XRG Agrees to Acquire Interest in Australia's North West Shelf Project

XRG today announced it has entered into an agreement to acquire Shell's interest in the North West Shelf project in Western Australia, for $1.45 billion, subject to regulatory approvals and customary closing conditions.

The acquisition represents XRG's first investment in Australian LNG and a significant milestone in the company's international gas growth strategy. It would establish a strategic position for XRG in close proximity to demand growth in the Asia-Pacific region, providing access to world-scale LNG infrastructure and equity LNG supply from one of the industry's most established energy projects.

For more than four decades, the North West Shelf Project has played a defining role in Australia's economic development as the country's first LNG project. The asset has supported domestic energy supply, jobs, international trade, and Australia's emergence as a leading global energy exporter.

Mohamed Al Aryani, President of XRG International Gas, said: "The North West Shelf investment created Australia's LNG industry and continues to contribute to the nation's economy, energy security, and prosperity. We recognize its importance and are committed to its long-term success. This investment advances XRG's strategy to build a leading international gas business serving growing demand across Asia-Pacific. The North West Shelf combines immediate production, strategic infrastructure, and future upstream development opportunities, making it a strong fit with our long-term ambitions."

"XRG understands the importance of balancing export success with local energy needs. We believe continued investment in the North West Shelf can help sustain domestic gas supply, support regional energy security, create jobs, and deliver lasting economic benefits for Australia."

XRG believes the North West Shelf can continue to play a key role in supporting both domestic and export gas supply for decades to come.

Venture Global and China Gas Announce New Long-Term LNG Agreement

Today, Venture Global, Inc. (“Venture Global”; NYSE: VG) and China Gas Holdings Limited (“China Gas”; stock code: 0384.HK), a leading natural gas operator in China, announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 0.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. This SPA brings Venture Global’s current long-term offtake with China Gas, to 2.5 MTPA under 20-year SPAs supplied across Venture Global’s portfolio.

“Venture Global is pleased to expand our LNG partnership with China Gas, a leading natural gas operator in China, supplying the country’s growing energy needs with reliable, low-cost American LNG from across our Louisiana projects,” said Venture Global CEO Mike Sabel.

“We are pleased to deepen our long-standing partnership with Venture Global through this new agreement,” said Mr. Liu Ming Hui, Chairman and President of China Gas. “It further strengthens our portfolio and reinforces our commitment to establishing an international energy trading platform that connects high-quality global resources with rising energy demand worldwide.”

Glenfarne’s Texas LNG Project Signs Binding Offtake Agreement With Macquarie

Glenfarne Group’s Texas LNG project has signed a definitive 20-year Sales and Purchase Agreement with Macquarie Energy LLC, a subsidiary of Macquarie Group Limited (“Macquarie”), a global trading and financial services group, for 0.5 MTPA of LNG. The agreement converts a previous non-binding Heads of Agreement between the two companies into a binding definitive agreement.

“Our offtake agreement with Macquarie reinforces Texas LNG’s position as one of the most competitive LNG export projects in the world,” said Brendan Duval, Chief Executive Officer and Founder of Glenfarne Group. “Macquarie is a world-class partner, and their participation in our offtake portfolio demonstrates strong confidence in Glenfarne’s ability to deliver a reliable, low-emissions source of U.S. LNG to global markets.”

Michael Bennett, Managing Director in Macquarie’s Commodities and Global Markets business added, “This agreement with Texas LNG reflects our commitment to meeting the diverse energy needs of our clients around the world and adds to the strength of our offering in this space. LNG is a critical component of the global energy mix, providing a reliable and flexible fuel source, and we are proud to work with Glenfarne and Texas LNG to help provide energy supply to regions where demand is rapidly increasing.”

This agreement, along with the three previously announced Texas LNG offtake agreements, brings Texas LNG one step closer to a final investment decision. Texas LNG is a “Green by Design” liquefaction facility designed to significantly reduce operational CO2 emissions. Kiewit has been contracted for final front-end engineering design and to lead the engineering, procurement, and construction of Texas LNG under a lump-sum turnkey agreement.

Golden Pass LNG Cool Down Cargo Safely Arrives in Sabine Pass: Cool Down Cargo a Major Step Toward First LNG Production

A cool down cargo of liquefied natural gas (LNG) from Ras Laffan, Qatar has berthed at the Golden Pass LNG terminal in Sabine Pass, Texas – signaling a major step toward first LNG production. This cargo contributes to the next phase of commissioning and start-up activities, representing major progress toward first LNG from the Golden Pass facility.

The cool down cargo will be used to pre-cool the terminal's LNG storage tanks and associated equipment prior to the commencement of LNG production.
Golden Pass LNG expects to begin exporting LNG from Train 1 early in the new year.

Snam agrees to purchase Igneo Infrastructure Partners’ interest in OLT – Offshore LNG Toscana, and acquire sole control of the company

Snam has agreed to acquire Igneo Infrastructure Partners’ (“Igneo”) 48.2% interest in OLT – Offshore LNG Toscana S.p.A. (“OLT”), operating the FSRU Toscana offshore Livorno. The total consideration of the acquisition, including Igneo’s interest as well as the remaining part of the shareholder loan provided by Igneo to OLT, is equal to approximately EUR126 million.

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%, resulting in the consolidation of OLT in Snam’s financial statements.

Operating since 2013, OLT contributes to the security of the Italian energy system through the FSRU located about 22 km offshore Livorno with a total yearly capacity of around 5 billion cubic meters (bcm), increased in 2024 from the previous 3.75 bcm, and corresponding to approximately 8% of Italy’s overall gas demand.

“Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7 bcm, meeting approximately one third of overall domestic gas demand, with 205 vessels from more than 10 different countries reaching the five regasification terminals in the country,” commented Snam’s CEO Agostino Scornajenchi. "This transaction is therefore crucial in strengthening Snam's leadership in the LNG business, which today plays a strategic role in guaranteeing Italy's energy security. In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy's strategic geographic position at the crossroads of the main gas flows to Europe," he added.

Gregor Kurth, Partner at Igneo commented “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered, and advance the company's growth. This has allowed OLT to assume today's critical role in Italy's energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past 7 years. We are pleased to deliver a fantastic outcome for our investors, and pass our interest to someone who has always shared our commitment to OLT’s long-term success, which we are certain will continue to flourish going forward.”

OLT has a 2025 Tariff RAB of about EUR700 million, an expected 2025 Adjusted EBITDA, Adjusted Net Income and Net Debt of respectively approximately EUR83 million, EUR25 million and EUR376 million. Implied transaction multiples are around 7.6x on 2025 Adjusted EBITDA and 0.91x on 2025 Tariff RAB. The transaction will be financed by leveraging on the Snam Group's financial flexibility with neutral impact on Snam credit metrics. Snam’s net profit average accretion from the acquired interest is expected at approximately EUR8 million per year over 2026-2029 period.

In addition to OLT, Snam holds controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including the Panigaglia onshore terminal (100% stake), operating since 1971 near La Spezia, the Adriatic LNG terminal (30% stake), operating since 2009 offshore Rovigo, the Italis FSRU (100% stake), operating since July 2023 offshore Piombino and the BW Singapore FSRU (100% stake), operating since May 2025 offshore Ravenna.

Argent LNG Selects Baker Hughes as Technology Provider, Strengthening Project

Argent LNG LCC (Argent LNG) has selected Baker Hughes (NASDAQ: BKR), an energy technology company, as the liquefaction solution and related services provider for its proposed liquified natural gas (LNG) export facility in Port Fourchon, Louisiana. Baker Hughes will supply cutting-edge liquefaction solutions, power generation equipment, and gas compression systems for the facility, which is set to deliver approximately 24 million tonnes per annum (MTPA) of LNG. The announcement was made during Baker Hughes’ Annual Meeting in Florence.

The project will incorporate Baker Hughes’ advanced technologies, including its NMBL™ modularized LNG solution powered by the highly efficient LM9000 gas turbine. These modules, pre-fabricated and tested at Baker Hughes’ facilities, will ensure scalable and reliable LNG production to the project and integrate iCenter™ digital solutions powered by Cordant™ to maximize availability, reliability, and operational efficiency. Baker Hughes will also provide power generation units driven by LM9000 gas turbines and provide multi-year services to support Argent LNG terminal operations.

By leveraging its extensive knowledge and experience in LNG development, Baker Hughes will help optimize project execution, and ensure a streamlined, cost-effective design, allowing Argent LNG to move forward with greater efficiency and financial certainty.

“Today’s announcement is a further testament to the technology capabilities that we have built over the past 30-plus years in LNG. This collaboration with Argent LNG underscores our commitment to delivering advanced, best-in-class LNG solutions,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “As global energy demand continues to grow, we are committed to providing innovative technology solutions to the LNG industry, a key supplier of reliable and affordable energy to many countries around the world.”

“We chose Baker Hughes because of their proven cutting-edge technology, established LNG market presence, and commitment to innovation — all of which align perfectly with Argent LNG’s vision to provide transformative energy solutions,” said Jonathan Bass, chairman and CEO of Argent LNG. “This collaboration underscores Argent LNG’s commitment to technical excellence, cost-effective execution, and energy security, while also strengthening the project’s bankability by leveraging Baker Hughes’ proven expertise and industry leadership. Today’s announcement demonstrates how innovation and collaboration can drive progress in the LNG industry, helping to secure affordable, sustainable energy for global markets.”

Phase 1 construction is targeted to begin in 2026, with commercial operations expected by 2030. Phase 2, which aims to expand capacity, is advancing through critical milestones, including resource reporting, securing FERC approvals, formalizing gas supply agreements, and achieving financial close.

Baker Hughes expects orders in relation to this agreement, as the Argent LNG project progresses and reaches Final Investment Decision, further solidifying its key role in Argent LNG’s long-term success.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About Argent LNG
Argent LNG LLC is a privately held energy company dedicated to developing world-class LNG export solutions to meet the rising global demand for clean, reliable energy. Based in Louisiana, Argent LNG is focused on leveraging cutting-edge technologies and strategic partnerships to deliver cost-effective, sustainable, and efficient energy solutions. The company’s proposed export facility at Port Fourchon is designed to strengthen energy security and economic growth while reinforcing the United States’ leadership in the global LNG market.

Baker Hughes, NextDecade Enter Framework Agreement for Rio Grande LNG Expansion Trains

Baker Hughes (NASDAQ: BKR), an energy technology company, and NextDecade Corporation (NASDAQ: NEXT) and announced Tuesday that they have entered into a framework agreement whereby NextDecade plans to utilize Baker Hughes’ gas turbine and refrigerant compressor technology (Equipment Packages) and enter into contractual services agreements to perform maintenance work for these Equipment Packages for Trains 4 through 8 at the Rio Grande LNG Facility.

“Utilizing Baker Hughes’ industry-leading rotating equipment and their maintenance services is critical to ensuring the Rio Grande LNG Facility operates efficiently and reliably,” said Matt Schatzman, chairman and CEO of NextDecade. “We look forward to continuing our collaboration with Baker Hughes as we progress our plans to make the Rio Grande LNG Facility one of the largest LNG production and export facilities in the world.”

“Baker Hughes is proud to continue our long-standing relationship with NextDecade, providing advanced gas technology solutions that enhance the efficiency and reliability of their LNG operations,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “This agreement is a further example of our commitment to delivering innovative solutions in support of increasing energy demand.”

NextDecade is making excellent progress on commercializing Rio Grande LNG Trains 4 and 5. The Company expects to make positive final investment decisions and commence construction on Trains 4 and 5 and related infrastructure at the Rio Grande LNG Facility, subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure.

NextDecade is developing and beginning the permitting process for Trains 6 through 8, which are wholly owned by NextDecade and are cumulatively expected to increase the company's total liquefaction capacity by approximately 18 million tonnes per annum once constructed and placed into operation.

Baker Hughes expects orders, in relation to this agreement, as NextDecade’s project progresses.