LNG cargo deliveries of 0.5 million tonnes per year. Keppel has 10% shareholding in MET.
• The Australian Government (Department of Climate Change, Energy, the Environment and Water) on 12 September 2025 gave final approval for the North West Shelf Project Extension. The department has imposed 48 strict conditions that will avoid and mitigate significant impacts on the World Heritage listed Murujuga rock art, which forms part of Dampier Archipelago. The project must also reach net-zero emissions by 2050 under the Safeguard Mechanism. Woodside Energy Limited welcomed the Australian Government's decision to grant environmental approval.
• Australia's Santos Limited announced on 17 September 2025 that the XRG Consortium (a consortium led by XRG P.J.S.C., a subsidiary of Abu Dhabi National Oil Company and including Abu Dhabi Development Holding Company and Carlyle) had notified the Santos Board of its decision not to proceed with the Potential Transaction (to acquire 100% of the issued shares of Santos via a cash scheme of arrangement).
• Vietnam's PetroVietnam Gas (PV Gas) issued a tender document on 20 September 2025 to procure six cargoes, or 0.4 million tonnes per year from 2027 to 2031 on a DES basis with suppliers able to propose an FOB option to the Thị Vải terminal. The tender closes on 1 October with the tender notice date of 25 August.
• Australia's Santos Limited announced on 22 September 2025 that the BW Opal FPSO (floating production, storage and offloading vessel) had received first gas into the facility to commence production operations. This follows the BW Opal achieving ready for start-up status on 16 September 2025, and the commencement of flow from the subsea wells. The Barossa joint venture partners include PRISM Energy Australia (formerly SK E&S) and JERA Australia. The Northern Territory Environment Protection Authority has renewed the Environment Protection Licence for Darwin LNG, commencing 19 September 2025. This paves the way for first gas into, and start-up of, the Darwin LNG plant.

 

North America

• DOE issued on 22 August 2025 an amendment order granting additional time for Energy Transfer's Lake Charles LNG Export Company, LLC to commence exports of LNG to non-free trade agreement (non-FTA) countries from the Lake Charles LNG project in Louisiana. The previous deadline was 16 December 2025. Lake Charles LNG Export now has until 31 December 2031 to commence exports from the Lake Charles Terminal to non-FTA countries.
• According to an announcement on 25 August 2025 by Texas LNG Brownsville LLC, FERC has re-issued the Final Order authorizing the construction and operation of the Texas LNG project and approved the project's construction schedule to complete construction by November 2029. FERC issued the Final Order on Thursday 21 August 2025, three months ahead of its previously scheduled release date.
• AMIGO LNG SA de CV, the Mexican joint venture of Texas based Epcilon LNG LLC and Singapore-based LNG Alliance Pte Ltd, announced on 25 August 2025 an EPC contract with Drydocks World for the fabrication and delivery of an FLNG facility and related FSU infrastructure. The FLNG facility would have a production capacity more than 4.2 million tonnes per year.
• AMIGO LNG S.A. de C.V. announced on 25 August 2025 a long-term SPA with Macquarie Group. AMIGO LNG will deliver 0.6 million tonnes per year of LNG to Macquarie's Commodities and Global Markets business over a 15-year term. LNG supplies are expected to commence with the start-up of AMIGO LNG's first liquefaction train, targeted for commercial operations in the second half of 2028. Latham & Watkins LLP is advising Macquarie in this transaction.
• Korea's Hanwha Ocean said in its filing to the Korean stock market regulator on 27 August 2025 that it had received an order for one LNG newbuild valued at around KRW 346.6 billion from its subsidiary Hanwha Philly Shipyard. This is the second vessel that Hanwha Philly has ordered from Hanwha Ocean, after the first was ordered on 21 July 2025. A separate announcement from Hanwha Ocean's ship-owning arm in the United States, Hanwha Shipping, confirmed that the vessels would be built in the United States.
• Sempra Infrastructure, a subsidiary of Sempra, and EQT Corporation announced on 27 August 2025 a 20-year SPA for 2 million tonnes per year of LNG offtake from the Port Arthur LNG Phase 2 development project in Jefferson County, Texas. EQT will purchase the LNG on an FOB basis at a price indexed to Henry Hub. Sempra Infrastructure continues to target making an FID (final investment decision) on the Port Arthur LNG Phase 2 project in 2025.
• FERC re-issued on 29 August 2025 its authorization for the Rio Grande LNG project.
• DOE announced on 29 August 2025 its final authorization for Commonwealth LNG, LLC to export up to 1.21 Bcf/d of natural gas as LNG to non-free trade agreement (FTA) countries from its proposed project in Cameron Parish, Louisiana. The action follows DOE's conditional authorization to Commonwealth LNG, LLC in February 2025 and reflects FERC's June 2025 approval for the siting, construction, and operation of the facility. It also incorporates DOE's May 2025 response to comments on the 2024 LNG Export Study.
• The Government of Canada announced on 29 August 2025 the launched of the Major Projects Office (MPO). Its mandate is to serve as a single point of contact to get nation-building projects built faster. It will do so in two principal ways. First, by streamlining and accelerating regulatory approval processes. Second, by helping to structure and co-ordinate financing of these projects as needed. It will work with provinces and territories to achieve a "one project, one review" approach for environmental assessments.
• Canada's Newfoundland and Labrador-based Fermeuse Energy Limited announced on 2 September 2025 plans to lead the development of a liquefaction hub at the Fermeuse Marine supply base. The project is to unlock the province's offshore associated gas reserves in the Jeanne d'Arc Basin.
• NextDecade Corporation announced on 3 September 2025 that it had executed a 20-year LNG SPA with EQT Corporation for offtake from Rio Grande LNG Train 5. EQT 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 NextDecade making an FID on Train 5.
• A joint statement and an MoU (memorandum of understanding) were agreed between Japan and the United States on 4 September 2025 implementing the framework agreement that was announced on 22 July. Investment by Japan in the United States in various industry sectors including energy and stable and long-term incremental purchases of U.S. energy, including LNG were specifically mentioned in the documents.
• NextDecade Corporation announced on 8 September 2025 that it had executed a 20-year LNG SPA with ConocoPhillips for offtake from Rio Grande LNG Train 5. ConocoPhillips will purchase 1.0 million tonnes per year of LNG for 20 years on an FOB basis at a price indexed to Henry Hub, subject to NextDecade making an FID on Train 5.
• Commonwealth LNG and EQT Corporation announced on 8 September 2025 an SPA for 1 million tonnes per year of LNG for 20 years from Commonwealth's 9.5 million-tonne-per-year export facility under development on the Gulf Coast in Cameron Parish, Louisiana. EQT will purchase LNG on an FOB basis at a price indexed to Henry Hub. Commonwealth is advancing toward an FID in 2025, with first LNG production expected in 2029. Inclusive of the agreement with EQT, Commonwealth has 5 million tonnes per year of offtake under long-term, binding agreement (Glencore, JERA and PETRONAS).
• McDermott announced on 8 September 2025 that Monkey Island LNG had awarded McDermott a Master Services Agreement (MSA) to provide front-end engineering and planning services for its planned natural gas liquefaction facility in Cameron Parish, Louisiana. Phase 1 of the Monkey Island LNG facility includes three LNG trains with a capacity of 5.2 million tonnes per year each. Expansion plans include two additional LNG trains, projected to bring total capacity to 26 million tonnes per year. This announcement builds on Monkey Island LNG's selection of the ConocoPhillips Optimized Cascade® Process. McDermott will provide engineering, execution planning, and pricing for the facility's EPC phase. Engineering and permitting are expected to begin in 2026, with first LNG production targeted for the early 2030s.
• NextDecade Corporation announced on 9 September 2025 that it had made an FID on Train 4 at Rio Grande LNG and issued full notice to proceed to Bechtel Energy Inc. for Train 4. The company continues to progress Train 5 toward an expected FID in the fourth quarter of 2025. Train 4 has expected LNG production capacity of approximately 6 million tonnes per year, bringing the total expected LNG production capacity under construction at Rio Grande LNG to approximately 24 million tonnes per year.
• TotalEnergies announced on 10 September 2025 that the company had signed agreements with NextDecade to take a 10% stake in the joint venture developing Train 4 of Rio Grande LNG (RGLNG), in Texas. In addition to the 10% held directly, TotalEnergies will hold indirectly next to 7% in Train 4 as a 17.1% shareholder of NextDecade. The LNG from Train 4 will increase TotalEnergies' U.S. LNG export capacity to over 16 million tonnes per year by 2030, according to the announcement. TotalEnergies previously signed an SPA with NextDecade to offtake 1.5 million tonnes per year for 20 years of LNG from Train 4. TotalEnergies holds a 16.7% interest in Phase 1 of Rio Grande LNG and will offtake 5.4 million tonnes per year.
• Australia's Woodside Energy announced on 10 September 2025 that Woodside Energy Trading Singapore Pte Ltd and PETRONAS LNG Ltd (PLL), a subsidiary of Petroliam Nasional Berhad (PETRONAS), had finalised an SPA for the supply of 1 million tonnes per year of LNG to Malaysia from 2028 for 15 years. LNG will be supplied from Woodside's global portfolio, which may include volumes from the Louisiana LNG project in the United States.
• Glenfarne Energy Transition, LLC announced on 10 September 2025 that Texas LNG Brownsville LLC had signed a 20-year SPA with Gunvor Singapore Pte Ltd for 0.5 million tonnes per year of LNG from Texas LNG on an FOB basis. According to the announcement.
• Glenfarne Energy Transition, LLC announced on 10 September 2025 that Texas LNG Brownsville LLC had signed a 20-year SPA with Gunvor Singapore Pte Ltd for 0.5 million tonnes per year of LNG from Texas LNG on an FOB basis. According to the announcement.
• Glenfarne Group, LLC announced on 10 September 2025 that Alaska LNG, majority owned and developed by Glenfarne Alaska LNG, LLC and JERA Co., Inc. had signed an LOI (Letter of Intent) for the sale of one million tonnes per year of LNG from the Alaska LNG Project over a 20-year term on an FOB basis. Alaska LNG Phase One construction focuses on the domestic pipeline. Phase Two adds the LNG export terminal and associated infrastructure. Glenfarne is targeting a late-2025 FID for the pipeline and a 2026 FID for the project's LNG export components. JERA announced the LOI on 11 September.
• Monkey Island LNG announced on 11 September 2025 the execution of an MOU with an international oil company for the offtake of up to 5.20 million tonnes per year of LNG.
• Glenfarne Group announced on 11 September 2025 that Glenfarne Alaska LNG, LLC and POSCO International Corporation had signed an agreement to advance a strategic partnership for the development of the Alaska LNG Project. The partnership will include steel supply, LNG offtake, and an investment with respect to the Alaska LNG project. The agreement will include initial terms for POSCO to supply a significant portion of the steel required for Alaska LNG's natural gas pipeline. The agreement will include initial terms for a 20-year HOA for 1 million tonnes per year of LNG offtake on an FOB basis. This will be the first announced HOA for Alaska LNG. According to the announcement, Glenfarne is working with Worley to complete the final engineering for the domestic portion of the Alaska LNG pipeline and targeting a year-end pipeline FID.
• Woodside Energy held a groundbreaking ceremony of the Louisiana LNG Project on 15 September 2025, with work on the first of three LNG trains more than 22% complete. The project is targeting first LNG production in 2029 from a three-train foundation development with capacity of 16.5 million tonnes per year. The project has expansion capacity for two additional LNG trains and is fully permitted for total capacity of 27.6 million tonnes per year.
• New Fortress Energy Inc. (NFE) announced on 16 September 2025 that it had reached agreement on contract terms with the Third-Party Procurement Office (3PPO) and the Puerto Rico Public-Private Partnerships Authority (P3A) for the long-term supply of LNG to Puerto Rico. The contract is currently under review for approval by the Financial Oversight and Management Board of Puerto Rico (FOMB). According to the announcement, the gas supply agreement (GSA) will provide natural gas to Puerto Rico's power system for 7 years. Up to 75 TBtu (1.45 million tonnes) of natural gas per year can be supplied through the GSA, with minimum annual take-or-pay volumes of 40 TBtu, increasing to up to 50 TBtu if certain conditions are met. The volumes are expected to be supplied by LNG produced from NFE's 1.4 million tonnes per year Fast LNG facility located offshore Altamira, Mexico. The Fast LNG facility achieved COD in Q4 2024 and is currently producing LNG at a rate above name plate capacity consistently.
• FERC issued a letter to Commonwealth LNG, LLC of 18 September 2025 granting the request to commence initial site preparation activities of the Commonwealth LNG facility.
• Sempra announced on 23 September 2025 that it had agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR with Canada Pension Plan Investment Board (CPP Investments). A KKR-led consortium will become the majority owner of Sempra Infrastructure Partners, holding a 65% equity stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's (ADIA) existing 10% stake.
• Sempra announced on 23 September 2025 that Sempra Infrastructure Partners had reached an FID to advance the development, construction and operation of Port Arthur LNG Phase 2. This new phase will include two natural gas liquefaction trains, one LNG storage tank and associated facilities with a nameplate capacity of 13 million tonnes per year, with commercial operations expected in 2030 and 2031 for Trains 3 and 4, respectively. Funding for Phase 2 is supported by an equity investment led by Blackstone Credit & Insurance, together with an investor consortium including KKR, Apollo-managed funds and Private Credit at Goldman Sachs Alternatives. Together these investors have acquired a 49.9% minority equity interest. Sempra Infrastructure Partners has retained a 50.1% majority stake in the project. Phase 2 is subscribed with long-term offtake under 20-year SPAs with strategic partner ConocoPhillips as anchor, and EQT, JERA Co. Inc. and Sempra Infrastructure Partners.

 

European and surrounding regions

• Germany's Deutsche Energy Terminal GmbH (DET) announced on 28 August 2025 that its second LNG terminal in Wilhelmshaven (Wilhelmshaven02 with the FSRU Excelsior) would commence commercial operations on 29 August.
• Russia's Gazprom said on 1 September 2025 that during the first half of 2025 Gazprom's revenue for the reporting period was 2% lower than the level of the same period in 2024 due to the strengthening of the ruble and falling oil prices, revenue from gas sales increased by 8%.
• Russia's Gazprom said on 2 September 2025 that between PJSC Gazprom and China National Petroleum Corporation (CNPC), four documents were signed, including the Agreement on Strategic Cooperation, expanding the areas of interaction between the companies, apparently pointing to a "legally binding memorandum on the construction of the Power of Siberia 2 gas pipeline to China and the Soyuz-Vostok transit gas pipeline through Mongolia".
• Italy's Edison announced on 10 September 2025 that it had signed an agreement with Shell International Trading Middle East Limited FZE for the sale and purchase of LNG. Edison will receive around 0.7 million tonnes per year of LNG from the United States, starting in 2028 and continuing for up to 15 years. Edison will purchase the gas on an FOB basis.
• Hapag-Lloyd announced on 11 September 2025 that the company and Shell Western LNG B.V. had signed a multi-year agreement for the supply of liquefied biomethane starting with immediate effect. The liquefied biomethane supplied to Hapag-Lloyd is ISCC EU certified, according to the announcement.
• JERA Co., Inc. and the Government of Montenegro announced on 11 September 2025 the signing of an MOU to explore the development of an LNG terminal and an associated gas-fired plant in the country. JERA and the Montenegro Government will conduct a comprehensive feasibility study covering the technical, commercial, and financial viability of the proposed LNG Terminal and the associated gas-fired power plant development project.
• Türkiye's BOTAŞ announced on 12 September 2025 that it had signed LNG and strategic cooperation agreements with several international energy companies on 9 - 10 September. BOTAŞ, Oman LNG and PetroChina International signed cooperation agreements. BOTAŞ signed medium- and short-term LNG agreements with BP, Shell, Eni, CHENIERE, Equinor, Hartree, JERA, and SEFE. Under these medium and short term agreements the delivery of approximately 15 bcm of natural gas equivalent of LNG to Türkiye between the years of 2025 and 2028 is envisioned.
• The European Commission presented on 19 September 2025 19th package of sanctions against Russia, including a full prohibition of Russian LNG imports by January 2027.
• Norway's Equinor announced on 23 September 2025 that on 19 September production started from the Askeladd Vest subsea field in the Barents Sea. According to the announcement, the field contributes to continued production of LNG from the processing plant at Melkøya.

 

Other regions

• JGC Holdings Corporation announced on 25 August 2025 that overseas EPC operating company JGC Corporation had signed an MoU with the government of Tanzania (the Ministry of Energy and others) on sharing LNG plant expertise and other cooperation. With an LNG development project in mind, the MoU is intended to strengthen the friendly ties between the two nations as JGC supports the project through shared technical expertise on LNG plants and engages in collaborative local human resource development. LNG plant knowledge will be shared through talks on key technologies, economics, and other topics.
• China's Wison New Energies and Italy's Eni held on 26 August 2025 the NGUYA FLNG Project Sail Away Ceremony. The Nguya FLNG is the LNG production facility for Eni's Congo LNG Project. NGUYA FLNG has storage capacity for 180,000 cubic meters of LNG and 45,000 cubic meters of LPG. With a liquefaction capacity of 2.4 million tonnes per year, the facility will be deployed offshore near Pointe-Noire, Republic of Congo. Tango FLNG (0.6 million tonnes per year) began production in December 2023. It will be joined by the Nguya FLNG by the end of 2025, bringing the total capacity of the Congo LNG project to 3 million tonnes per year.
• Abu Dhabi, UAE's ADNOC announced on 27 August 2025 that it had signed a 15-year SPA with Indian Oil Corporation Ltd (IndianOil) for 1 million tonnes per year of LNG sourced primarily from ADNOC's Ruwais LNG project. LNG cargoes can be delivered to any port across India. By 2029, IndianOil is set to become ADNOC's largest LNG customer, with a total offtake of 2.2 million tonnes per year - comprising 1.2 million tonnes per year from the Das Island operations and 1 million tonnes per year from the Ruwais LNG project.
• Singapore's Seatrium Limited announced on 27 August 2025 that it had secured a contract from Golar Hilli Corporation, a subsidiary of Golar LNG Limited, to perform the upgrading of FLNG Hilli Episeyo. When completed, FLNG Hilli Episeyo will be redeployed in the Gulf of San Matias offshore Argentina. FLNG Hilli Episeyo is set to recommence operations in 2027.

 

(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)