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 high-USD 10s/MBtu in the mid of November due to sluggish regional demand in Northeast Asia. However, in the latter half of the month, it rebounded to mid-USD 11s/MBtu range with the shift to January delivery, mainly due to rising charter rates driven by a vessel shortage caused by increased U.S. LNG production.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 10.55/MBtu or JPY 81,786/tonne in October 2025. The USD price in October was down by USD 0.22 from September due to the rising of Japan’s average landed crude oil import price in July 2025 from June 2025. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in October were USD 10.53/MBtu, USD 10.33/MBtu, USD 10.92/MBtu, and USD 10.55/MBtu, respectively. Elsewhere in Northeast Asia, average import prices in October were USD 9.27/MBtu in China, USD 9.92/MBtu in Korea and USD 9.78/MBtu in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 74.28/bbl or JPY 69,886/kL in October 2025.
• Japan imported 5.85 million tonnes of LNG in October 2025, 10.5% higher year-on-year (y-o-y). China imported 5.76 million tonnes of LNG in October 2025, 10.8% lower y-o-y. Korea imported 3.32 million tonnes, 24.7% lower y-o-y. Chinese Taipei imported 2.25 million tonnes, 24.8% higher y-o-y.

United States

• The Henry Hub Natural Gas Futures price started the month above USD 4/MBtu as the December delivery, reflecting winter demand, commenced. Subsequently, forecasts of lower temperatures across the U.S., increased LNG feed gas demand, and rising inventory withdrawals resulted in prices remaining around mid-USD 4/MBtu throughout the month. In the second half of November, prices briefly declined on forecasts of warmer weather in the Northwest and South. However, they rebounded again on the back of higher than market expected inventory withdrawals, closing the month at USD 4.6/MBtu.

Europe

• The Dutch TTF started the month in the mid-USD 10/MBtu range. While it briefly exceeded USD 11/MBtu in early November due to forecasts of reduced wind power output in Northwest Europe, it settled back to the mid-USD 10/MBtu range by mid-November due to warm temperature forecasts and ample supply. Subsequently, forecasts of significantly colder temperatures led to a gradual rise to the high-USD 10/MBtu range, but in the second half of November, prices fell back to the low-USD 10/MBtu range, supported by continued ample supply.

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. In November, amid continued weak demand, prices fell to the high-USD 10 range in the first half. However, in the latter half, prices rose to the mid-USD 11 range, primarily due to increased charter rates stemming from a shortage of vessels caused by rising U.S. LNG production.

Trend of Natural Gas and LNG Inventories

Japan

• 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.
• Japan's LNG inventories as of the end of July 2025 stood at 4.43 million tonnes, a decrease of 13.3% or 0.68 million tonnes from June, and an decrease of 5.9% from July 2024, lower than the past five-year average by 0.41 million tonnes.
• The LNG inventories for city-gas supply as of the end of July 2025 were 2.22 million tonnes, 12.0% lower than June and 7.8% lower than July 2024. LNG consumption for city-gas in July 2025 was 2.18 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 city-gas supply as of the end of August 2025 were 1.94 million tonnes, 12.3% lower than July and 15.5% lower than August 2024. LNG consumption for city-gas in August 2025 was 1.99 million tonnes, which decreased by 12.5% y-o-y. City-gas companies received 1.73 million tonnes of LNG in August 2025, which decreased by 14.2% y-o-y.
• The LNG inventories for power generation as of the end of June 2025 were 2.59 million tonnes, decreasing by 8.0% 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.
• The LNG inventories for power generation as of the end of July 2025 were 2.21 million tonnes, decreasing by 14.6% from June and 3.8% lower than July 2024. LNG consumption for power generation in July 2025 was 3.43 million tonnes, decreasing by 2.2% y-o-y. Power generation companies received 3.48 million tonnes of LNG, decreasing by 4.6% y-o-y.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 19 November 2025, major power utilities’ LNG inventories were 2.23 million tonnes as of 16 November. This is higher by 0.51 million tonnes than the end of the same month last year and 0.18 million tonnes above the five-year average.

United States

• As of 14 November 2025, working gas in underground natural gas storage in the United States was 3.9 Tcf, 3.6% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 0.6% lower than those at the same time last year and were 146 Bcf higher than the past five-year average.

Europe

• As of 19 November 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI+) EU member companies was 921.6 TWh (about 60.97 million tonnes LNG equivalent). The volume was lower than the previous year by 10.6% or 109.7 TWh (about 7.26 million tonnes LNG equivalent). The inventories represented 80.71% of the capacity, which was lower than 89.41% on the same day last year and below the five-year average of 89.87%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 73.16%, 91.16% and 70.58% of their capacities respectively.

 

• As of 19 November 2025, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 5.77 million cubic meters, 16.5% up from the previous month. The inventories were higher than the same day last year by 22.5% and by 12.0% above the five-year average for the same day. The inventories represented 61.0% of the capacity, which was higher than a year ago level of 52.2%.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• Key highlights of the month include multiple long-term LNG SPAs, secured by LNG project developers of the United States and Qatar with buyers in Asia and Europe. Significant progress on major LNG infrastructure projects is noted, including Sempra's Port Arthur LNG and NextDecade's Rio Grande LNG, alongside expansion and development activities in Brunei and the United Arab Emirates. Strategic joint ventures and partnerships to consolidate upstream assets and develop new supply chains facilitate global investment in expanding LNG production and import capacity.

 

Asia and Oceania

• According to a release of Shanghai Petroleum and Natural Gas Exchange of 29 October 2025, Beijing Gas auctioned 5,000 tonnes of LNG from its Tianjin terminal with delivery scheduled from 1 November 2025 to 1 April 2026.
• India's Petronet LNG Limited said on 10 November 2025 that the expansion activities which were going on at the Dahej terminal would be adding 5 million tonnes per year capacity by March 2026.
• QatarEnergy announced on 29 October 2025 that the company had signed a 17-year SPA with India's Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tonnes per year of LNG to the Republic of India. The LNG volumes will be delivered ex-ship (DES) to terminals in India, starting in 2026. The SPA between QatarEnergy and GSPC builds on their first long-term LNG supply agreement signed in 2019.
• India's THINK Gas announced on 18 November 2025 the signing of a long-term Gas SPA with Shell Energy India. Under this partnership, Shell will supply natural gas to THINK Gas through its portfolio at the Hazira LNG terminal.
• Philippines' Prime Infrastructure Capital Inc. (Prime Infra) announced on 17 November 2025 that it had reached the financial close of its transaction to acquire and operate the gas assets of First Gen Corporation in Batangas City. Prime Infra owns 60% controlling stakes of the gas-fired power plants and the offshore LNG terminal. First Gen retains 40% ownership of the power plants and 20% of the offshore LNG terminal, with the remaining 20% of the terminal owned by Japan's Tokyo Gas.
• Japan's Mitsubishi Corporation revealed on 7 November 2025 an FID on the "Block CA2" natural gas field offshore Brunei Darussalam. The company participates in the project through Diamond Energy Exploration & Production (Brunei Deepwater) B.V. (DEEP), which holds 18.75% interest in the CA2 project. The project aims to commence commercial production around 2030, with a planned natural gas production volume of 2.9 million tonnes per year during stable production phase. The gas will be supplied to Brunei LNG Sdn. Bhd.
• JERA Co., Inc. and Indonesia's PT PLN Energi Primer Indonesia (PLN EPI) announced on 27 October 2025 the initial findings from their ongoing study on potential collaboration across Indonesia's LNG value chain. The study was launched under the Joint Development Study Agreement signed on 17 June 2025.
• Malaysia's PETRONAS announced on 4 November 2025 that through its subsidiary Vestigo Petroleum Sdn Bhd, PETRONAS had signed a Key Principles Agreement (KPA) with Indonesia's PT Pertamina Hulu Energi (PHE) for the North Sumatra Offshore (NSO) development opportunities. This agreement builds upon the MOU signed between both parties in March 2025 to explore potential partnership opportunities in the upstream oil and gas sector.
• Malaysia's PETRONAS and Italy's Eni announced on 3 November 2025 an Investment Agreement to establish a regional upstream joint venture company. The joint venture will consolidate high-impact upstream assets across key hydrocarbon basins in Malaysia and Indonesia. The new joint venture company is expected to be established in 2026.
• According to the union umbrella group - the Offshore Alliance - on 20 November 2025, unions at work at Woodside Energy's Pluto 2 project sought permission for industrial action in a filing with Australia's Fair Work Commission (FWC). Construction firm Bechtel is the contractor handling the expansion. "The Offshore Alliance exercised its workplace rights by filing a Ballot for Protected Industrial Action in the FWC in response to Bechtel's sub-standard bargaining offer at Pluto 2."

 

North America

• The White House published on 28 October 2025 "Fact Sheet: President Donald J. Trump Drives Forward Billions in Investments from Japan" stating that the United States and Japan announced record purchases of U.S. energy by Japan, including "Tokyo Gas and JERA, respectively, announced letters of intent with Glenfarne for LNG offtake from a pipeline proposed to be constructed in Alaska. Japanese companies' total offtake now represents more than 10% of the project's export capacity," "JERA announced a $1.5 billion investment in Louisiana's Haynesville Shale basin - bringing its total U.S. investments to more than $6 billion," and "Global Coal Sales Group, LLC, announced a multi-year deal valued at over $100 million with Tohoku Electric Power for U.S.-sourced thermal coal."
• The White House published on 29 October 2025 "Fact Sheet: President Donald J. Trump Brings Home More Billion Dollar Deals During State Visit to the Republic of Korea" stating that the Korea Gas Corporation signed agreements to purchase about 3.3 million tonnes per year of U.S. LNG via long-term agreements with sellers, including Trafigura and TotalEnergy, through their portfolios and offtake agreements with U.S. LNG producers like Cheniere.
• During the comment period ending on 3 November 2025 for Reconsideration of the Greenhouse Gas Reporting Program (GHGRP) posted by EPA (Environmental Protection Agency) on 16 September, U.S. Chamber of Commerce and its coalition industry members, including USLNG Association (LNG Allies), supported the continuation of the GHGRP.
• During the company's Q3 2025 earnings call on 30 October 2025, Cheniere Energy said that it expected 2026 being the first year of producing over 50 million tonnes of LNG. With 47 million tonnes of long-term contracts in place, up from 43 million tonnes in 2025, the company expects to have 3 - 5 million tonnes of spot volume to sell into the market.
• Corpus Christi Liquefaction, LLC (CCL) and CCL Midscale 8-9, LLC ("CCL Midscale" and together with CCL, the "CCL Entities") submitted on 14 November 2025 to FERC a request for determination that the CCL Entities' anticipated application for a limited amendment to increase the LNG production capacity of the facilities, is not subject to FERC's mandatory pre-filing procedures. On 10 March 2025 FERC authorized the CCL Entities to site, construct and operate the "Trains 8 & 9 Project", consisting of Midscale Trains 8 and 9 with a maximum LNG production capacity of approximately 170 bcf/y and associated facilities. The CCL Entities seek FERC authorization to increase the LNG production capacity of Midscale Trains 1-9 by 251 bcf/y, from the currently authorized 752.14 bcf/y (15.65 million tonnes) to approximately 1,003.14 bcf/y (20.87 million tonnes) ("CCL Midscale Uprate"). Based on refinements made during the final design and construction of the Stage 3 Project, as well as production data gathered through commissioning, the CCL Entities have more precise knowledge and insight concerning the potential production capacity of the Midscale Trains. These refinements and optimizations do not involve significant or major modifications of existing facilities, additional construction of new facilities or additional environmental impacts, according to the filing. The CCL Entities anticipate filing an application with FERC for the CCL Midscale Uprate by no later than 5 December 2025. Therefore, the CCL Entities request that FERC issue the waiver by no later than 21 November 2025.
• FERC issued a Notice of Request for Extension of Time re Cameron LNG, LLC's Amended Expansion Project on 28 October 2025, noting that on 21 October Cameron LNG, LLC requested that the Commission grant an extension of time, until 16 March 2033, to construct and place into service facilities at its natural gas liquefaction and export facility from 17 November 2027.
• According to Sempra on 5 November 2025, the Port Arthur LNG Phase 1 project continues making headway with Train 1 expected to reach COD (commercial operation date) in 2027. The project is on schedule and on budget. During the third quarter, Sempra reached an FID at Port Arthur Phase 2 and issued a full notice to proceed under the fixed-price EPC contract with Bechtel.
• ConocoPhillips said on 6 November 2025 that the company had fully placed the first 5 million tonnes per year from Port Arthur Phase 1 with combined regas and sales agreements into Europe and Asia. The company has recently agreed to take 4 million tonnes per year from Port Arthur Phase 2 and 1 million tonnes per year from Rio Grande LNG, bringing ConocoPhillips' offtake portfolio to about 10 million tonnes per year, the lower end of the company's stated 10 to 15 million tonnes per year ambition.
• ExxonMobil reaffirmed on 31 October 2025 that the Golden Pass LNG project remained on track for startup around the end of the year. Golden Pass LNG Terminal LLC has received permission to introduce fuel gas into Train 1, according to a letter from FERC of 12 November 2025.
• Japan's Chiyoda Corporation announced on 18 November 2025 that Chiyoda International Corporation (CIC) and McDermott, LLC (MDR), JV partners for the Golden Pass LNG Project, signed on 13 November a revised EPC contract to complete the project with Golden Pass LNG Terminal LLC (GPLNG).
• Venture Global, Inc. of the United States and Spain's Naturgy announced on 10 November 2025 the execution of a new long-term SPA for 1 million tonnes per year of LNG from Venture Global for 20 years beginning in 2030. The agreement represents Spain's first long-term contract for American LNG since Venture Global's first contract in 2018. To date, Venture Global has supplied Spain with 35 cargoes from its Calcasieu Pass and Plaquemines facilities.
• Venture Global, Inc. of the United States announced on 11 November 2025 the execution of a new, long-term LNG SPA with Mitsui & Co., Ltd. of Japan. Mitsui will purchase 1.0 million tonnes per year of LNG from Venture Global for 20 years, starting in 2029. The deal marks Venture Global's third long-term contract with a Japanese company, and total of 6.75 million tonnes per year of long-term contracts signed by Venture Global to date in 2025.
• Venture Global, Inc. filed on 17 November 2025 with FERC its application for the permitting and approval of the Plaquemines LNG brownfield expansion project. Venture Global has filed with DOE for the export authorizations associated with the expansion. Venture Global has increased the expected output from the project by nearly 40% from the previously announced plans due to the continued optimization of its liquefaction trains and strong market demand. This bolt-on expansion will be built incrementally in three phases and consist of 32 modular liquefaction trains, adding in total over 30 million tonnes per year in peak production capacity. This will bring the total peak production capacity across the entire Plaquemines complex to over 58 million tonnes per year.
• NextDecade Corporation on 30 October 2025 provided an update on developmental activities. Under the EPC contracts with Bechtel Energy Inc., as of September 2025: The overall project completion percentage for Trains 1 and 2 and the common facilities was 55.9%. The overall project completion percentage for Train 3 was 33.4%. NextDecade is developing Trains 6 through 8. Trains 6 through 8 are expected to increase NextDecade's total liquefaction capacity by approximately 18 million tonnes per year. Train 6 is being developed inside the existing levee at the Rio Grande LNG Facility site and adjacent to Trains 1 through 5. NextDecade expects to pre-file an application with FERC for Train 6 in 2025 and a full application with FERC in 2026. NextDecade is evaluating multiple areas on the site for the development of Trains 7 and 8.
• Baker Hughes announced on 6 November 2025 an award from Bechtel Energy Inc. to supply primary liquefaction equipment for Train 5 of NextDecade's Rio Grande LNG Facility. The award follows a recent order for Train 4 and is part of a previously established framework agreement covering a variety of Baker Hughes equipment and associated contractual services for Trains 4 through 8.
• NextDecade's Rio Grande LNG plans to increase authorized liquefaction capacity at its Brownsville, Texas, project under construction, according to a letter of 14 November 2025 to FERC. Rio Grande LNG plans to raise output per train from 5.4 million tonnes per year to about 6.03 million tonnes per year, or from 27 to 30.15 million tonnes per year. The request includes an increase in LNG carrier calls from 312 to 355 per year. Rio Grande LNG asked FERC to rule by 21 November that the modification is exempt from mandatory pre-filing procedures.
• FERC issued a Letter to Commonwealth LNG, LLC on 28 October 2025 granting the company's request of 2 October for an extension of time until 31 December 2031 from November 2027 to complete construction and place into service the Commonwealth LNG Project.
• Energy Transfer said on 5 November 2025 that it was in advanced discussions with Mid Ocean Energy related to its participation as a 30% equity owner of Lake Charles LNG with a commissary percentage of LNG offtake. Energy Transfer is in discussions with other parties for the remaining equity that the company intends to sell in order to reduce Energy Transfer's equity interest to 20%. Energy Transfer is also in the process of converting non-binding HOAs with several offtake customers to binding agreements for the remaining volume of offtake needed for an FID.
• Aramco announced on 19 November 2025 17 MoUs (Memoranda of Understanding) and agreements with major companies in the United States. The new MoUs and agreements announced by Aramco include: MidOcean Energy's MoU related to potential investment in the Lake Charles LNG project and Aramco Trading's potential purchase of LNG and gas at the Commonwealth LNG project in Louisiana.
• According to Vitol's announcement on 5 November 2025, International Resources Holding RSC Ltd. (IRH), a subsidiary of ePointZero, has signed a 20-year HoA with Delfin LNG LLC and Vitol Inc. for the purchase and sale of 1.0 million tonnes per year of LNG from Delfin's export facility in the United States. Delfin LNG will supply LNG on an FOB basis to Vitol, which will act as the offtaker and deliver the volumes to IRH Global Trading (IRHGT) for 20 years.
• Argent LNG, LLC, announced on 31 October 2025 the filing of Resource Reports 1 and 10 with the FERC, regarding the development of its 25 million tonne per year Port Fourchon LNG export project.
• Canada's Tourmaline Oil Corporation said on 5 November 2025 that: Tourmaline had entered into a long-term agreement to deliver 50,000 million btu/d of natural gas (equivalent to five LNG cargoes per year) to Centrica Energy. The agreement will commence April 2028 for a 10-year term and is indexed to the TTF price less associated deductions; Tourmaline had executed a short-term LNG Netback supply agreement with EDF Trading North America. Tourmaline will supply 50,000 million btu/d of natural gas to the U.S. Gulf Coast over a 19-month period beginning April 2027. Pricing will be indexed to TTF net of associated deductions; and Tourmaline had entered into a short-term LNG Netback supply agreement with Hartree Partners, LP. Tourmaline will supply 30,000 million btu/d for a 1-year term starting April 2026 and will receive a TTF price less associated deductions. According to the announcement, Tourmaline will have an average of 213,000 million btu/d exposed to international pricing (TTF/JKM) in 2026. This will grow to 253,000 million btu/d by exit 2027 and 333,000 million btu/d by exit 2028.
• The Western States and Tribal Nations (WSTN) Energy Initiative released on 21 October 2025 the "Rocky Mountain Gas Roadmap & Implementation Playbook". The study identifies two routes - the Pacific Northwest Pathway and the Southwest Pathway to connect Rockies gas to markets. According to the study, Rockies producers lead the nation in methane emissions reduction, flaring minimization, and certified gas programs. WSTN is an initiative led by state, county and sovereign tribal nation governments. According to the governor of New Mexico, Rocky Mountain gas offers competitive advantages: cost-effective production with breakeven costs between USD 3.10 and 3.90 per million Btu, low-carbon certified gas from producers who have achieved significant methane emissions reductions, and 277 trillion cubic feet of technically recoverable reserves. According to the governor, the Southwest route reduces shipping times to Asia by approximately 50% compared to Gulf Coast routes through the Panama Canal.
• Japan's Tokyo Gas Co., Ltd. announced on 17 November 2025 that TG Natural Resources LLC (TGNR), a group company of Tokyo Gas America Ltd., had decided to transfer all of its membership interests in its subsidiary, TGNR TVL LLC (TVL), to Grayrock Energy IV, LLC. As part of the initiative to optimize its asset portfolio and enhance overall capital efficiency, Tokyo Gas has decided to transfer all of its interests in TVL to Grayrock.
• Alaska LNG, majority owned and developed by Glenfarne Alaska LNG, LLC, and Baker Hughes, an energy technology company, announced on 11 November 2025 a strategic alliance to advance the Alaska LNG Project. Glenfarne has selected Baker Hughes as its supplier for main refrigerant compressors for the LNG plant and power generation equipment for the North Slope gas treatment plant. Baker Hughes has also committed to a strategic investment to support Alaska LNG. Glenfarne is developing Alaska LNG in two financially independent phases to accelerate project execution. Phase One consists of an 807-mile (1,299 km), 42-inch pipeline to transport natural gas from Alaska's North Slope to meet Alaska's domestic energy needs. Worley is expected to complete final engineering and cost analysis for the pipeline in December leading into an FID on this phase of the project. Phase Two of the project will add the LNG plant and related infrastructure to enable 20 million tonnes per year of LNG export capability and is expected to declare an FID in late 2026. Glenfarne became lead developer of Alaska LNG in March 2025. Since then, Glenfarne has secured preliminary commercial commitments with leading LNG buyers in Japan, Korea, Taiwan, and Thailand for 11 million tonnes per year of LNG, more than 60% of the volume needed to reach an FID, including recent agreements with Tokyo Gas, JERA Co. Inc. and POSCO International Corporation.
• Harvest Midstream announced on 11 November 2025 that it had closed the acquisition of the Kenai LNG facility in Nikiski, Alaska, advancing its February 2025 plan to redevelop existing LNG infrastructure. The acquisition includes about 100 acres of industrial waterfront, 107,000 cubic meters of LNG storage, and legacy dock infrastructure historically capable of handling LNG vessels up to 138,000 cubic meters. The facility provides a strategic platform to help meet Southcentral Alaska's near-term energy needs through LNG imports, while preserving future export potential that could expand Alaska's reach in global energy markets. Harvest is seeking an amendment to its existing FERC permit to increase import capacity and is in advanced talks with global LNG suppliers and potential offtake customers. Harvest is targeting an FID in the second quarter of 2026 and first LNG imports in the first half of 2028.
• LNG Canada announced on 6 November 2025 that the project had started producing LNG from its second of two LNG processing trains.
• Canada's Pembina Pipeline Corporation and Malaysia's PETRONAS announced on 5 November 2025 the signing of a 20-year agreement for 1.0 million tonnes per year of Pembina's liquefaction capacity at the Cedar LNG facility by their subsidiaries. Pembina will provide transportation and liquefaction capacity to PETRONAS LNG Ltd over a 20-year term. Pembina previously signed a 20-year take-or-pay liquefaction tolling service agreement for 1.5 million tonnes per year of LNG to support the FID on Cedar LNG in June 2024 and ultimately maintain key project timing and economic parameters, with the expectation of remarketing the capacity at a later stage. The Agreement with PETRONAS marks a first step in Pembina's remarketing efforts. Pembina expects to reach definitive agreements for the remaining 0.5 million tonnes per year of capacity by the end of 2025. The Cedar LNG project remains on-time and on-budget, with an expected in-service date in late 2028.
• Canada's Woodfibre LNG announced on 6 November 2025 that it had received regulatory approval from the BC Environmental Assessment Office, the Impact Assessment Agency of Canada and the Squamish Nation for a second floating workforce accommodation vessel (floatel) to support construction at the Woodfibre LNG site. The first floatel, the MV Isabelle X, has been operating at site since June 2024. Similar to the first floatel, Vancouver-based Bridgemans is the provider and operator of the new floatel.
• Canada's Major Projects Office (MPO) announced the second tranche of major projects of national significance on 14 November 2025, including Ksi Lisims LNG and North Coast Transmission Line (NCTL), which should enable industrial projects such as the Ksi Lisims LNG facility and critical minerals developments. Ksi Lisims LNG proposes to construct and operate up to two FLNG (floating liquid natural gas) structures which together would export up to 22.4 bcm (16.5 million tonnes) per year of natural gas.
• According to Sempra on 5 November 2025, the ECA LNG (Energía Costa Azul) Phase 1 project is over 95% complete and pre-commissioning activities are ongoing. The project continues expecting first LNG production in the spring 2026 with commissioning cargoes expected to commence thereafter.

 

European and surrounding regions

• TotalEnergies announced on 17 November 2025 the signing of an agreement with Energetický a průmyslový holding, a.s. (EPH) for the acquisition of 50% of its flexible power generation platform (gas-fired and biomass power plants, batteries) in Western Europe (Italy, United Kingdom and Ireland, Netherlands, France). The joint venture owned 50/50 by TotalEnergies and EPH will be responsible for the industrial management of the assets and the business development, while each company will market its share of production under a tolling arrangement with the joint venture. The transaction covers a portfolio of more than 14 GW gross capacity of flexible generation assets in operation or under construction. The transaction completion is expected mid-2026.
• Deutsche Energy Terminal GmbH (DET) announced on 19 November 2025 that the FSRU Höegh Gannet was returning to Brunsbüttel from the Danish Fayard shipyard as planned, with technical improvements.
• INEOS Group announced on 6 November 2025 that INEOS Energy signed a long-term deal with Kinetik Holdings Inc., to supply natural gas to Europe from 2027. The agreement will deliver up to 0.5 million tonnes per year of natural gas. The agreement uses a TTF Netback pricing mechanism.
• Italy's OLT Offshore LNG Toscana announced on 3 November 2025 the first auctions for the allocation of available capacity for the new Small-Scale LNG (SSLNG) service concluded with the allocation of the auctioned product consisting of 12 slots of 7,500 liquid cubic meters each, distributed monthly from November 2025 to November 2026.
• Spain's Enagás announced on 4 November 2025 that Musel Energy Hub, the LNG plant in Gijón owned by Enagás (75%) and Reganosa (25%), was launching a service to supply BioLNG for the loading of the fuel onto ships and tankers. The service uses the interconnected infrastructure so that the biomethane injected into the gas network can be recognised as BioLNG and supplied via the terminal.
• Poland's ORLEN announced on 7 November 2025 that ORLEN and Ukraine's Naftogaz had signed an agreement setting out the framework for a future gas supply contract. The contract will provide for the delivery of three LNG cargoes from the United States in the first quarter of 2026. The cargoes will be imported by ORLEN to one of the two terminals where the company holds capacity reservations, then regasified and transmitted via pipeline to Ukraine. The parties have declared their intention to promptly agree on the final commercial terms and execute the definitive contract. As a result of the agreement, the total volume of gas supplied under all contracts with Naftogaz will reach nearly 1 bcm.
• Daphne Technology and Maran Gas, part of the Angelicoussis Group, announced on 30 October 2025 the conclusion of their joint pilot project that marked the first deployment of SlipPureTM Plasma-Catalytic Methane Slip Aftertreatment system on board the commercial LNG carrier, the Maran Gas Chios. During the trial, Daphne Technology achieved reductions of up to 4 ± 2 g/kWh methane slip. The SlipPure™ Plasma - Catalytic system, in conjunction with Daphne Technology’s already commercialised PureMetrics™ emissions monitoring platform, continues to be developed with the aim of offering scalable methane abatement solutions for both land-based and marine applications.
• Venture Global, Inc. announced on 7 November 2025 that it and Greece's ATLANTIC - SEE LNG TRADE S.A. executed a new SPA for 0.5 million tonnes per year of LNG from Venture Global for 20 years starting in 2030. Atlantic-See LNG is a newly formed joint venture between Greece's AKTOR and DEPA.
• Ukraine's Naftogaz Group announced on 7 November 2025 that it had signed a Memorandum with the Greece's ATLANTIC-SEE LNG TRADE S.A. The parties agreed to develop the supply of LNG from the United States to Europe and Ukraine through Greek LNG terminals and the Vertical Corridor.
• Greece's DEPA and Ukraine's Naftogaz announced on 16 November 2025 that they had signed an LOI (letter of intent) to supply natural gas to Ukraine from December 2025 to March 2026. LNG volumes originating from the United States are expected to be transported through "Route 1", offered jointly by the gas transmission system operators (TSOs) of Greece (DESFA), Bulgaria (Bulgartransgaz), Romania (Transgaz), Moldova (VestMoldTransgaz), and Ukraine (GTSOU).
• Ukraine's DTEK announced on 18 November 2025 that its trading arm D.TRADING had delivered its first cargo of U.S.-sourced LNG via Lithuania Klaipėda terminal. The cargo - loaded aboard the Gaslog Houston at Plaquemines in Louisiana - was DTEK's first to be purchased on an FOB basis.
• The Foreign Office of the United Kingdom announced on 12 November 2025 its intention to introduce a maritime services ban on Russian LNG. The ban will be phased in over 2026.

 

Other regions

• Technip Energies said on 30 October 2025 that the company had been awarded a contract to perform preliminary activities on the Coral Norte floating LNG unit in Mozambique. Technip Energies' Q3 2025 Key operational milestones included QatarEnergy North Field Expansion pre-commissioning activities for Train 8 and start of steam production and QatarEnergy North Field South installation of the first mechanical equipment on the foundations and start of the erection of the steel structure, as well as Marsa LNG (Oman) first excavation for civil work on process train and substation building.
• Abu Dhabi's ADNOC announced on 4 November 2025 a 15-year SPA with Shell International Trading Middle East Limited FZE, for the delivery of up to 1 million tonnes per year of LNG. The deal marks ADNOC's first long-term LNG sales agreement with Shell and the eighth long-term offtake agreement secured for the Ruwais LNG project. More than 8 million tonnes per year of the project's planned 9.6 million tonnes per year capacity is secured through long-term deals with customers across Asia and Europe, 16 months after the project's FID in July 2024. Shell holds a 10% stake in the project through its subsidiary, Shell Overseas Holdings Limited.
• Abu Dhabi, UAE's (United Arab Emirates) AD Ports Group announced on 04 November 2025 that AD Ports Group and Nimex Terminals had signed two long-term agreements that will position Khalifa Port into a trading hub for low-carbon energy and petrochemical logistics. The agreements include the development of the UAE's first private-sector LNG and LPG terminal hubs. Initial operations are expected to commence by mid-2028, with steady-state operations projected to be achieved by 2031 for the LNG terminal, and by 2033 for the LPG terminal.
• Abu Dhabi, UAE's (United Arab Emirates) Noatum Maritime, part of AD Ports Group's Maritime & Shipping Cluster, announced on 5 November 2025 that it had been awarded a five-year contract by Bapco Upstream, to provide marine services at the Bahrain LNG Import Terminal (BLNG), the offshore LNG terminal located near Khalifa Bin Salman Port. Services to be provided by Noatum Maritime Marine Services include, towage operations, berthing and unberthing of LNG carriers and FSUs alongside 24/7 emergency response and standby support.
• The Foreign Ministry of the Sultanate of Oman announced on 4 November 2025 that the Sultanate and the Kingdom of Spain signed four MoUs in the fields of green methanol, LNG, water and wastewater management, and economic cooperation to develop trade and investment relations between the business communities of the two countries. The third MoU, signed by Oman LNG Company with Spain's Naturgy, aims to explore and discuss a long-term LNG SPA, which may include the supply of up to one million tonnes annually for 10 years starting from 2030.
• Excelerate Energy, Inc. announced on 28 October 2025 that it had executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the development of the country's first LNG import terminal at the Port of Khor Al Zubair. The integrated project includes a five-year agreement for regasification services and LNG supply with extension options, and a minimum contracted offtake of 0.25 bcf/d (1.90 million tonnes per year). Excelerate will construct the floating LNG import terminal, which is designed to accommodate a guaranteed 0.5 bcf/d of regasification capacity. Excelerate will deploy Hull 3407, its newest FSRU, and will be responsible for delivering the topside equipment and berth modifications to enable FSRU operations at the jetty. Commercial operations are expected to commence in 2026, subject to final permitting and construction timelines, and other closing conditions. Hull 3407 is under construction by HD Hyundai Heavy Industries in Korea and is on track for delivery in 2026.
• Italy's Eni said on 24 October 2025 that in August, the Nguya FLNG unit sailed away, to boost LNG production as part of Phase 2 of the Congo LNG project in the Marine XII concession, offshore the Republic of Congo. According to the announcement, the FLNG was designed and built in only 33 months, from contract award to sail away. The Congo LNG project will increase production capacity to 3 million tonnes per year of LNG (from 0.6 million tonnes per year).
• ExxonMobil revealed on 20 November 2025 that the company had lifted force majeure at its Rovuma LNG project in Mozambique. The project expects an FID in 2026 and first LNG production in 2030.
• Italy's Eni said on 24 October 2025 that earlier in the month Eni and Argentina's YPF signed the Final Technical Project Description (FTPD) towards an FID for the 12 million tonnes per year integrated upstream-midstream Argentina LNG (ARGLNG) project intended to monetize the gas reserves of the Vaca Muerta basin. Through a phased approach, the project could be scaled up to 30 million tonnes per year in the long-term, Eni said.
• According to the parties' announcements on 4 November 2025, Italy's Eni and Argentina's YPF signed a non-binding agreement with XRG, part of the ADNOC Group, regarding the company's potential involvement in the 12 million tonnes per year LNG phase of the integrated upstream-midstream Argentina LNG (ARGLNG) project. ARGLNG is a large-scale, integrated upstream and midstream gas development project designed to develop the resources of the onshore "Vaca Muerta" field and export up to 30 million tonnes of LNG per year in various independent phases by 2030. As established by the Final Technical Project Description signed on 10 October by Eni and YPF, the project involves gas production, processing, transportation, and liquefaction for export through two FLNG vessels with a capacity of 6 million tonnes per year each, as well as export of associated liquids.

 

(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)