LNG

Chevron has agreed to supply 46 petajoules of pipeline gas to Alinta Energy from July 1, 2027, drawing its equity interests in the Gorgon, Wheatstone and North West Shelf LNG projects. The accord covers pipeline gas, not LNG export cargoes, as the competition between local supply obligation and LNG exports intensifies.

LNG Canada passed a year of exports with feedgas near Phase 1 capacity. Across 106 loadings since the first sailing from LNG Canada since last June, South Korea took the largest single share, roughly one cargo in three, ahead of Japan at a quarter and China at just over a fifth.

Japan’s second largest oil refiner Idemitsu Kosan has announced a $500 million investment in MidOcean Energy in a bid to enter the global LNG business. Idemitsu’s equity raise in MidOcean forms part of a $1.2 billion equity raise, with funds targeted at expanding LNG projects in Australia, Canada, South America.

Shell CEO Wael Sawan has expressed reluctance to spend the company’s own equity on US LNG projects, citing the availability of low-cost infrastructure funding. His remark signals a shift towards prioritising shareholder returns over equity commitment in an increasingly oversupplied global LNG market.

Energy World Corporation (EWC) has strengthened its balance sheet by converting $434 million of debt into equity, erasing the group’s external debt to advance its 3 mtpa Pagbilao LNG regas terminal and integrated power project.

Shell is weighing options to raise capital for the second phase of its flagship LNG Canada project, including a potential sale of part of its equity stake in the C$40 billion export terminal. People familiar with the talks noted any sell-down is likely to be structured as a project‑level transaction that combines equity and non‑recourse project finance, rather than a full exit from the project.

Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.

Australian energy major Woodside Energy has given New York-listed Williams a 10% stake in the Louisiana LNG holding company along with 80% of the Driftwood pipeline, for $378 million. Woodside CEO Meg O’Neill said she seeks to bring more investors into the $17.5 billion Louisiana LNG project.

Equity investors in US LNG projects are vary of margins squeezed by higher US gas prices vs lower global spot prices. Debt finance is still forthcoming supported by the Trump administrations overtly pro-gas policies, Wood Mackenzie finds.

PetroVietnam Power is preparing to start up the Nhon Trach 3 power plant in the third quarter of 2025, while Nhon Trach 4 is scheduled to start commercial operations by the end of this year. Capital expenditure (CAPEX) for developing the two LNG-fuelled power plants comes to US$ 1.4 billion, financed under a 75:25 debt vs equity ratio.