An LNG tanker
Asian demand critical to absorb fresh LNG supply
Purchasing from region will help determine if prices will stay buoyant in the second half of this decade as supply increases, with significant volumes due online in the next three years
The LNG market is approaching an inflection point. It will revert from net short in recent years, following Russia’s invasion of Ukraine and underwhelming capacity additions, to net long as much-touted projects finally begin to start up. Next year will mark the beginning of a three-year ramp-up in supply. Among the projects that might come online in 2025 are the 14mt/yr LNG Canada terminal, ExxonMobil’s 15.6mt/yr Golden Pass, the first phase of Venture Global-developed Plaquemines, the first two mega-trains of Qatar’s North Field Expansion, Corpus Christi’s 10mt/yr third stage, Nigeria LNG’s 8mt/yr Train 7 expansion and the 3.25m t/yr Energia Costa Azul facility in Mexico by Sempra Energy.
Also in this section
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
2 May 2025
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
1 May 2025
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
