Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, started in the high-USD 10s/MBtu in the beginning of December, but continued to decline amid ample regional supply driven by increased exports from the U.S., falling into the USD 9s/MBtu on 10 December, its lowest level since the end of April 2024. Buyers in Japan, China, and South Korea have all shown limited appetite for spot procurement for winter, and with the late-December holiday season approaching, prices have remained rangebound, hovering around the mid-USD 9s/MBtu level.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 10.60/MBtu or JPY 84,143/tonne in November 2025. The USD price in November was up by USD 0.05 from October due to the rising of Japan’s average landed crude oil import price in August 2025 from July 2025. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in November were USD 10.72/MBtu, USD 10.36/MBtu, USD 10.50/MBtu, and USD 10.82/MBtu, respectively. Elsewhere in Northeast Asia, average import prices in November were USD 9.21/MBtu in China, USD 9.63/MBtu in Korea and USD 9.66/MBtu in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 71.21/bbl or JPY 68,595/kL in November 2025.
• Japan imported 4.73 million tonnes of LNG in November 2025, 6.3% lower year-on-year (y-o-y). China imported 6.94 million tonnes of LNG in November 2025, 14.7% higher y-o-y. Korea imported 3.35 million tonnes, 16.2% lower y-o-y. Chinese Taipei imported 2.03 million tonnes, 15.0% higher y-o-y.

United States

• The Henry Hub Natural Gas Futures price rose to USD 5.3/MBtu on 5 December, reaching its highest level since December 2022. The increase was driven by rising U.S. LNG exports, forecasts of a cold spell across the central and eastern United States, and expectations that December would see the highest heating demand in the past 15 years. However, as weather forecasts reversed and shifted to warmer-than-expected temperatures across much of the country in mid to late December, prices subsequently turned lower, falling below USD 4s/MBtu on 16 December. After that, prices did not see any sharp declines amid generally mild weather and continued to trade around USD 4s/MBtu level, however, on 23 December, an upward move was also observed, driven by short-term supply-demand factors.

Europe

• The Dutch TTF Gas Futures price trended lower in early December, supported by milder-than-average temperatures in Northwest and Southern Europe, a significant increase in wind power generation in Germany, and withdrawals from underground gas storage. After standing at USD 9.8/MBtu in late November, prices fell to USD 9.1/MBtu on 10 December. However, prices rebounded to USD 9.5/MBtu on 12 December as wind power generation declined. On the supply side, conditions remained stable throughout the month, with prices continuing to trade in USD mid-to-high 9s/MBtu range to late December.

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 September, 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. In December, ample supply combined with only limited severity in winter temperature declines pushed prices into the USD 9 range for the first time since late April 2024.

Trend of Natural Gas and LNG Inventories

Japan

• 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 a decrease of 5.9% from July 2024, lower than the past five-year average by 0.41 million tonnes.
• Japan's LNG inventories as of the end of August 2025 stood at 4.45 million tonnes, an increase of 0.6% or 0.03 million tonnes from July, and a decrease of 1.5% from August 2024, lower than the past five-year average by 0.29 million tonnes.
• 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 city-gas supply as of the end of September 2025 were 2.11 million tonnes, 8.4% higher than August and 9.3% lower than September 2024. LNG consumption for city-gas in September 2025 was 2.08 million tonnes, which decreased by 8.7% y-o-y. City-gas companies received 2.24 million tonnes of LNG in September 2025, which increased by 5.6% 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.
• The LNG inventories for power generation as of the end of August 2025 were 2.51 million tonnes, increasing by 13.6% from July and 12.9% higher than August 2024. LNG consumption for power generation in August 2025 was 3.31 million tonnes, decreasing by 10.6% y-o-y. Power generation companies received 4.01 million tonnes of LNG, increasing by 0.1% y-o-y.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 17 December 2025, major power utilities’ LNG inventories were 2.15 million tonnes as of 14 December. This is the same at the end of the same month last year and 0.08 million tonnes below the five-year average.

United States

• As of 12 December 2025, working gas in underground natural gas storage in the United States was 3.6 Tcf, 9.3% decrease from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 1.2% lower than those at the same time last year and were 32 Bcf higher than the past five-year average.

Europe

• As of 17 December 2025, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI+) EU member companies was 779.7 TWh (about 51.58 million tonnes LNG equivalent). The volume was lower than the previous year by 11.9% or 105.3 TWh (about 6.96 million tonnes LNG equivalent). The inventories represented 68.24% of the capacity, which was lower than 77.10% on the same day last year and below the five-year average of 77.58%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 61.61%, 78.93% and 56.23% of their capacities respectively.

 

• As of 17 December 2025, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 5.11 million cubic meters, 13.4% down from the previous month. The inventories were higher than the same day last year by 33.2% and by 16.9% above the five-year average for the same day. The inventories represented 53.9% of the capacity, which was higher than a year ago level of 42.5%.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• LNG sale and purchase contractual activities were noticeable across Asia and Europe, including multiple long-term SPAs. In North America, regulatory and legislative movements were underway to streamline infrastructure and LNG export approvals and promote development. Project development milestones included ones in Australia, Angola and the Republic of Congo. Efforts toward future fuel sources are noted, including e-methane projects in the United States and Canada.

 

Asia and Oceania

• Australia's Woodside Energy Limited announced on 25 November 2025 that the Ministry of Petroleum and Mineral Resources of Timor-Leste (Ministério do Petróleo e Recursos Minerais (MPRM)) and Woodside Energy had signed a Cooperation Agreement to carry out studies and activities to mature a Timor-based LNG concept (TLNG) based on the Greater Sunrise gas fields. MPRM and Woodside will carry out commercial and technical maturation activities for a greenfield Timor-based approximately 5 million tonne per year LNG concept with a domestic gas facility and a helium extraction plant. These activities will run in parallel to the ongoing negotiation of the fiscal, regulatory and legal frameworks to support the upstream development of the Greater Sunrise fields between the Sunrise Joint Venture, Timor-Leste and Australian governments. The Agreement includes a high-level plan outlining key activities required to mature and progress this opportunity, under which first LNG may be produced as early as 2032-2035, subject to concept selection and investment decisions.
• Australia's NOPSEMA (National Offshore Petroleum Safety and Environmental Management Authority) granted an approval for Shell Australia Pty Ltd to move forward with the completion, start-up, and operation activities of the Crux natural gas project offshore Western Australia on 28 November 2025. The Crux project will supply gas to the Prelude FLNG facility.
• Eni announced on 4 December 2025 that the company had entered into a long-term LNG sales agreement with Thailand's Gulf Development Company. Eni agrees to sell 0.8 million tonnes per year of LNG for 10 years to Gulf. The LNG will be delivered at regasification terminals located in the country starting from 2027. This contract follows a 2-year deal signed by the two corporations in 2024, for the supply of approximately 0.5 million tonnes per year of LNG starting in 2025. The agreement is Eni's first long-term LNG supply to Thailand.
• Chevron Australia announced on 5 December 2025 that Chevron Australia and the Gorgon Joint Venture Participants had taken an FID on the Gorgon Stage 3 development off the northwest coast of Western Australia (WA). Six wells will be drilled in the two fields located about 100 kilometres northwest of Barrow Island in water depths of about 1,300 metres. The backfill development will connect the offshore Geryon and Eurytion natural gas fields in the Greater Gorgon Area to Gorgon's existing subsea gas gathering infrastructure and processing facilities on Barrow Island. Part of the original development plan for Gorgon, Gorgon Stage 3 is the first in a series of planned subsea tiebacks. Gorgon has the capacity to produce 300 terajoules per day (2 million tonnes per year) of gas for the WA market and 15.6 million tonnes of LNG per year.
• Mitsui & Co., Ltd. announced on 8 December 2025 that it had completed Stage 2 development of the Waitsia Gas Field in Western Australia to commence commercial gas production on 6 December. Mitsui, through its wholly owned subsidiary Mitsui E&P Australia Pty Ltd (MEPAU), acts as operator and holds a 50% interest in Waitsia. Located 350 km north of Perth, Waitsia is one of Australia's largest onshore natural gas field. Mitsui acquired its interest in 2018 and made an FID in 2020 for Stage 2 development. In addition to supplying gas to the domestic market, approximately 1.4 million tonnes per year of LNG will be produced. Mitsui will offtake roughly half of this volume in line with its equity share. LNG production will utilize the liquefaction facilities of the North West Shelf Joint Venture (NWS JV).
• Japan's JERA Co., Inc. announced on 8 December 2025 the signing of its first long-term LNG SPA to supply LNG outside Japan, with Torrent Power Limited, one of India's leading integrated power utility companies. JERA will supply four LNG cargoes, approximately 270,000 tonnes per year, on a DES basis from its LNG portfolio. This supply is scheduled for ten years, commencing in 2027.
• TechnipFMC announced on 11 December 2025 that the company had been awarded a contract for Subsea 2.0® production systems by Chevron for the Gorgon Stage 3 brownfield project.
• SHPGX (Shanghai Petroleum and Natural Gas Exchange) released data on 12 December 2025 showing that the spot price of piped natural gas in China for the week of 6 - 12 December was CNY 2.47 /cubic meter. This marks the official release of the first national piped natural gas spot price in China based on online trading. The "China Pipeline Natural Gas Spot Price" is primarily based on the online trading price of piped natural gas from SHPGX and is released every Friday. If a holiday falls on a Friday, the price is released on the last working day before the holiday.
• TotalEnergies announced on 16 December 2025 that it had closed an agreement to divest to PTTEP an indirect interest of 9.998% in block SK408 in Malaysia. TotalEnergies keeps a 30.002% interest.
• Australia's Santos Limited announced on 17 December 2025 that it had executed a conditional SPA to divest its 42.86% operated interest in the Mahalo Joint Venture, in Queensland's Bowen Basin, to Comet Ridge Limited.
• Australia's Santos Limited announced on 17 December 2025 that the PNG LNG Joint Venture (Santos 39.9% interest) had accelerated the final repayment under Papua New Guinea's PNG LNG project finance facility, bringing the facility to a close.
• JERA Co., Inc. announced on 18 December 2025 that it had signed an LNG SPA with Hokkaido Gas Co., Ltd. JERA will supply two to three LNG cargoes per year, equivalent to approximately 130,000 to 200,000 tonnes annually, on a DES basis from JERA's global LNG portfolio. The contract term is seven years, beginning in 2027.
• Thailand's PTT announced on 19 December 2025 that PTT International Trading Pte Ltd (PTTT) and Centrica LNG Company Limited had signed a long-term LNG SPA for 10 years, starting in 2028. The SPA is built upon an HoA signed in June 2025. It marks PTTT's first long-term LNG sales contract outside of Thailand, delivering cargoes across a range of destinations in Asia on a DES basis.

 

North America

• Venture Global, Inc. and Tokyo Gas Co., Ltd announced on 26 November 2025 the execution of a new, long-term LNG SPA. Tokyo Gas will procure 1 million tonnes per year of LNG from Venture Global for 20 years, starting in 2030, on an FOB basis and without destination restrictions.
• Canada's Woodfibre LNG announced on 27 November 2025 that it had welcomed the project's second floating workforce accommodation (floatel, The MV Saga X) to site. As with the MV Isabelle X, the MV Saga X was refit by and provided by Vancouver-based Bridgemans.
• JGC Holdings Corporation announced on 8 December 2025 that JGC Corporation, together with its Joint Venture partner Fluor Corporation, had completed and handed over Train 2, including all construction area of the LNG Canada Project on 1 December 2025 (local time), marking the completion of the first phase of Canada's first LNG mega-project in Kitimat, British Columbia, Canada. JGC Corporation and Fluor are carrying out the FEED update services for the second phase of the expansion plan.
• Tokyo Gas CO., Ltd. announced on 2 December 2025 that the company had entered into an agreement with Teralta Hydrogen Solutions Inc. to advance development of e-NG (electric natural gas, widely referred to in Japan as e-methane) projects starting in Canada. Based on this agreement, Tokyo Gas and Teralta will proceed with joint efforts to produce e-NG for export to Japan. The project in Brandon, Manitoba, targets production of 30,000 tonnes per year with an FID expected from FY2026 (until March 2027) to early FY2027 and COD (commercial operation date) targeted within FY2030.
• Japan's Osaka Gas Co., Ltd., Toho Gas Co., Ltd., and ITOCHU Corporation announced on 2 December 2025 that TotalEnergies, TES, Osaka Gas, Toho Gas, and ITOCHU had signed a Joint Development and Operating Agreement at the Live Oak project - a large-scale facility to produce electric natural gas (e-NG) also known as e-methane, in Nebraska, United States. The partners are preparing the FEED phase, targeting a capacity of 75,000 tonnes per year of methanation. The project, subject to an FID in 2027, is scheduled to begin commercial operations by 2030, with plans to export e-NG to Japan.
• Glenfarne Group announced on 3 December 2025 that its Texas LNG project had signed a 20-year SPA with Macquarie Energy LLC, a subsidiary of Macquarie Group Limited for 0.5 million tonnes per year of LNG. According to the announcement, Texas LNG is a "Green by Design" liquefaction facility. Kiewit has been contracted for final FEED and to lead the EPC of Texas LNG under a lump-sum turnkey agreement.
• Glenfarne Alaska LNG, LLC announced on 4 December 2025 that the company and POSCO International Corporation had signed definitive agreements finalizing the formation of a strategic partnership for the development of the Alaska LNG Project. The strategic partnership includes: A significant portion of the steel required for Alaska LNG's natural gas pipeline provided by POSCO, one of the leading steel producers in the world; A 20-year HOA for 1 million tonnes per year of LNG offtake on an FOB basis. The HOA, the first HOA signed for the Alaska LNG Project, establishes commercial terms for the sale of LNG to POSCO International Corporation; and A pre-FID capital investment in Alaska LNG by POSCO International Corporation. According to the announcement, since becoming Alaska LNG majority owner in March, Glenfarne has secured preliminary commercial commitments with leading LNG buyers in Japan, Korea, Taiwan, and Thailand for 11 million tonnes per year of LNG.
• FERC granted on 4 December 2025 a request by Golden Pass LNG Terminal LLC to introduce hazardous fluids into the boiloff gas and sendout compressors, the LNG storage tanks, and the LNG pumps and receive the LNG marine vessel (i.e. cooldown cargo).
• FERC issued a letter on 8 December 2025 to Trans-Foreland Pipeline Company LLC granting the company's request of 12 November 2025 for an extension of time until and including 17 December 2028 to complete construction and make available for service the Kenai LNG Cool Down Project in Alaska.
• FERC issued a letter on 11 December 2025 to Golden Pass LNG Terminal LLC granting the company's request to introduce fuel gas into the Train 1 gas turbine for the mixed refrigerant compressor solo run.
• John Wood Group PLC announced on 11 December 2025 that Wood had secured a ten-year contract with NextDecade to deliver maintenance solutions at Rio Grande LNG. Wood will provide comprehensive maintenance services to support safe, reliable operations. Wood is currently implementing mechanical integrity programs for the facility and consulting on operational readiness.
• Ovintiv Inc. and a subsidiary of Pembina Pipeline Corporation announced on 15 December 2025 the signing of a 12-year agreement for 0.5 million tonnes per year of Pembina's liquefaction capacity at the Cedar LNG facility. The export will commence with commercial operations at Cedar LNG, anticipated in late 2028.
• Epcilon LNG LLC submitted a letter on 15 December 2025 to DOE to request an extension of time to commence exports from its authorized export facilities. While Epcilon in the past has encountered delays due to global macroeconomic and geopolitical disruptions, Epcilon intends to take an FID in early Q1 2026 for the Amigo LNG export project in Guaymas, Sonora, Mexico. Epcilon requests an extension of the deadline to commence exports by an additional 24 months, from 8 December 2027 to 8 December 2029. Epcilon requests that DOE approve the Extension Application on or before 22 January 2026.
• DOE granted on 16 December 2025 the requested extension of time to commence non-FTA exports from the Woodside Louisiana LNG Project to 31 December 2029. In addition, DOE amended the authorization to provide three additional years for Louisiana LNG to export the approved non-FTA volume of LNG beyond the export term for the authorization ending on 31 December 2050 (Make-Up Period) extending through 31 December 2053.
• MidOcean Energy announced on 17 December 2025 the completion of its acquisition of a 20% interest in PETRONAS' key entities in Canada. The transaction includes 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.
• Japan Petroleum Exploration Co., Ltd. (JAPEX) announced on 18 December 2025 that its Board of Directors resolved to acquire the entire equity interest in Verdad Resources Intermediate Holdings LLC (VRIH), which held tight oil and gas assets in the United States, through Peoria Resources Acquisition Company, LLC (AcquCo) managed by Peoria Resources LLC (Peoria), an overseas subsidiary, thereby making VRIH a consolidated subsidiary (sub-subsidiary). The assets include those VRIH acts as the operator. JAPEX will engage in the E&P business in the United States as the operator through Peoria and AcquCo. JAPEX plans to acquire VRIH's equity interest around the end of February 2026.
• Energy Transfer LP announced on 18 December 2025 that it was suspending development of the Lake Charles LNG project in order to focus on allocating capital to its backlog of natural gas pipeline infrastructure projects. Energy Transfer remains open to discussions with third parties who may have an interest in developing the project, according to the announcement.

 

European and surrounding regions

• TotalEnergies announced on 25 November 2025 that it had decided to demobilize its LNG FSRU in Le Havre. In 2022, at the request of the authorities, TotalEnergies provided France, at its own expense and without any public subsidies, with the FSRU in the port of Le Havre. According to TotalEnergies, now that gas supply conditions in France and Europe have stabilized, the floating LNG terminal in Le Havre is no longer necessary.
• Eni announced on 3 December 2025 that the company had entered a long-term LNG sale agreement with Türkiye's BOTAŞ. Eni has agreed to supply BOTAŞ 0.4 million tonnes per year of LNG for 10 years from 2028. This contract follows a 3-year deal signed by the two corporations in September 2025, for the supply of 0.4 million tonnes per year of LNG starting in November 2025. The agreement is Eni's first long-term LNG sale to Türkiye. Eni's strategy is to diversify its global LNG footprint, expanding its customer base in markets with high potential, and growing its LNG portfolio to 20 million tonnes per year by 2030.
• SEFE Securing Energy for Europe announced on 3 December 2025 that the company had signed a ten-year agreement to supply LNG to Türkiye's BOTAŞ, with deliveries scheduled to begin in the fourth quarter of 2028. This long-term contract builds on the three-year deal concluded earlier in 2025, through which SEFE is providing over 1.5 million tonnes of LNG in total. Under the new agreement, SEFE will deliver approximately five million tonnes of LNG over the next decade. The LNG will be delivered from SEFE's growing global LNG portfolio.
• Council of the European Union announced on 3 December 2025 that the Council presidency and the European Parliament's representatives reached a provisional agreement on the regulation to phase out imports of Russian natural gas. The regulation introduces a legally binding, stepwise prohibition on both LNG and pipeline gas imports from Russia, with a full ban from the end of 2026 and autumn 2027 respectively. The provisional agreement will be endorsed by the Council and the Parliament before being formally adopted.
• Italy's Snam announced on 11 December 2025 that Snam had agreed to acquire Igneo Infrastructure Partners' 48.2% interest in OLT - Offshore LNG Toscana S.p.A., operating the FSRU Toscana offshore Livorno. The transaction is expected to be finalised within the first half of 2026 subject to customary regulatory approvals including obtaining the necessary authorisations under applicable Italian antitrust and golden power regulations. Upon the closing of the transaction, Snam will hold a total stake of 97.3%.
• Germany's DET (Deutsche Energy Terminal) announced on 12 December 2025 that on 9 and 10 December, the remaining reserve capacities totalling 27 slots were once again offered to the market. Starting 22 December DET will once again offer remaining reserve capacities for Q1 and Q2 2026 at the Wilhelmshaven 01 and 02 terminals at a reserve price of €0.56 per million Btu. Additional reserve capacities for Q4 2026 will be offered at a later date.
• The European Parliament endorsed in its plenary session on 17 December 2025 an agreement to ban Russian gas and LNG imports, with 500 votes in favour to 120 against and 32 abstentions. The measure includes a phased timeline with final pipeline flows to end in autumn 2027. The Council of the European Union must also adopt the legislation.
• OFAC (U.S. Department of Treasury's Office of Foreign Assets Control) issued a general license on 17 December 2025 authorizing "certain services related to Sakhalin-2" until 18 June 2026. Maritime transport of crude oil originating from Sakhalin-2 will be authorized until June 2026, as long as the byproduct is "is solely for importation into Japan".

 

Other regions

• TotalEnergies announced on 1 December 2025 that TotalEnergies EP Nigeria had signed a farmout agreement to sell to Star Deep Water Petroleum Limited, a Chevron company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria. Located in the West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies will remain operator with a 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%).
• United Kingdom's Secretary of State for Department for Business and Trade announced on 1 December 2025 that the government had decided to end UKEF's (UK Export Finance) participation in the Mozambique LNG project. The decision is made with the agreement of the project sponsors and other participants. UKEF will reimburse the project for the premium paid. Atradius Dutch State Business authorised USD 1.3 billion in export insurance via two policies. The Netherlands' finance ministry said that the larger of the two policies had been rescinded.
• Germany's SEFE Securing Energy for Europe announced on 1 December 2025 that the company and Argentina's Southern Energy had signed an HOA for an eight-year supply deal. SEFE will purchase up to 2 million tonnes per year of LNG on an FOB basis, with deliveries scheduled to begin in late 2027. Once concluded, this would be Argentina's first long-term LNG supply contract.
• Eni announced on 2 December 2025 with the arrival of the Nguya FLNG floating liquefaction unit and the introduction of gas into the new offshore infrastructure system the start-up - ahead of the planned schedule - of Phase 2 of the Congo LNG project, with the goal of exporting the first LNG cargo in early 2026. Congo LNG Phase 2 features three production platforms as well as the Scarabeo 5 unit dedicated to gas treatment and compression and the Nguya FLNG for liquefaction and export, bringing the overall project's capacity to 3 million tonnes per year. According to the announcement, the integrated configuration enables the full development of gas resources from the offshore Nené and Litchendjili fields, in the Marine XII license, and ensures flexible, phased management of volumes, guaranteeing a steady flow to both the Tango FLNG unit, operational since late 2023, and the Nguya FLNG.
• According to Saudi Arabia's finance ministry 2026 budget statement of 3 December 2025, Main Achievements in FY 2025 included completion of the first phase of the Jafurah Gas Plant construction and commencement of production with a capacity of 0.45 bcf per day. Sustainable production is expected to reach 2 bcf of gas per day after the project is completed by 2030.
• Qatar's Minister of State for Energy Affairs said on 6 December 2025 about the expected timeline for when the new volumes would come online, "The first train will come online in Qatar, hopefully by the third quarter of next year. In the United States, we have started the commissioning of the first train of Golden Pass LNG, which should, hopefully, come online by the end of the first quarter of 2026, followed sequentially by the other two trains in the United States."
• Israel's government announced on 17 December 2025 that it had approved a Gas Export Deal with Chevron to Egypt as the largest gas deal in Israel's history.
• Abu Dhabi National Oil Company (ADNOC) P.J.S.C., in partnership with Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP), announced on 18 December 2025 the signing of a structured financing transaction of up to USD 11 billion (AED 40.4 billion), to monetize Hail and Ghasha's midstream future gas production. Hail and Ghasha is part of the larger Ghasha Concession, located offshore Abu Dhabi, which is expected to produce 1.8 billion standard cubic feet per day (bscfd) of gas. ADNOC claims that it is the world's first offshore gas project of its kind that aims to operate with net zero emissions, capturing 1.5 million tonnes per year of carbon dioxide (CO2).

 

(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, EPCIC: Engineering, Procurement, Construction, Installation and Commissioning, 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)