LNG

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.

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.

ADNOC’s finance arm, XRG will raise its stake in Rio Grande LNG project by buying another 7.6% stake in Trains 4 and 5 from the BlackRock affiliate Global Infrastructure Partners (GIP). The acquisition adds to XRG’s existing 11.7% interest in the project's first three Trains.

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.

Santos CEO Kevin Gallagher has indicated a “significant” part of the multi-billion Papua LNG development will be funded by project financing, backed by the strong performance of the nearby PNG LNG project, whose debt was repaid six months ahead of schedule.

US midstream company Energy Transfer is targeting financial close on its 16.5 mtpa Lake Charles LNG project in 2026, having secured sufficient offtake commitments to underpin project finance.

Global climate finance commitments remain stuck at $100 billion annually – far below the $300 billion target. The widening finance gap and slow coordination on carbon policy translate into a growing role of LNG in Asia’s energy mix, particularly in emerging markets.

“The ships are ready, the fuels are missing,” Acceleron Industries summarizes the state of decarbonizing maritime transport. Investment is lagging as LNG offers higher returns than green hydrogen or ammonia.

Commonwealth LNG is progressing towards a final investment decision (FID) following final approval from the US Department of Energy (DOE) to export up to 1.21 Bcf/d of LNG to non-free trade agreement (FTA) countries. With all permits now in hand, Kimmeridge is gearing up for an FID in Q3-2025.

Developers of Freeport LNG have filed to the Federal Energy Regulatory Commission (FERC) for a 40-month extension to complete Train 4 expansion. If granted, the extension would postpone the in-service deadline from August 1, 2028, to December 1, 2031.