Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, fell to mid-USD 10s/MBtu in the first half of October due to sluggish regional demand and the easing of geopolitical risks following the ceasefire in the Gaza Strip. However, in the latter half of the month, it rebounded into USD 11 range with the shift to December delivery, which corresponds to the high-demand winter season. The price continued to trade in low to mid-USD 11s/MBtu thereafter.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 10.77/MBtu or JPY 82,428/tonne in September 2025. The USD price in September was down by USD 0.28 from August due to the falling of Japan’s average landed crude oil import price in June 2025 from May 2025. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in September were USD 10.80/MBtu, USD 10.52/MBtu, USD 10.90/MBtu, and USD 10.47/MBtu, respectively. Elsewhere in Northeast Asia, average import prices in September were USD 9.66/MBtu in China, USD 10.26/MBtu in Korea and USD 10.13/MBtu in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 73.02/bbl or JPY 67,794/kL in September 2025.
• Japan imported 5.16 million tonnes of LNG in September 2025, 5.0% lower than the same month of 2024. China imported 5.75 million tonnes of LNG in September 2025, 14.8% lower year-on-year (y-o-y). Korea imported 3.91 million tonnes, 19.3% higher y-o-y. Chinese Taipei imported 2.22 million tonnes, 13.2% higher y-o-y.

United States

• The Henry Hub Natural Gas Futures price fell to high-USD 2s/MBtu by mid-October from USD 3.5/MBtu at the beginning of the month, driven by warm weather forecasts and solid supply fundamentals. However, the price rebounded later in the month amid forecasts of falling temperatures, trading between USD 3.3 - 3.5 in the latter half of October.

Europe

• The Dutch TTF rose to mid-USD 11s/MBtu in early October following news of an attack on a gas production facility in Ukraine. However, with stable supply from Norway and relatively mild temperatures, the price otherwise hovered in high-USD 10s/MBtu. In the latter half of October, heating demand increased, and underground gas storage level in Europe plateaued around 83%, indicating a slowdown in the pace of inventory buildup.

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. In October, it fell to mid-USD 10s/MBtu due to weak demand, but rose again to USD 11s range after switching to December delivery, which correspond to the winter season.

Trend of Natural Gas and LNG Inventories

Japan

• 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.
• Japan's LNG inventories as of the end of June 2025 stood at 5.11 million tonnes, a decrease of 4.6% or 0.25 million tonnes from May, and an decrease of 1.1% from June 2024, lower than the past five-year average by 0.1 million tonnes.
• 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 city-gas supply as of the end of July 2025 were 2.22 million tonnes, 12% lower than June and 7.8% lower than July 2024. LNG consumption for city-gas in July 2025 was 1.94 million tonnes, which decreased by 10.8% y-o-y. City-gas companies received 1.94 million tonnes of LNG in July 2025, which decreased by 5.6% 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.
• The LNG inventories for power generation as of the end of June 2025 were 2.59 million tonnes, decreasing by 0.8% from May and 0.9% higher than June 2024. LNG consumption for power generation in June 2025 was 2.61 million tonnes, increasing by 2.2% y-o-y. Power generation companies received 2.76 million tonnes of LNG, decreasing by 3.7% y-o-y.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 22 October 2025, major power utilities’ LNG inventories were 2.13 million tonnes as of 19 October. This is higher by 0.29 million tonnes than the end of the same month last year and 0.1 million tonnes above the five-year average.

United States

• As of 17 October 2025, working gas in underground natural gas storage in the United States was 3.8Tcf, 8.6% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 0.6% higher than those at the same time last year and were 164Bcf higher than the past five-year average.

Europe

• As of 20 October 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI+) EU member companies was 945.3TWh (about 62.53 million tonnes LNG equivalent). The volume was lower than the previous year by 13.6% or 148.4 TWh (about 9.82 million tonnes LNG equivalent). The inventories represented 82.83% of the capacity, which was lower than 95.31% on the same day last year and below the five-year average of 91.72%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 75.44%, 94.17% and 71.77% of their capacities respectively.

 

• As of 20 October 2025, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.93 million cubic meters, 4.1% up from the previous month. The inventories were lower than the same day last year by 8.3% and by 6.6% below the five-year average for the same day. The inventories represented 51.9% of the capacity, which was lower than a year ago level of 59.6%.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• The world traded 309 million tonnes of LNG during the first nine months of 2025, increasing by 3% year-on-year. The boom in investment activities in LNG production projects continues in the United States. NextDecade announced an FID on Rio Grande Train 5. In Mozambique, the second FLNG project has reached an FID. Meanwhile, among the Pacific LNG consuming market, two large-scale LNG-fired power projects have started construction in Vietnam. In New Zealand, a potential LNG receiving terminal project emerges at the Port of Taranaki. In Europe, the expansion of scale and services of LNG receiving terminals have been observed in Italy. The European Union included a ban of importing Russian LNG into a sanction package for the first time.

 

Asia and Oceania

• New Zealand Ministry of Business, Innovation and Employment (MBIE) announced on 1 October 2025 that the government would run a competitive procurement process for an LNG import facility. According to MBIE, the government will engage with the sector and undertake a Registration of Interest (ROI) process to test market interest, including possibilities to deliver LNG quickly. The ROI will open on 6 October 2025. The next set of decisions is expected to be taken by the government in December 2025. New Zealand's Port Taranaki welcomed the Government announcement of 1 October 2025 to launch a formal procurement process for an LNG import facility. With a project delivery deadline of winter 2027, Port Taranaki is the right location for an LNG import facility, according to the port's statement.
• Vopak announced on 1 October 2025 that it had entered into an exclusive agreement with Seapeak to provide an FSRU for Vopak's proposed Port Phillip Bay LNG import terminal in Australia. Vopak's Victoria Energy Terminal (VVET) is expected to deliver gas supply to Victoria from 2029. According to the announcement, VVET is able to move to the next step of simulating the berthing and unberthing to the terminal. VVET will be located approximately 19 km directly offshore from Avalon in Port Phillip Bay at an existing anchorage site. This site will require no dredging, minimising the impact on marine life, flora and fauna. Renewable power will be supplied for the operation which will minimise carbon (CO₂) emissions. VVET is continuing to progress its EES (Environment Effects Statement) and to be working with the Government on the 18-month timeline for completion.
• Japan's Mitsui O.S.K. Lines, Ltd. (MOL), Kanadevia Corporation, and Yanmar Power Solutions Co., Ltd. announced on 7 October 2025 that under the Green Innovation Fund Project "Development of Next-Generation Vessels" led by the New Energy and Industrial Technology Development Organization (NEDO), the three companies had been working on the project "Development of Methane Slip Reduction Technology for LNG-Fuelled Vessels through Catalyst and Engine Improvements". As part of the Project, full-scale demonstration trials began in May 2025 on routes including between Japan and Australia, achieving a methane slip reduction rate of 98%, exceeding the target of 70%.
• Vietnam's TTVN (Trường Thành Việt Nam) Group, in association with Tokyo Gas and Kyuden Corporation of Japan, held the groundbreaking ceremony for the Thái Bình LNG Thermal Power Plant project on 10 October 2025. The project has an installed capacity of 1,500 MW, located in Đông Thái Ninh commune, Hưng Yên province, expected to be commercially operational in the fourth quarter of 2029. The Thái Bình LNG Power Joint Stock Company was established in January 2024 by Tokyo Gas Co., Ltd. (40%); Kyuden International Company (30%) and Trường Thành Việt Nam Group Joint Stock Company (30%).
• Australia's Santos reaffirmed on 16 October 2025 that Barossa LNG remained on track to ship its first LNG cargo in the fourth quarter of 2025. The company also said that the Darwin LNG facility achieved RFSU in August, following completion of the life extension project, adding that the Northern Territory Environment Protection Authority renewed the Environment Protection Licence for Darwin LNG, commencing on 19 September.
• Australia's Woodside Energy Limited said on 22 October 2025 that the company continued safe delivery of Woodside's major growth projects to schedule and budget. The Scarborough Energy Project is 91% complete and on track for first LNG in the second half of 2026. The Louisiana LNG Project is 19% complete. The SPA with Malaysia's PETRONAS will see Woodside supply one million tonnes per year of LNG to Malaysia from 2028 for a 15-year period. Under the HOA with BOTAŞ, Woodside will supply the Turkish company with 0.5 million tonnes per year of LNG over nine years from 2030, subject to entering an SPA.

 

North America

• TotalEnergies announced on 29 September 2025 that it had signed an agreement with Continental Resources to acquire a 49% interest in natural gas producing assets in the Anadarko Basin, Oklahoma. These assets have the potential to reach a gross production of around 350 million scfd by 2030 and to sustain this production level over the long term. They will enable TotalEnergies to secure a net gas production of around 150 million scfd (1.15 million tonnes per year). This acquisition of non-operated shale gas assets complements the Dorado and Constellation acquisitions completed in 2024 in the Eagle Ford Basin. In addition, TotalEnergies operates a technical production of around 500 million scfd (3.8 million tonnes per year) in the Barnett.
• MidOcean Energy and PETRONAS announced on 30 September 2025 that they had entered into agreements pursuant to which MidOcean would acquire a 20% interest in PETRONAS' key entities in Canada, including a 20% interest in the North Montney Upstream Joint Venture (NMJV), which holds PETRONAS' upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (NMLLP), which holds PETRONAS' 25% participating interest in the LNG Canada Project. Through the partnership with PETRONAS, MidOcean will have the ability to secure an associated LNG Volume of 0.7 million tonnes per year with potential to grow through LNG Canada Phase 2.
• According to the Golden Pass LNG Export Project Semi-Annual Report to DOE of 1 October 2025, GPLNG has commenced commissioning of equipment on Train 1 and anticipates first LNG production by the end of 2025 or early 2026. On 26 June 2025, GPLNG filed an application with DOE requesting blanket authorization to re-export up to 50 Bcf (1 million tonnes) of previously imported LNG over a two-year period beginning in October. The application was approved by order issued on 22 September 2025.
• Baker Hughes announced on 1 October 2025 an award from Bechtel Energy Inc. to supply key liquefaction equipment for Sempra Infrastructure's Port Arthur LNG Phase 2 project in Jefferson County, Texas. Baker Hughes' scope for Phase 2 includes four Frame 7 turbines paired with eight centrifugal compressors across two LNG trains, supporting a nameplate capacity of approximately 13 million tonnes per year. Additionally, Baker Hughes will provide two electric motor-driven compressors for the plant's booster services.
• According to Alaska LNG Project LLC's Semi-Annual Report to DOE of 1 October 2025, in May 2025, Glenfarne announced that it selected Worley Limited to undertake additional engineering and prepare a final cost estimate for the Project in sufficient detail to achieve FID. In June 2025, Glenfarne announced that PTT Public Company Limited had signed a preliminary Cooperation Agreement for strategic participation in the Project, including for the procurement of 2 million tonnes per year of LNG over a 20-year term. In September 2025, Glenfarne announced that it signed a non-binding LOI (Letter of Intent) with JERA Co., Inc. to advance discussions about LNG offtake from the Project and also signed a preliminary agreement with POSCO International to form a strategic partnership to advance the Project. 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.
• Commonwealth LNG, LLC submitted on 2 October 2025 with FERC a request for extension of time until 31 December 2031 to complete construction and place into service regarding the Commonwealth LNG Project.
• Chart Industries, Inc. announced on 6 October 2025 that its shareholders voted to approve the Company's acquisition by Baker Hughes. The transaction is expected to be completed by mid-year 2026, subject to customary conditions and the receipt of applicable regulatory approvals.
• Venture Global, Inc. disclosed in its SEC (U.S. Securities and Exchange Commission) filing on 9 October 2025 that following the positive decision in the arbitration with Shell NA LNG LLC on 12 August, Venture Global Calcasieu Pass, LLC (VGCP) had reached another resolution with an SPA customer related to an arbitration proceeding concerning the Calcasieu Pass facility. Separately, on 8 October, the International Chamber of Commerce (ICC) International Court of Arbitration informed VGCP that a partial final award had been issued in the previously disclosed arbitration proceedings with BP Gas Marketing Limited regarding LNG sales from the Calcasieu Project under the long-term LNG SPA entered into by VGCP and BP. The award issued by the arbitration tribunal found that VGCP had breached its obligations to declare COD of the Calcasieu Project in a timely manner and act as a "Reasonable and Prudent Operator" pursuant to the SPA, along with certain other obligations. Remedies will be determined in a separate damages hearing, which has not been scheduled but is anticipated to occur in 2026.
• The Louisiana 38th Judicial District Court in Cameron Parish issued a ruling regarding the Commonwealth LNG project on 10 October 2025. The court vacated the Coastal Use Permit (CUP) issued by the Louisiana Department of Energy and Natural Resources (LDENR) Office of Coastal Management to Commonwealth LNG, LLC. The court found that LDENR violated Louisiana law by: failing to adequately assess cumulative environmental impacts, including those related to climate change; not considering environmental justice concerns, particularly the effects on low-income and minority communities; and overlooking public health and safety risks, such as potential explosions and leaks. The permit was terminated, and the agency was ordered to redo its review of the project. The ruling effectively blocks construction of the LNG export facility until the review is completed and the agency can demonstrate that the benefits outweigh the costs to the community.
• In a letter from FERC to Venture Global Plaquemines LNG, LLC, of 15 October 2025, the company is granted an extension of time until and including 31 December 2027 to complete construction of its Plaquemines LNG Project and make it available for service. On 19 September 2025, Plaquemines LNG filed the extension of time request for 15 months. Plaquemines LNG anticipates placing all its Phase 1 facilities in-service during the fourth quarter of 2026, and the remaining Phase 2 facilities in-service by mid-2027. Therefore, Plaquemines LNG requests an extension of time until December 2027. Chevron U.S.A. Inc. and Poland's Orlen Spółka Akcyjna filed motions to intervene. Orlen urged the Commission to consider whether an extension of time is required and to proceed with due care. No protests were filed.
• NextDecade Corporation announced on 16 October 2025 that it had made an FID on Train 5 at Rio Grande LNG, closed financial transactions to fully fund Train 5 and related infrastructure, and issued full notice to proceed to Bechtel Energy Inc. under the Company's lump-sum, turnkey EPC contract for Train 5 and related infrastructure. Train 5 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 30 million tonnes per year. Train 5 is commercially supported by 4.5 million tonnes per year of 20-year LNG SPAs with JERA, EQT Corporation, and ConocoPhillips. The guaranteed substantial completion date for Train 5, as well as the date of first commercial delivery (DFCD) under the Train 5 LNG SPAs, is anticipated in the first half of 2031. Project costs for Train 5 and related infrastructure are expected to total approximately USD 6.7 billion, including EPC costs, owner's costs, contingencies, financing fees and interest during construction, and other costs. NextDecade closed financing arrangements, including: USD 3.59 billion term loan facility at Rio Grande LNG Train 5, LLC; USD 0.50 billion private placement notes at Rio Grande LNG Train 5, LLC; USD 1.29 billion in equity commitments from NextDecade; and USD 1.29 billion in equity commitments from partners Global Infrastructure Partners, a part of BlackRock (GIP), GIC, Mubadala Investment Company (together, the Financial Investors). NextDecade has an initial economic interest of 50% in Train 5, which will increase to 70% after the Financial Investors achieve certain returns on their investments in Train 5.
• DOE granted on 21 October 2025 the final export authorization for the Venture Global CP2 LNG Project in Louisiana, allowing exports of up to 3.96 billion cubic feet per day of U.S. natural gas as LNG to non-Free Trade Agreement (FTA) countries. The latest authorization follows the DOE's conditional authorization to CP2 LNG in March 2025 and reflects FERC's May 2025 decision approving the siting, construction, and operation of the facility.
• Delfin Midstream Inc. announced on 23 October 2025 that it had entered into a Letter Of Award (LOA) with Samsung Heavy Industries (SHI). The LOA notified SHI that had been selected and awarded as the exclusive EPCI Contractor for the First FLNG Vessel of the Delfin LNG project. Earlier in 2025, Delfin secured the manufacturing capacity for the FLNG Vessel's gas turbines from Siemens Energy Inc. According to the latest announcement, Delfin is on its path towards an FID (final investment decision) in November 2025 for its first project offshore Louisiana.
• JERA Co. Inc. announced on 23 October 2025 that it had - through JERA Americas Inc. - reached agreement with Williams and GEP Haynesville II, LLC to acquire 100% of their respective interests in the South Mansfield upstream asset located in western Louisiana's Haynesville Shale basin. The Haynesville asset produces more than 0.5 bscfd. A future investment plan will increase total production to 1 Bscfd.

 

European and surrounding regions

• According to TotalEnergies Investor Day 2025 Strategy & Outlook Presentation of 29 September 2025, the company is taking a precautious approach regarding Yamal LNG, and in its 2030 figures Yamal volumes are not included. The company's response depends on the specific political measure: With EU ban on Yamal LNG imports (no sanctions against the project) TotalEnergies could not execute force majeure and would remain obligated as a partner to take the LNG. It would be required to find alternative destinations outside the EU, such as Türkiye or India; and sanctions against the Yamal project itself would allow the company to execute force majeure, and it would cease its participation. The company holds 4.5 million tonnes of contracts from Yamal, split between Europe, Asia, and non-geographically linked volumes.
• Hungary's Foreign Minister said on 2 October 2025 that Hungary had signed the longest LNG contract in its history for the purchase of 0.4 bcm (.294 million tonnes) of natural gas per year from France's ENGIE from 2028 to 2038.
• Spain's Molgas Energy Group announced on 6 October 2025 that it had finalized the full acquisition of Titan Energy Holding, parent company of Titan Clean Fuels. The transaction follows Molgas' initial 45% minority stake. Titan's fleet of small-scale LNG (LBM/bio-LNG) bunkering vessels operates across key global markets, with a strong base in the Northwest European region. Titan's LNG bunkering operations will merge with Molgas' existing operations in Norway and all truck-to-ship supply across Norway and continental Europe will be combined.
• Italy's OLT Offshore LNG Toscana announced on 6 October 2025 the publication of available capacity for the new Small-Scale LNG service (SSLNG). For the first time in Italy, companies will be able to participate in an auction for the allocation of slots dedicated to this service. The auctions will be held on 2025/10/29. A product consisting of 12 Small Scale slots of 7,500 liquid cubic meters will be made available. The slots will be distributed monthly from November 2025 to November 2026.
• Höegh Evi said on 8 October 2025 that it had entered a collaboration with Italy's Snam S.p.A. and HIGAS S.r.l. on the planned expansion of an LNG terminal in the port of Oristano, Sardinia, Italy. Höegh Evi will provide support with the engineering, construction and commissioning of a tailored FSRU.
• France's terminal operator Elengy indicated on 10 October 2025 on its website that staff strikes would continue impacting send-out from the Fos Tonkin and Fos Cavaou terminals until 15 October, an extension from the previously announced 9 October. The recent strikes have been extended several times by a few days at a time. The Montoir terminal is affected by strikes until 10 October before its scheduled maintenance between 11 and 26 October.
• Treasury Secretary of the United States noticed the Administration's expectation that Japan stop importing Russian energy to Finance Minister of Japan on 15 October 2025.
• The European Parliament's Committees on Industry, Research and Energy and on International Trade approved on 16 October 2025 draft plans to ban imports of Russian natural gas - both pipeline and LNG - from 1 January 2026, with limited exceptions for existing short-term contracts (until 17 June 2026) and long-term contracts (until 1 January 2027), provided they were concluded before 17 June 2025 and remain unamended. Under the proposed rules, energy operators will be able to invoke "force majeure" to terminate Russian gas import contracts, since the legally-binding prohibition on further imports, as provided by this new regulation, is explicitly defined as a sovereign act beyond their control. The MEPs propose to prohibit the temporary storage of Russian-origin natural gas in EU facilities as of 1 January 2026. Moreover, to close loopholes and mitigate risk of circumvention, operators would have to provide customs authorities with stricter and more detailed evidence of the gas' country of production before import or storage, with prior authorisation required depending on the origin of the natural gas.
• The Council of the European Union (ministers) agreed on 20 October 2025 on its negotiating position on the draft regulation to phase out imports of Russian natural gas. The proposed regulation introduces a legally binding, stepwise prohibition on both pipeline gas and LNG imports from Russia, with a full ban to apply from 1 January 2028. The Council confirmed that imports of Russian gas will be prohibited from 1 January 2026, while maintaining a transition period for existing contracts. Short-term contracts concluded before 17 June 2025 may continue until 17 June 2026, whereas long-term contracts may run until 1 January 2028. Amendments to existing contracts will be permitted only for narrowly defined operational purposes and cannot lead to increased volumes, except for some specific flexibilities for landlocked member states affected by recent changes in supply routes.
• QatarEnergy announced on 20 October 2025 the commencement in July of utilization of the long-term LNG delivery, storage, and regasification capacity at the Isle of Grain terminal in the United Kingdom. The capacity of up to 7.2 million tonnes per year will be utilized pursuant to a long-term agreement signed in October 2020. The first LNG cargo under the agreement was unloaded at the Isle of Grain terminal on 15 July 2025, marking the start of the 25-year term of the agreement.
• In an open letter to the heads of state of European Union (EU) member states of 22 October 2025, the United States and Qatar urged the European Union to amend the European Union's proposed Corporate Sustainability Due Diligence Directive, warning that current due diligence requirements could disrupt LNG supply chains to Europe.
• The Council of the European Union adopted a 19th package of further individual listings and numerous economic restrictive measures against Russia on 23 October 2025. The package introduces a ban on imports of Russian LNG into the EU, starting January 2027 for long-term contracts, and within six months for short-term contracts.

 

Other regions

• Excelerate Energy, Inc. announced on 1 October 2025 that it had received an official Award Letter from the Government of Iraq to develop an integrated floating LNG import terminal. The Award Letter is a preliminary step, and development of the terminal remains subject to the successful negotiation and execution of binding commercial agreements.
• Eni announced on 2 October 2025 that the company and its partners had reached an FID to develop the Coral North FLNG project, deepwater offshore Cabo Delgado, north of Mozambique. The project will put in production the gas volumes from the northern part of Area's 4 Coral gas reservoir, in the Rovuma basin, through an FLNG (floating LNG) facility. The project will be implemented by the Joint Venture formed by Eni (50%), CNPC (20%), Kogas (10%), ENH (10%) and ADNOC's subsidiary XRG (10%), aiming to deliver the project within schedule in 2028. Coral North is Eni's second development in Mozambique and the second large-scale FLNG delivered in ultra-deep waters worldwide, with Coral South being the first. With a production liquefaction capacity of 3.6 million tonnes per year, the newly built Coral North FLNG - coupled with its predecessor Coral South - will bring Mozambique's overall LNG production to exceeding 7 million tonnes per year.
• Italy's Eni announced on 2025/10/10 that Eni and Argentina's YPF signed the Final Technical Project Description (FTPD) for a 12 million tonnes per year LNG phase of the integrated upstream-midstream Argentina LNG (ARGLNG) project. The project involves the production, processing, transportation, and liquefaction of gas for export through two FLNG units with a capacity of 6 million tonnes per year each, in addition to the valorisation and export of associated liquids. The agreement follows the HOA signed by the two companies in June 2025. Argentina LNG is an integrated upstream and midstream gas development project designed to develop the onshore Vaca Muerta gas field and serve international markets, exporting up to 30 million tonnes of LNG per year in phases.
• Egypt's ministry of petroleum and mineral resources announced on 13 October 2025 the export of an LNG shipment from the Idku LNG complex to Italy, carried aboard the tanker New Nature on behalf of Shell. The ministry said the export was part of a broader strategy to encourage international partners to increase investment in Egypt's domestic gas exploration and production. It also aims to accelerate the development of wells in phases 10 and 11 of the West Delta Deep Marine area in the Mediterranean.
• Shell announced on 14 October 2025 that Shell Nigeria Exploration and Production Company Limited (SNEPCo) together with Sunlink Energies and Resources Limited, had taken an FID on the HI gas project offshore Nigeria. The project will supply 350 million standard cubic feet of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6%). Production is expected to begin before the end of this decade. The HI field was discovered in 1985 and lies in 100 m of water depth around 50 km from the shore. The HI project is part of a joint venture between Sunlink Energies and Resources Limited (60%) and SNEPCo (40%). The project consists of a wellhead platform with four wells, to be installed at the HI field location, a pipeline to transport the multiphase gas to onshore at Bonny, and a gas processing plant at Bonny, from where the processed gas will be transported to NLNG and the condensate to the Bonny Oil and Gas Export Terminal.
• Golar LNG Limited announced on 23 October 2025 that all conditions precedent in connection with the 20-year charter of Golar's 3.5-million tonne per year MKII FLNG to Southern Energy S.A. (SESA) in Argentina had been satisfied. The milestone follows the execution of definitive agreements announced on 2 May 2025, and the FID announced on 6 August 2025. The MKII FLNG will be deployed in the Gulf of San Matías, offshore Argentina, where it will operate in proximity to the FLNG Hilli. The MKII FLNG is undergoing conversion at CIMC Raffles Shipyard in Yantai, China. The unit is on schedule for delivery by year end 2027, with operations expected to commence in 2028.

 

(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)