The free-on-board arrangement generally places responsibility for ocean transportation with the buyer once the LNG has been loaded, providing Petrobras with flexibility regarding the destination of the cargoes. The agreement adds another long-duration commitment to Cheniere’s LNG business and provides a defined supply arrangement extending into the second half of this century.

“We are pleased to enter into this multi-decade agreement with Petrobras, one of the largest energy companies in the world,” said Jack Fusco, Cheniere’s chairman, president and CEO.

Fusco said the agreement provides additional commercial support and fixed-fee cash flow visibility as Cheniere considers further brownfield liquefaction growth.

“We look forward to providing our secure and reliable LNG to Petrobras into the second half of this century under this new long-term agreement,” he added.

The LNG supply agreement therefore gives Cheniere another established commercial commitment while the company continues to assess additional liquefaction opportunities across its Gulf Coast facilities.

Cheniere Continues Gulf Coast LNG Expansion

The Petrobras agreement comes as Cheniere continues to expand one of the world’s largest LNG export platforms. The Houston-based company operates the Sabine Pass LNG terminal in Louisiana and Corpus Christi LNG facility in Texas, together representing approximately 56 million tonnes per annum of combined production capacity.

Cheniere says another roughly 5 mtpa of capacity is under construction, including estimated debottlenecking opportunities. The Petrobras agreement follows the recent completion of Cheniere’s major Stage 3 expansion at Corpus Christi. The company also marked its 5,000th LNG cargo the following day, when the LNG carrier Yari departed Sabine Pass bound for Asia. Cheniere reached that milestone just over a decade after shipping its first LNG cargo from Sabine Pass in 2016.

Petrobras Contract Adds Long-Duration Commitment

Cheniere has said it is continuing to pursue additional liquefaction expansion opportunities at its Gulf Coast facilities. Against that backdrop, the LNG supply agreement with Petrobras adds another long-duration commitment as the company weighs its next phase of growth. The agreement covers approximately 800,000 tonnes of LNG per year and further connects Cheniere’s existing export operations with Petrobras through a multi-decade supply arrangement. With the agreement in place, Cheniere continues to build on its long-term commercial commitments while considering additional growth at its Gulf Coast facilities.

Role of the Export-Import Bank

In the energy infrastructure sector, the Export-Import Bank of the United States (EXIM) has issued a non-binding indicative term sheet for the Argentina LNG project. This $6 billion offer is intended to facilitate the procurement of U.S. goods and services necessary for the development and production phases of the venture. This support is directed toward projects such as the contract awarded to McDermott for the engineering, procurement, construction, and commissioning of a gas treatment and liquids fractionation facility.

Project Details and Investment Scope

The Argentina LNG project is led by YPF in partnership with Italy’s Eni and the Emirati firm XRG. The overall endeavor is valued at $51 billion and aims to leverage the extensive shale gas resources of Vaca Muerta.

• Export Pipeline Development: A contract exceeding $1 billion has been awarded to a partnership including Pumpco, a MasTec subsidiary, alongside Bonatti and Contreras Hnos., for the export pipeline system, contingent upon a final investment decision.
• Production and Infrastructure: The project intends to create an integrated value chain that spans upstream production to final export infrastructure. This includes the deployment of two Floating Liquefied Natural Gas units with a total capacity of 12 million tonnes per year, situated offshore the Río Negro province.

The consortium has formally applied to join the Large Investment Incentive Regime (RIGI) in Argentina to facilitate this large-scale investment. Partners involved in the energy infrastructure are currently working toward reaching a final investment decision by the end of 2026.

Saudi Arabia and Qatar Face Energy Infrastructure Disruptions

Saudi Arabia has reported disruptions to critical energy infrastructure, including its East-West Pipeline, which serves as an important alternative route for moving crude without relying entirely on the Strait of Hormuz. The pipeline has a reported capacity of around 4-5 million barrels per day, equivalent to roughly 4-5% of global oil supply. Recent attacks temporarily disrupted operations, highlighting the vulnerability of alternative export routes during the conflict.

The disruptions have placed additional focus on the resilience of Middle East energy infrastructure and the importance of maintaining routes that can support oil transportation beyond the Strait of Hormuz. Qatar has also faced damage at the Ras Laffan industrial complex, affecting LNG production infrastructure. The disruption comes as Qatar works with international LNG producers to secure additional supply arrangements. This situation underscores the importance of restoring regional gas infrastructure and maintaining reliable export capacity.

UAE Assets and Gulf Energy Supply Routes

The UAE has likewise experienced disruptions affecting major energy assets, including the Ruwais refinery, Habshan gas facilities, Shah gas field and Fujairah port. Restoration of these facilities could support the gradual normalization of regional refining, gas processing, petrochemical feedstock and energy logistics.

Beyond repairing damaged facilities, the proposed funding could accelerate investments in alternative pipelines, export terminals and other infrastructure designed to diversify energy transportation routes. Such investments could form part of wider efforts to strengthen Middle East energy infrastructure while reducing dependence on established transportation routes. If implemented, the initiative could therefore influence both the pace of infrastructure recovery and the longer-term structure of Gulf energy supply chains. However, the proposal remains under discussion, meaning its final size, participants and deployment timeline could change.

Gulf Coast Dominance and Evolving Maritime Trade Routes

The sheer scale of the investment currently flowing into the Gulf Coast infrastructure is unprecedented. With dozens of projects in various stages of development, the United States is poised to maintain its position as the world’s leading exporter of LNG for the foreseeable future. This dominance is underpinned by a robust domestic production environment and a regulatory framework that, despite periodic shifts, has largely facilitated the rapid scaling of liquefaction capacity.

The implications for global trade routes are equally significant, as the Panama Canal remains a critical bottleneck, forcing a re-evaluation of maritime logistics. The Suez Canal, too, has faced its share of disruptions, leading to a noticeable shift in how energy is transported across the globe. Consequently, the Cape of Good Hope has seen a marked increase in traffic from massive tankers destined for Asian markets—such as Japan, South Korea, and emerging economies in Southeast Asia—seeking to diversify away from regional suppliers and establish long-term security through American contracts. This logistical shift is driving the development of larger, more efficient LNG carriers that can withstand the longer journeys while minimizing boil-off gas losses, thereby maintaining the economic viability of transatlantic and transpacific trade.

Decoupling from Crude: The Rise of Henry Hub Pricing

Furthermore, the expansion of U.S. export capacity is fundamentally altering the pricing mechanisms of natural gas. For decades, gas prices were largely indexed to crude oil, a legacy of the early days of the industry when gas was seen as a secondary byproduct. The emergence of the Henry Hub as a global benchmark for LNG pricing, independent of oil markets, has introduced a new level of price transparency and competition. This shift allows utilities and industrial consumers to hedge their energy costs more effectively, reducing the energy risk that has historically hampered long-term industrial planning in import-dependent regions. The decoupling of gas and oil prices is a clear indicator of a maturing, standalone global gas market.

Vertical Integration Across the Gulf Coast Hub

The strategic importance of the U.S. Gulf Coast as a global energy hub cannot be overstated. The concentration of liquefaction terminals, pipeline networks, and storage facilities in this region creates a unique ecosystem that benefits from economies of scale. Major players are not just building terminals; they are investing in the entire value chain, including upstream production assets and midstream gathering systems. This vertical integration ensures a steady supply of feed gas, insulating the export terminals from domestic price volatility and ensuring that commitments to international buyers are met with unwavering reliability. As these clusters grow, they become centers for innovation in cryogenic engineering and large-scale project management.

Speed and Scale: The Plaquemines LNG Benchmark

A defining moment in this trajectory occurred in late 2024, when the industry witnessed a major technological and operational milestone that solidified the speed of the American energy build-out. Venture Global successfully achieved first LNG production at its Plaquemines LNG facility in Louisiana, reaching this critical stage just 30 months after the final investment decision. This project, which carries a nameplate capacity of 20 million tonnes per annum (MTPA), represents the eighth major export facility in the United States and underscores the industry’s ability to deliver large-scale infrastructure at a pace that far outstrips international competitors. The facility’s first commissioning cargo, loaded onto the Venture Global Bayou, departed in December 2024 destined for Germany, marking a tangible success for transatlantic energy cooperation.

The speed at which Plaquemines was brought online serves as a benchmark for the entire industry, demonstrating that modular construction techniques and streamlined engineering processes can significantly reduce the ‘time-to-market’ for massive energy projects. This is particularly relevant in the current geopolitical climate, where energy needs are urgent and delay can have severe economic consequences for entire nations. The success of Plaquemines has prompted other developers to revisit their construction timelines, seeking ways to emulate the efficiency demonstrated by the Venture Global team. It also signals to global investors that the U.S. remains a premier destination for energy capital, capable of delivering complex projects with predictable schedules and costs.

Contract Flexibility and Market Commoditization

Beyond the immediate production metrics, the expansion is fostering a new era of contract flexibility. Historically, the LNG market was defined by rigid, multi-decade destination-bound contracts that prevented buyers from rerouting cargoes. The U.S. model, characterized by free-on-board (FOB) delivery and no destination restrictions, has effectively commoditized natural gas. This liquidity is crucial for European nations that have had to rapidly pivot away from Russian pipeline gas, providing a reliable floating pipeline that can be redirected as seasonal needs and storage levels fluctuate. The strategic depth provided by this flexibility cannot be overstated, as it serves as a primary hedge against supply disruptions.

Decarbonization and Upstream Clean Tech Integration

Furthermore, the integration of advanced technologies within these expanding terminals is setting new benchmarks for operational efficiency and environmental stewardship. While the primary goal remains capacity growth, the current wave of U.S. LNG expansion is increasingly focused on the carbon intensity of the entire supply chain. Developers are now incorporating electric drive (e-drive) turbines, carbon capture and storage (CCS) modules, and direct air capture (DAC) technologies to ensure that American gas remains competitive in a market that is increasingly sensitive to Scope 1 and Scope 2 emissions. This technological evolution ensures that the infrastructure being built today remains viable throughout the multi-decade lifespan of the facility.

As industrial clusters look to stabilize their energy inputs, the convergence of different energy systems becomes apparent. The stabilization provided by large-scale gas supply often serves as the baseload foundation upon which more localized, innovative solutions are built. For instance, the transition toward geothermal-hybrid microgrids provides baseload stability for industrial clusters, creating a complementary relationship where localized renewable baseloads reduce the overall volatility that global gas markets must absorb. This systemic integration highlights how the macro-level expansion of LNG is intrinsically linked to the micro-level innovations in localized power distribution and decentralized energy management.

Macroeconomic Headwinds and Supply Chain Ripples

The macroeconomic impact of these projects extends far beyond the energy sector, stimulating significant growth in the maritime, construction, and specialized engineering industries. The demand for state-of-the-art LNG carriers has led to a record-breaking order book for global shipyards, particularly in South Korea and China, where the next generation of ‘Q-Max’ and ‘Q-Flex’ vessels are being designed to carry even larger volumes of gas with lower emissions.

Simultaneously, the specialized components required for liquefaction—such as cryogenic heat exchangers, high-capacity centrifugal compressors, and advanced filtration systems—have created a sustained boom for industrial equipment manufacturers. This ripple effect ensures that the U.S. LNG sector remains a central engine of industrial activity, providing high-skilled employment and driving innovation in materials science, particularly in the development of alloys that can withstand extreme cryogenic temperatures.

Midstream Modernization and AI-Driven Pipelines

The expansion also necessitates a massive upgrade to the domestic pipeline network. To feed the new liquefaction trains, thousands of miles of high-pressure pipelines are being constructed or retrofitted, requiring advanced monitoring systems and leak detection technologies. This midstream expansion is as critical as the terminals themselves, as it ensures that the abundant supply from the Permian and Haynesville basins can reach the coast efficiently.

The integration of AI and machine learning into these pipeline networks allows for predictive maintenance and real-time flow optimization, further enhancing the reliability of the entire export system. The synergy between upstream production, midstream transport, and downstream liquefaction is the secret to the U.S. LNG success story.

Catalyzing the Coal-to-Gas Transition Abroad

Moreover, the role of U.S. LNG in supporting the transition of developing economies cannot be overlooked. In countries where coal remains the dominant source of electricity, the introduction of natural gas can lead to immediate and significant reductions in carbon emissions and local air pollution. By providing a reliable and affordable alternative to coal, U.S. LNG expansion is facilitating a coal-to-gas switch in regions like South Asia and Southeast Asia. This transition is a vital component of the global effort to mitigate climate change, proving that energy security and environmental responsibility are not mutually exclusive. The availability of U.S. gas gives these nations the confidence to retire aging coal plants and invest in modern, gas-fired infrastructure.

Regulatory Compliance and Certified Low-Carbon Gas

Strategic foresight in the sector is also being driven by the need to navigate evolving environmental regulations. The European Union’s Methane Strategy and the implementation of the Carbon Border Adjustment Mechanism (CBAM) are compelling U.S. exporters to provide transparent, third-party verified data regarding the methane intensity of their gas. Consequently, the expansion of physical infrastructure is being mirrored by the development of sophisticated data management platforms that track every molecule of gas from the wellhead to the liquefaction terminal. This transparency is becoming a competitive advantage, as buyers are willing to pay a premium for certified or green LNG that aligns with their corporate sustainability targets.

The Bridge to a Resilient Global Energy Future

The shift toward geothermal-hybrid microgrids provides baseload stability for industrial clusters, creating a complementary relationship where localized renewable baseloads reduce the overall volatility that global gas markets must absorb. The trajectory of U.S. LNG expansion is reshaping the global energy map in ways that were unimaginable just a decade ago. By providing a secure, flexible, and increasingly low-carbon source of energy, the United States is enabling the global transition to a more resilient energy future. As capacity continues to come online and new technological frontiers are crossed, the influence of American natural gas will only grow, serving as a critical bridge to a net-zero world while ensuring that the lights stay on and the engines of global commerce continue to turn in the interim.

2026: A Landmark Year for U.S. Liquefaction Capacity

The momentum of the American energy sector has reached a new crescendo in 2026, characterized by the successful delivery of multi-billion-dollar projects and the signing of strategic long-term agreements that redefine transatlantic and transpacific trade. A primary catalyst for this growth has been the substantial completion of Cheniere Energy’s Corpus Christi Liquefaction (CCL) Stage 3 project in Texas. As of 31st August 2026, Cheniere announced that this expansion has increased its total production capacity by more than 20%, bringing the facility’s nominal capacity to approximately 3.1 billion cubic feet per day (Bcf/d). This milestone solidified the Corpus Christi terminal as the second-largest LNG export facility in the United States, just as the company celebrated the historic export of its 5,000th LNG cargo. The operational efficiency demonstrated by Cheniere, a company with thousands of employees, serves as a testament to the scalability of the U.S. export model.

Simultaneously, Sempra Infrastructure, a major player in the North American energy landscape, has continued to expand its global footprint through strategic partnerships. In September 2026, the company announced a significant 20-year sales and purchase agreement (SPA) with Petrobras, the Brazilian state-owned energy giant. Under this agreement, Sempra Infrastructure will supply approximately 0.8 million tonnes per annum (Mtpa) of LNG from its portfolio, further diversifying its customer base and ensuring long-term revenue stability for its massive infrastructure projects, including the Port Arthur LNG terminal. These developments underscore a broader trend of vertical integration and market expansion that characterizes the current wave of U.S. energy investment.

Further east along the Gulf Coast, Venture Global has maintained its aggressive development schedule for the Plaquemines LNG facility in Louisiana. In early September 2026, reports confirmed that deliveries for Phase 2 of the project remain on schedule, with long-term commercial operations targeted for the end of the second quarter of 2027. This assurance is particularly significant for major U.S. energy giants like ExxonMobil and Chevron, both of whom are key customers for the facility’s output. The continued progress at Plaquemines, even amidst global price volatility, highlights the resilience of the American supply chain and the unwavering commitment of major corporations to securing a stable energy future. As these facilities reach full capacity, the global market is increasingly reliant on the steady flow of gas from the Gulf Coast, cementing the United States’ role as the ultimate guarantor of global energy security.

References

• Venture Global’s Plaquemines LNG Achieves Historic First LNG Production
• Venture Global Announces Departure of Inaugural Commissioning Cargo from Plaquemines LNG
• Cheniere Announces Substantial Completion of CCL Stage 3 Project, Production and Export of 5,000th LNG Cargo
• Sempra Infrastructure Announces Long-Term LNG Supply Agreement with Petrobras

Key Assets in the Asset Acquisition Transaction

The transaction regarding the Tallgrass Energy assets encompasses several major infrastructure components that enhance Enbridge’s acquisition capabilities. The company will acquire a 75% interest in the Pony Express Pipeline, spanning 1,050 miles with transportation capacity of approximately 460,000 barrels per day. This critical corridor connects Rockies crude production directly with Cushing, Oklahoma, and provides access to roughly 500,000 barrels per day of nearby refining capacity.

Strategic Connectivity and Production Basin Access

Financial Structure and Valuation

Enbridge values the $2.55 billion purchase price at an estimated forward enterprise value-to-EBITDA multiple ranging from 10 to 11 times. The acquisition also includes the PXP2 expansion project, representing approximately $300 million in planned investment designed to increase Pony Express capacity to roughly 515,000 barrels per day.

The PXP2 project benefits from take-or-pay contracts and is scheduled to commence operations in late 2027. Upon transaction closure, Enbridge intends to incorporate PXP2 into its secured growth backlog, which currently stands at $41 billion.

Broader Strategic Implications

Chevron’s Venezuela oil expansion represents one of the largest energy investments currently underway in the region. This ambitious undertaking is comes just after Chevron unveiled more than $7 billion in planned investment through 2031 across three separate joint venture operations. Currently, Chevron extracts roughly 290,000 barrels per day from its Venezuelan operations, with all production exported to United States refineries. The expansion is projected to add approximately 310,000 barrels per day of additional crude capacity within the five-year timeframe.

Favorable Contract Terms and Risk Mitigation

The newly signed contract framework includes provisions that grant Chevron access to international arbitration mechanisms. This clause carries particular importance given Venezuela’s historical pattern of contract disputes and petroleum sector nationalizations.

The company has maintained operational continuity in Venezuela since 1923, a longevity that distinguishes it from other international energy firms. When Venezuela nationalized significant portions of its oil sector in 2007, ExxonMobil and ConocoPhillips were pushed out entirely. Chevron, conversely, preserved its presence through joint venture arrangements with Petroleos de Venezuela (PDVSA).

Expanded Acreage and Operational Advantages

Beyond the planned increase in drilling rigs, Chevron has secured additional acreage within the Orinoco Belt, one of the world’s largest proven oil reserves. The additional territory includes areas within the Carabobo region previously assigned to Petroindependencia, in which Chevron holds a 49 percent stake. The company also maintains supplementary development rights adjacent to its existing Petropiar operation, strengthening its competitive positioning across multiple production zones.

The Chevron Venezuela oil expansion benefits from operational efficiencies inherent to the company’s existing infrastructure. New drilling capacity can be deployed within areas adjacent to established facilities, eliminating delays associated with developing entirely new operational footprints. This geographic proximity to existing processing and export infrastructure enables faster ramp-up of production capabilities compared to greenfield development scenarios.

Broader Push for U.S. Investment in Venezuela

The expanded operations unfold alongside a substantially larger U.S.-Venezuela petroleum agreement announced recently. Venezuela granted North American Blue Energy Partners 100-year concessions covering 17 separate oil fields holding approximately 65 billion barrels of proven crude reserves. The accord incorporates governance provisions and production access guarantees for the United States government, receiving approval from Venezuela’s National Assembly on 1st September 2026.

“The investment in these deals will massively grow available oil production, which will give downward pressure on oil prices, but the biggest kink right now in gasoline and diesel prices is refining capacity,” Wright said during a one-day visit to Caracas.

Venezuelan Output Remains Below Historical Peak

Venezuela previously reached a peak oil production rate of about 3 million barrels daily, although that level was recorded in the late 1990s. Since that period, production has fallen considerably amid U.S. sanctions and underinvestment. Oil production has declined to 1.25 million barrels dailyin 2026, while exports are currently running slightly above 1 million barrels daily. The biggest portion of those exports is being supplied to U.S. refiners along the Gulf Coast.

U.S. Ownership Deal Covers 17 Fields

The potential expansion follows news last week that the U.S. was negotiating a direct ownership stake in Venezuela’s high-yield field, which contains combined reserves of 90 billion barrels of crude. At the end of last week, President Trump called the deal “historic”, with the agreement covering 17 fields and carrying target production of 1.5 million barrels per day.

A U.S.-based company owned by a Venezuelan tycoon will be involved in the arrangement. That company has already been granted 14 oil deals by the Venezuelan government. Under the proposed structure, the U.S. government will receive rights to a 35% stake in the company, along with access to 20% of North American Blue Energy Partners’ production at cost.

The U.S. federal government will also have the right of first refusal for the purchase of the other 80% of NABEP’s production from Venezuelan fields. Analysts have pointed to the scale of investment required to deliver such a significant increase in Venezuelan crude oil production.

This renewed outreach emerged during a pivotal meeting held in Niamey on 18th August 2026 between U.S. Embassy Chargé d’Affaires Ryan Grizzle and Abdoulkarim Mohamed Ali, Secretary General of Niger’s Ministry of Petroleum. During the meeting, representatives from Niger’s petroleum sector presented the visiting American delegation with various petroleum sector investment opportunities.

Strategic Opportunities in Niger’s Energy Sector

Niger requested assistance from the U.S. Embassy in identifying and connecting with American companies, investors, research centers, universities, and training institutions. These organizations would need to offer investment capital, advanced technology, and technical expertise to support the nation’s petroleum development agenda.

Gas Development and Associated Projects

The centerpiece of the petroleum sector investment opportunities presented to the American delegation involved the development of associated gas resources. The nation identified particular potential for electricity generation and urea production from these gas reserves. Additionally, Niger highlighted mature oil blocks that remain available to new international partners and emphasized its critical need for cutting-edge technology, project financing, and specialized technical expertise.

The discussions encompassed a broader range of petroleum sector activities. Niger proposed collaboration across oil exploration, drilling operations, and oilfield services. The country also outlined plans to establish a national oil data bank and create an integrated monitoring system allowing government oversight of crude export pipeline operations.

Building Technical Capacity and Local Expertise

Developing human capital emerged as another cornerstone of the petroleum sector investment proposal. Niger’s Ministry of Petroleum sought American cooperation in training and skills development, specifically through partnerships with United States universities and specialized training institutions. The ministry also emphasized the importance of digital transformation initiatives and implementation of Niger’s local-content development strategy as priority cooperation areas.

Niger’s Oil Industry: Scale and Growth Trajectory

Niger’s petroleum sector represents an increasingly vital component of the national economy. The country currently produces approximately 110,000 barrels of crude per day, translating to roughly 40 million barrels annually. At an illustrative price point of $70 per barrel, this production volume represents approximately $2.8 billion in annual gross crude value.

Looking forward, Niger is targeting significant production expansion. The nation aims to increase daily output to 145,000 barrels per day by 2029, reflecting substantial confidence in sector growth and development potential.

Diversification Strategy and International Partnerships

According to Niger’s Ministry of Petroleum, this approach serves multiple strategic objectives. The diversification effort is designed to strengthen Niger’s sovereign control over natural resources, mobilize additional sources of specialized expertise, and expand the nation’s available capital sources for petroleum sector development.

Mutual Benefits and Path Forward

For the United States, this opening provides an avenue to reconstruct economic engagement with a critical West African nation. For Niger, engaging American companies and institutions in its petroleum sector offers access to additional capital reserves, advanced technology, and technical expertise while maintaining independence from any single dominant foreign investor.

In a press release, BP stated, “The expansion project adds two new subsea water injection wells to help increase the pressure of targeted reservoirs, unlocking additional barrels and extending the producing life of one of BP’s flagship U.S. offshore assets”.

The company also confirmed that the project reached completion ahead of schedule while remaining under budget. Commenting on the development, Andy Krieger, BP senior vice president for the Gulf of America and Canada, said, “Atlantis has been one of the anchors of our Gulf business for nearly two decades, and this expansion proves there is still more value to be generated”.

BP noted that the earlier Atlantis Drill Center 1 Expansion project, completed in late 2025, had already contributed an additional 15,000 boed of production capacity. Prior to these two projects, the Atlantis field had a declared peak production capacity of 200,000 barrels of oil and 180 million cubic feet of gas per day. The Atlantis expansion continues to build on the field’s established production base.

BP Advances Wider Gulf of America Offshore Development Portfolio

BP operates the Atlantis field, located around 150 miles south of New Orleans, with a 56 percent interest, while Australia’s Woodside Energy Group Ltd owns the remaining 44 percent stake.

Last year, BP sanctioned the Tiber-Guadalupe oil project, which includes a new production platform designed with a capacity of 80,000 barrels per day (bpd). The company plans to bring the project onstream in 2030, when the Tiber platform is expected to become BP’s seventh operated Gulf production platform. BP said on 29th September 2025, that the Tiber and Guadalupe developments, together with the under-construction Kaskida project, are expected to lift the company’s Gulf production to more than 400,000 boed. The initial phase of Tiber and Guadalupe is estimated to contain around 350 million boe of recoverable resources and involves an investment of $5 billion, including six wells in Tiber and a two-well tieback in Guadalupe.

BP also announced a final investment decision on Kaskida on 30th July 2024. The project has a production capacity of 80,000 bpd and is planned to begin operations in 2029 through a six-well development. According to BP, the field contains an estimated 275 MMboe recoverable resources. Kaskida, Guadalupe and Tiber are all situated in the Keathley Canyon area off the coast of New Orleans.

Alongside the Atlantis expansion, BP continues to operate four producing platforms in the Gulf of America—Argos, Mad Dog, Na Kika and Thunder Horse. On 4th August 2025, the company announced the start of production at the Argos Southwest Extension project, which added 20,000 bpd of capacity to the Argos platform that entered production in 2023.

Designed with an annual LNG nameplate production capacity of 4.4 million tons, Delfin FLNG 1 is expected to achieve first production in 2030. The development carries an estimated total project cost of approximately USD 5 billion, while total equity contributions from investors amount to approximately USD 1.4 billion. Under the investment structure, MOL intends to contribute approximately USD 300 million, equivalent to approximately 23% of the total equity contribution, making it the first Japanese shipping company to invest in an FLNG project.

MOL’s involvement in the project dates back to 2023, when it invested in Delfin Midstream, Inc. Since then, the company has supported development activities while conducting a commercial evaluation of Delfin FLNG 1. Following the satisfaction of all conditions required for project realization, the partners proceeded with the FID. The project has already secured all permits and licenses necessary for construction and has signed long-term LNG sales agreements with Vitol and Gunvor, two of the world’s leading LNG trading companies; Centrica, a major U.K. energy company; Expand Energy, a major U.S. natural gas producer. As part of the FID milestone, a construction contract for the FLNG unit will be executed with Samsung Heavy Industries Co., Ltd., allowing the project to enter its execution phase ahead of commercial operations.

Beyond its equity participation, MOL will contribute technical expertise developed through offshore floating facility projects, including Floating Storage and Regasification Units (FSRU), as well as operational and safety knowledge gained from ship-to-ship cargo transfer operations and financial management capabilities. Natural gas transported as LNG is reduced to approximately 1/600 of its gaseous volume, making it more efficient for global transportation. Unlike traditional onshore liquefaction plants, FLNG facilities process gas offshore, reducing impacts on nearby communities while providing operational flexibility by avoiding congested shipping routes. In addition, FLNG units can disconnect from mooring systems and relocate to safer waters during severe weather events such as hurricanes, helping minimize potential damage.

For Delfin FLNG 1, feed gas will be sourced from the U.S. mainland and delivered through existing pipelines to a liquefaction facility situated approximately 40 miles offshore along the southern coast of Louisiana. After liquefaction onboard the FLNG vessel, the LNG will be loaded onto LNG carriers and shipped to customers.

Drawing on expertise accumulated through operating the world’s largest LNG fleet, MOL has expanded into downstream LNG activities through assets such as FSRUs and power generation vessels. Participation in this project extends the company’s presence into upstream segments closer to LNG production, complementing its existing LNG transportation, receiving, and regasification activities.

Through this expansion, MOL aims to strengthen its LNG business across the entire value chain and contribute to the diversification, stability, and decarbonization of global energy supply. Through the experience and expertise it has cultivated to date, the MOL Group aims to grow into a global social infrastructure company that supports people’s daily lives from the oceans, opens the door to a prosperous future, and delivers new value to all stakeholders.