U.S. LNG Project Developments and Investments: A One-Year Review (May 2024 - May 2025)

May 14, 2025

 

1. Executive Summary

The period between May 14, 2024, and May 14, 2025, has been characterized by significant momentum within the United States Liquefied Natural Gas (LNG) sector. This timeframe witnessed major project milestones, including key Final Investment Decisions (FIDs), substantial advancements in construction, the achievement of first LNG production at several facilities, and the signing of significant long-term commercial agreements. These developments underscore a robust investment climate and a clear trajectory towards expanding U.S. LNG export capacity. Regulatory bodies, particularly the U.S. Department of Energy (DOE) under the new leadership of Secretary Chris Wright, alongside the Federal Energy Regulatory Commission (FERC), have played a pivotal role. A notable acceleration in project timelines and regulatory authorizations, especially in the first quarter of 2025, has been observed, accompanied by substantial capital inflows and investment commitments. Strategic partnerships and long-term offtake agreements continue to be fundamental in underpinning the financial viability of these large-scale energy projects.1

 

The early months of 2025, in particular, signaled a concerted push to advance U.S. LNG export capabilities. This acceleration appears influenced by evolving federal energy policy directives and sustained global demand for LNG. Secretary of Energy Chris Wright, confirmed on February 3, 2025 3, has a background deeply rooted in the oil and gas industry and has articulated a vision focused on "unleashing American energy dominance".3 Following his confirmation, the DOE undertook a series of significant actions pertinent to LNG projects. These included the issuance of an export authorization for Commonwealth LNG on February 14, 2025, an export commencement extension for Golden Pass LNG on March 5, 2025, a similar extension for Delfin LNG on March 10, 2025, an export authorization for Venture Global's CP2 LNG project on March 19, 2025, and a notable policy adjustment on April 1, 2025, aimed at easing the criteria for granting export commencement extensions.2 This rapid sequence of approvals and policy modifications suggests a deliberate effort to facilitate the growth of the LNG export sector. This accelerated development path is poised to further solidify the U.S.'s standing as the world's leading LNG exporter.1 However, this growth trajectory may also bring intensified scrutiny from environmental organizations and contribute to ongoing debates surrounding the development of fossil fuel infrastructure.


2. Overview of U.S. LNG Sector Activity (May 2024 - May 2025)

The U.S. LNG market demonstrated considerable dynamism during the May 2024 to May 2025 reporting period, driven by robust international demand and the continued expansion of domestic export infrastructure. U.S. LNG exports have registered consistent annual growth since 2016, positioning the nation as the largest global LNG exporter in 2023 and 2024.1 Projections from the U.S. Energy Information Administration (EIA) indicate that this trend is set to continue, with LNG gross exports anticipated to rise by 19% to 14.2 billion cubic feet per day (Bcf/d) in 2025, and by a further 15% to 16.4 Bcf/d in 2026.1

 

A significant portion of this forecasted growth is attributed to the commissioning and ramp-up of new liquefaction facilities. Projects such as Plaquemines LNG (Phases 1 and 2), Corpus Christi LNG Stage 3, and Golden Pass LNG are central to this expansion. Collectively, these facilities are expected to augment existing U.S. LNG export capacity by nearly 50% once they become fully operational.1 Plaquemines LNG Phase 1 commenced exports in December 2024, with full ramp-up anticipated by April 2025. Corpus Christi Stage 3 produced its first LNG cargo in February 2025.1

 

Company sentiments throughout the period have generally been positive, reflecting a buoyant market. Cheniere Energy, for instance, reported strong financial results for the first quarter of 2025, with revenues reaching $5.444 billion and 168 LNG cargoes exported.7 Venture Global LNG also announced a 105% year-over-year revenue increase for the first quarter of 2025, alongside a 93% increase in LNG volumes exported compared to the fourth quarter of 2024.8 Furthermore, Woodside Energy's FID in April 2025 for its Louisiana LNG project, a $17.5 billion undertaking, signals strong corporate confidence in the long-term fundamentals of the LNG market.9 The U.S. LNG market is also benefiting from new technology enabling shale producers to tap massive reserves, facilitating Europe's diversification away from Russian gas and offering Asian buyers a relatively cleaner alternative for power generation.10

 

The convergence of new large-scale LNG facilities coming online and an increasingly supportive regulatory environment, particularly evident since early 2025, is creating a synergistic effect. This combination could lead to a more rapid escalation in U.S. export capacity than might be suggested by purely linear projections. The EIA has highlighted that Plaquemines LNG Phase 1, Corpus Christi LNG Stage 3, and Golden Pass LNG will collectively contribute 5.3 Bcf/d in nominal capacity.1 Concurrently, the DOE under Secretary Wright has been actively issuing export authorizations and extensions 2, directly facilitating these and other projects like Commonwealth LNG and Venture Global's CP2 LNG. The policy adjustment effective April 1, 2025, designed to remove barriers for LNG export commencement date extensions, further aids projects in adhering to their operational schedules.2 This dual momentum—comprising both physical capacity additions and regulatory facilitation—points towards a potential for accelerated growth in export volumes. Such growth would inevitably impact U.S. natural gas prices and influence global supply dynamics, as increased LNG exports translate to higher feedgas demand, potentially leading to lower domestic storage volumes and increased Henry Hub prices.1

 

The heightened LNG export demand is a principal factor motivating companies to invest in new capacity, exemplified by Woodside's substantial FID for Louisiana LNG 9 and Venture Global's $3.0 billion loan procurement for its CP2 project.8 Regulatory approvals subsequently function as critical enablers, allowing these significant investments to materialize. A renewed emphasis on "energy dominance" at the federal level 4 is translating into tangible support for LNG export projects. This federal backing is likely to intensify competition among U.S. exporters and could reshape global LNG trade routes and pricing structures.

 

3. Detailed U.S. LNG Project Announcements and Investments (May 14, 2024 - May 14, 2025)

The period under review saw a flurry of activity across various U.S. LNG projects, ranging from critical regulatory approvals and financing milestones to construction progress and the achievement of first LNG production. The following table summarizes key project milestones announced by companies or the DOE.

 

Table 1: Summary of Key U.S. LNG Project Milestones (May 14, 2024 - May 14, 2025 – From Company/DOE Announcements)

 

3.1 Cheniere Energy

Cheniere Energy, a leading U.S. LNG producer, made notable progress on both its Corpus Christi Stage 3 (CCL Stage 3) project and its Sabine Pass Expansion (SPL Expansion) project during the review period.7

 

3.1.1 Corpus Christi Stage 3 Project (CCL Stage 3)

The CCL Stage 3 project, located near Corpus Christi, Texas, is designed to add over 10 MTPA of LNG production capacity through seven midscale liquefaction trains.7 Significant operational milestones were achieved:

  • First LNG Production: The project achieved its first LNG production on December 30, 2024, marking a critical transition from construction to initial operations.11 Cheniere's Q4 2024 report also noted that LNG was produced for the first time from the first train of the CCL Stage 3 Project in December 2024.12
  • Substantial Completion of Train 1: Substantial completion for the first train of the CCL Stage 3 Project was achieved in March 2025.7 This signifies that the train is largely finished and ready for sustained operations.
  • Timeline Update: Cheniere anticipates the first three trains of the CCL Stage 3 project to be operational by the end of 2025.7

 

As of March 31, 2025, the CCL Stage 3 project was 82.5% complete overall. Specific completion percentages were: Engineering 98.2%, procurement 99.8%, subcontract work 89.8%, and construction 53.7%. The expected substantial completion for the entire project spans from the first half of 2025 to the second half of 2026.7 No new specific investment figures for CCL Stage 3 were announced in company reports during this period, with expenditures forming part of ongoing capital deployment from previously allocated budgets. Similarly, no new FERC or DOE approvals for CCL Stage 3 were highlighted in the Q1 2025 report 7, nor was there any mention of involvement by Secretary Chris Wright or expedited approvals for this specific project within the timeframe.

 

3.1.2 Sabine Pass Expansion Project (SPL Expansion)

Cheniere, through Cheniere Partners, is developing a significant expansion adjacent to its existing Sabine Pass LNG terminal in Cameron Parish, Louisiana. The SPL Expansion Project is expected to have a total production capacity of up to approximately 20 MTPA of LNG, inclusive of estimated debottlenecking opportunities.7

  • Regulatory Filings: In February 2024 (predating the review period but noted in recent reports for context), subsidiaries of Cheniere Partners submitted applications to FERC for authorization to site, construct, and operate the SPL Expansion Project. Simultaneously, an application was made to the DOE requesting authorization to export LNG to both Free-Trade Agreement (FTA) and non-FTA countries.7
  • DOE FTA Authorization: A key regulatory milestone was achieved in October 2024, when Cheniere Partners received authorization from the DOE to export LNG from the SPL Expansion Project to FTA countries.7

 

No specific new investment figures for the SPL Expansion were announced in the Q1 2025 report.7 The status of the non-FTA export authorization application with the DOE and the FERC application remains pending based on the provided information. Secretary Chris Wright was not involved in the October 2024 FTA approval, as it occurred before his tenure as Secretary of Energy. Cheniere has not mentioned any expedited approvals concerning this project.

 

Cheniere's activities demonstrate a two-pronged approach: advancing near-term production capacity with CCL Stage 3, which is rapidly achieving operational milestones, while simultaneously progressing longer-term growth initiatives like the SPL Expansion. The October 2024 DOE FTA approval for the SPL Expansion, secured prior to Secretary Wright's appointment, signifies foundational regulatory headway for this major future capacity addition. The progress on the SPL Expansion's non-FTA application will be a significant development to monitor under the current DOE leadership.

 

3.2 Woodside Energy

Woodside Energy made a landmark announcement regarding its U.S. LNG ambitions during the review period.

 

3.2.1 Louisiana LNG Project

The Louisiana LNG project (formerly known as Lake Charles LNG) reached a critical juncture with its Final Investment Decision (FID).

  • FID Announcement: Woodside's board approved the Louisiana LNG development on April 29, 2025.9 This decision greenlights the construction of a new major LNG production and export facility.
  • Investment Value: The project represents a US$17.5 billion investment, making it the largest single foreign direct investment in Louisiana's history and the first greenfield U.S. LNG project to reach FID since 2023.9
  • Capacity and Timeline: The facility will consist of three liquefaction trains with a total capacity of 16.5 MTPA.13 Woodside is targeting first LNG production in 2029, with the project anticipated to have a payback period of seven years and an internal rate of return (IRR) above 13%.9

 

Funding and Partnerships:

On April 7, 2025, Woodside announced that energy infrastructure investor Stonepeak agreed to acquire a 40% interest in Louisiana Infrastructure (the entity holding the project's fixed assets) for US$5.7 billion.9 This partnership significantly de-risks Woodside's capital commitment.

 

There is also reported interest from Aramco for a potential equity stake and offtake from the project, with a deal reportedly inked at an industry event in Riyadh in May 2025.13

 

Feedgas Supply: The day following the FID, on April 30, 2025, Woodside announced a long-term agreement with bp for the supply of up to 640 billion cubic feet of natural gas to the Louisiana LNG project, commencing in 2029. This agreement is notable for its focus on verifiably low methane intensity gas, aligning with Woodside's participation in the UN Environment Programme’s OGMP 2.0 initiative.9

 

The FID implies that the necessary major regulatory permits are either secured or have a clear pathway to approval. Specific dates for FERC or DOE approvals leading directly to this FID were not detailed in Woodside's announcement within the review period.9 There was no mention of Secretary Chris Wright's involvement or any claims of expedited approvals by Woodside in relation to the Louisiana LNG project.

 

Woodside's FID on the Louisiana LNG project, being the first for a U.S. greenfield LNG development since 2023 9, indicates a resurgence in investor confidence regarding long-term LNG demand. This decision, made in late April 2025, followed a period of visibly increased support for the LNG sector from the DOE under Secretary Wright.2 While Woodside did not directly link its FID to these broader policy shifts, the improved regulatory and market sentiment may have contributed to the necessary confidence for such a substantial commitment. The ability to secure a major equity partner like Stonepeak and a significant feedgas supplier like bp around the time of FID underscores the project's advanced stage of commercial de-risking.9 This FID could serve as an important market signal, potentially encouraging other developers with mature projects to advance towards their own FIDs, thereby contributing to the next wave of U.S. LNG capacity expansion. The partnership structure also highlights the increasing role of specialized infrastructure funds in financing large-scale energy ventures.

 

3.3 Venture Global LNG

Venture Global LNG reported significant progress across its portfolio of LNG projects, including Calcasieu Pass, Plaquemines LNG, and the proposed CP2 LNG facility. The company highlighted strong financial performance in the first quarter of 2025, with revenues of approximately $2.9 billion and an adjusted EBITDA of roughly $1.3 billion, having exported a record 234 TBtu of LNG.8

 

3.3.1 CP2 LNG Project

The CP2 LNG project, planned for Cameron Parish, Louisiana, with an expected export capacity of at least 20 MTPA (equivalent to approximately 3.96 Bcf/d) 2, achieved major regulatory and financial milestones:

  • DOE non-FTA Export Authorization: On March 19, 2025, the U.S. Department of Energy, under Secretary Chris Wright, granted authorization for the CP2 project to export LNG to non-Free Trade Agreement (non-FTA) countries.2 This approval is a critical step for projects targeting global LNG markets.
  • FERC Final Supplemental Environmental Impact Statement (FSEIS): FERC issued a positive FSEIS for CP2 on May 9, 2025.8 According to an environmental group, the SEIS controversially claimed the project would have "no significant cumulative air quality impacts".14 Venture Global's announcement characterized it as a "positive final SEIS".8
  • Financing: Venture Global announced on May 1, 2025, the closing of a $3.0 billion bank loan facility with a consortium of 20 leading global banks. These funds are designated for continued manufacturing, procurement, and engineering activities for the CP2 project.8
  • FID Process: The company indicated it launched the FID process for CP2 LNG in March 2025.19

 

3.3.2 Plaquemines LNG Project

Located in Plaquemines Parish, Louisiana, the Plaquemines LNG facility (nominal capacity 20 MTPA for Phases 1 & 2 combined 18) continued its ramp-up:

  • First LNG Production: The project achieved first LNG production in December 2024.8
  • Operational Performance: During the first quarter of 2025, eighteen of the Phase 1 liquefaction trains at Plaquemines demonstrated production levels approximately 140% of their nameplate capacity, showcasing significant operational flexibility.8
  • Export Outlook: Venture Global expects to export 222-239 cargoes from the Plaquemines project in 2025.8
  • Financing: While slightly predating the May 14, 2024, start of the review period, Venture Global highlighted in its Q1 2025 report the closing of $2.5 billion in Senior Secured Notes by Venture Global Plaquemines LNG, LLC, which was announced on May 9, 2024.8

 

3.3.3 Calcasieu Pass Project

The Calcasieu Pass facility (10 MTPA capacity 18) in Cameron Parish, Louisiana, reached a key operational stage:

  • Commercial Operations: The project commenced commercial operations on April 15, 2025.8
  • Export Outlook: The company anticipates exporting 145-150 cargoes from Calcasieu Pass in 2025.8

 

Venture Global is aggressively advancing its multi-project strategy. The CP2 project, in particular, has benefited from the favorable regulatory environment in early 2025, with Secretary Wright's direct involvement in its DOE authorization.2 The company's ability to achieve production significantly above nameplate capacity at Plaquemines 8 demonstrates the operational efficacy of its modular train design. This multi-front advancement, from Calcasieu Pass reaching commercial operations to Plaquemines ramping up and CP2 securing critical regulatory and financial backing, points to a highly synchronized and ambitious expansion strategy.

 

However, this rapid development is not without contention. While Venture Global celebrates its regulatory successes for CP2 8, environmental organizations have strongly criticized FERC's environmental assessment for the project. These groups highlight alleged past air pollution violations and other operational issues at Venture Global's existing Calcasieu Pass terminal as reasons for concern.14 This underscores an inherent tension between the drive for rapid project development and the imperatives of environmental compliance and thorough oversight, which could present future challenges or legal risks for the CP2 project. Should CP2 proceed to FID and successful operation, Venture Global's model of rapid development and modular liquefaction trains could further influence how future LNG projects are approached in the U.S., though ongoing environmental scrutiny will remain a critical factor.

 

3.4 Commonwealth LNG

Commonwealth LNG is developing a 9.5 MTPA LNG export terminal on the Calcasieu River near Cameron, Louisiana.16 The project made significant strides in regulatory approvals and commercial agreements during the review period.

  • DOE Conditional Non-FTA Export Authorization: On February 14, 2025, Commonwealth LNG received conditional authorization from the DOE to export LNG to non-FTA countries.2 This was notably the first such LNG export approval issued under Secretary of Energy Chris Wright.2
  • FERC Draft Supplemental Environmental Impact Statement (DSEIS): Concurrently, on February 14, 2025, the project received its DSEIS from FERC.15

 

Commercial Agreements:

Commonwealth LNG announced on May 5, 2025, the signing of a 20-year Sale and Purchase Agreement (SPA) with a major, unnamed Asian energy company for 1 MTPA of LNG.15

 

On May 13, 2025, it was announced that commodities giant Glencore finalized a 20-year agreement to purchase 2 MTPA of LNG from the Commonwealth facility. This deal also includes an equivalent natural gas supply from Kimmeridge Texas Gas.10 This agreement is seen as supportive of Commonwealth's aim to reach FID in the third quarter of 2025.10

 

The company also actively managed its commercial portfolio by terminating two SPAs with Woodside Energy Trading Singapore Pte Ltd (originally executed in September 2022) on April 28, 2025.16

Investment and Timeline: The first phase of the Commonwealth LNG project is anticipated to involve an investment exceeding $11 billion in Louisiana.16 The company is targeting an FID later in 2025 (Q3 2025 according to one source 10), with first LNG production and offtake planned for 2029.10

 

The receipt of the first DOE export authorization under Secretary Wright on February 14, 2025 2, was a significant event for Commonwealth LNG, both practically and symbolically. This approval likely signaled the new administration's renewed backing for LNG projects, potentially paving the way for subsequent positive regulatory actions for other developers. The DOE itself highlighted this as Secretary Wright's first LNG export approval, emphasizing it as a signal that "the U.S. is once again open for business".4 This initial approval may have set a precedent or established a more favorable tone for the series of DOE actions benefiting other LNG projects in the ensuing weeks.

 

The securing of this key DOE authorization and a positive DSEIS from FERC 15 were likely instrumental in Commonwealth's ability to finalize substantial long-term SPAs with the major Asian buyer and Glencore.10 Such commercial agreements are often contingent upon clear regulatory pathways, as they provide the revenue certainty needed to underpin project financing. Commonwealth LNG's progress, with an FID targeted for 2025, adds another significant project to the pipeline of next-generation U.S. LNG facilities, contributing to the anticipated substantial increase in overall U.S. export capacity expected later this decade.1

 

3.5 Golden Pass LNG

The Golden Pass LNG export project, a joint venture between QatarEnergy and ExxonMobil, is a $10 billion facility under construction in Sabine Pass, Texas.21 It is designed to have an export capacity of up to 2.57 Bcf/d (approximately 18 MTPA).2

  • DOE Commencement Extension: A key development for Golden Pass LNG during the review period was the approval of a commencement extension by the DOE on March 5, 2025. This action, signed by Secretary Chris Wright, grants the project additional time to commence LNG exports.2 This extension provides crucial flexibility in managing the complex construction timeline of such a large-scale project.
  • Construction Status: The project remains under construction. It was reported in May 2024 that Zachry Industrial Inc., one of the main contractors for the Golden Pass LNG project, had filed for Chapter 11 bankruptcy. However, Golden Pass LNG stated it was continuing work on the liquefaction project despite this development.22 This contractor issue represents a significant challenge that could impact project timelines and costs.
  • Significance: Once operational, Golden Pass LNG is expected to be the ninth large-scale U.S.-based LNG export terminal.2

 

The DOE's decision to grant a commencement extension to Golden Pass LNG, a major project backed by prominent international energy players 21, highlights a pragmatic approach from the current administration. This action aims to ensure that large, capital-intensive projects facing construction or market-related challenges can navigate these difficulties and reach completion. 

 

The project had faced potential delays, as evidenced by the need for an extension and the reported bankruptcy of a key contractor.22 Secretary Wright's approval of the extension 2, coupled with the subsequent broader DOE policy change on April 1, 2025, which eased the criteria for such extensions 2, indicates a willingness to support projects through unforeseen complications. This approach safeguards significant investments and ensures that anticipated future export volumes are not unduly jeopardized. Such flexibility from the DOE could be vital for maintaining investor confidence in other U.S. LNG projects currently under construction, particularly given the complexities of global supply chains and the inherent potential for construction delays in mega-projects. It signals that the DOE is prepared to work collaboratively with developers to overcome operational hurdles.

 

3.6 Delfin LNG

Delfin Midstream is developing the Delfin LNG project, an offshore floating LNG (FLNG) export terminal proposed for a site approximately 40 nautical miles off the coast of Louisiana. The project plans to use up to three FLNG vessels, each with a capacity of around 4 MTPA, for a total potential export capacity of up to 1.8 Bcf/d (approximately 13.2 MTPA).2

  • DOE Export Permit Extension: On March 10, 2025, Secretary Chris Wright approved an export permit extension for Delfin LNG LLC, granting the project additional time to commence exports.2
  • DOE NFTA Export License Signing: The existing non-FTA export license for Delfin LNG (covering up to 13.2 MTPA) was ceremonially signed by Secretary Wright during CERA Week in March 2025, signifying high-level governmental endorsement of the project.17
  • Deepwater Port License: Delfin LNG received its Deepwater Port License from the U.S. Maritime Administration (MARAD) on March 21, 2025.17 This is a critical regulatory approval for an offshore LNG project.
  • Further Extension Request: Demonstrating proactive use of new DOE policies, Delfin LNG filed a request on May 2, 2025, for an additional two-year extension of its deadline to commence non-FTA exports, seeking to move the deadline to June 1, 2031. This request was made based on the DOE's newly adopted, more lenient approach to term extensions.6
  • Commercial Progress: As of March 2025, Delfin had signed binding offtake agreements for a combined capacity of over 4 MTPA and was focused on securing FID for its first FLNG vessel(s).17 The project's design allows for low FID thresholds, with each FLNG vessel having its own commercial and financial structure.23


 

Delfin LNG's progress, particularly the issuance of its Deepwater Port License by MARAD 17 and the DOE's demonstrated flexibility regarding export commencement deadlines 2, underscores the growing viability of FLNG projects in the U.S. Gulf of Mexico. FLNG projects offer different development models and potentially faster deployment schedules compared to traditional large-scale onshore terminals. The successful permitting of the first FLNG project in North 

 

America under the Deepwater Port Act is a landmark achievement.17 The DOE's willingness to grant extensions, further reinforced by its new policy effective April 1, 2025 2, is particularly beneficial for FLNG projects, which may have distinct financing and construction cycles. The ceremonial signing of the NFTA license by Secretary Wright at a prominent industry event like CERA Week also adds a layer of significant political endorsement.17

 

The success of Delfin LNG could catalyze further investment in U.S. FLNG projects, thereby diversifying the nation's LNG export infrastructure and potentially offering more adaptable supply solutions to the global market. Delfin's prompt request for an additional extension immediately following the DOE's policy change 6 clearly illustrates the direct impact of these regulatory adjustments on project planning and execution.

 

4. Key Regulatory Developments and Approvals

The regulatory landscape, particularly actions by the Department of Energy (DOE) and the Federal Energy Regulatory Commission (FERC), profoundly influenced the U.S. LNG sector between May 2024 and May 2025. A notable shift in DOE activity occurred following the confirmation of Secretary Chris Wright in early 2025.

 

4.1 Department of Energy (DOE) Actions

The confirmation of Chris Wright as the 17th U.S. Secretary of Energy on February 3, 2025 3, marked a significant point of inflection for DOE's approach to LNG projects. Secretary Wright, nominated on November 16, 2024 3, brings a career background heavily vested in the oil and gas sector, including pioneering work in hydraulic fracturing. His stated objectives include "unleashing American energy dominance" and "cutting red tape" for energy projects.3

 

Under Secretary Wright's leadership, the DOE has issued at least six LNG-related items aimed at bolstering U.S. global leadership in energy production and exports.2 These actions include:

 

Resumption/Acceleration of LNG Export Authorizations:

  • Commonwealth LNG: On February 14, 2025, Secretary Wright signed a conditional non-FTA export authorization for the Commonwealth LNG project, allowing for the export of 1.2 Bcf/d of LNG.2 This was prominently highlighted by the DOE as Secretary Wright's first LNG export approval, intended to signal that "the U.S. is once again open for business".4
  • Venture Global CP2 LNG: On March 19, 2025, Secretary Wright approved a conditional non-FTA export authorization for the Venture Global CP2 LNG project, permitting exports up to 3.96 Bcf/d of LNG.2
  • Export Authorization Commencement Extensions: The DOE also approved extensions for projects needing more time to begin exports:
  • Golden Pass LNG: An extension was approved by Secretary Wright on March 5, 2025.2
  • Delfin LNG: An export permit extension was approved by Secretary Wright on March 10, 2025.2 Following this, Delfin LNG submitted a request on May 2, 2025, for an additional two-year extension, explicitly referencing the DOE's new policy.6
  • Policy Change on Commencement Extensions: On April 1, 2025, the DOE announced a significant policy change by taking action to remove barriers for requests for LNG export commencement date extensions. This involved scaling back the criteria that authorized LNG exporters must meet to receive agency consideration for an extension, effectively rescinding a more stringent 2023 Extension Policy.2

 

Other DOE Actions:

Prior to Secretary Wright's tenure, in October 2024, Cheniere's Sabine Pass Expansion Project received DOE authorization to export LNG to FTA countries.7

 

On February 28, 2025, the DOE issued an order removing barriers for the use of LNG as marine fuel (bunkering), clarifying that DOE would no longer use its Natural Gas Act authority for ship-to-ship LNG transfers for marine fuel use at U.S. ports or in U.S. waters. This is anticipated to support the growth of LNG bunkering.2

 

4.2 Federal Energy Regulatory Commission (FERC) Actions

FERC, an independent agency, is responsible for authorizing the siting, construction, and operation of LNG export terminals. Key FERC actions during the period included:

  • Venture Global CP2 LNG: FERC staff released the final supplemental environmental impact statement (FSEIS) for the CP2 LNG project on May 9, 2025.8 The FSEIS supported project approval, with FERC staff concluding that the project would have "no significant cumulative air quality impacts".14 This conclusion was immediately and strongly contested by environmental organizations, which pointed to Venture Global's alleged history of air pollution violations at its operational Calcasieu Pass terminal and argued that FERC was unlawfully downplaying potential harm.14
  • Commonwealth LNG: The project received a Draft Supplemental Environmental Impact Statement (DSEIS) from FERC on February 14, 2025.15 This indicates progress in FERC's environmental review process for the project.
  • Cheniere Sabine Pass Expansion Project: Cheniere submitted its application to FERC in February 2024 for authorization to site, construct, and operate the SPL Expansion.7 The status of a final FERC decision on this application was pending based on the available information within the review period.

 

General FERC meeting agendas from May 2025 discussed various dockets, though none directly related to these specific LNG project approvals were detailed in the provided materials 26, illustrating the ongoing nature of its broad regulatory functions.

 

4.3 Focus on "Expedited Approvals"

The term "expedited approval" is not typically used by companies in their formal announcements regarding regulatory milestones.8 However, a perception of an accelerated process, particularly concerning DOE actions, has emerged. This perception is fueled by several factors:

  • The rapid succession of DOE approvals and policy changes benefiting LNG projects in the first quarter of 2025, immediately following Secretary Wright's confirmation.2
  • The DOE's own public statements about "removing barriers" to LNG export commencement extensions 2 and Secretary Wright's stated agenda to "cut red tape" and streamline processes to advance energy projects.4
  • The contrast with any perceived "pause" or slower pace of approvals under previous administrative considerations. For instance, a "Pause" related to a 2024 LNG Export Study initiated by the prior Administration was noted, though it did not apply to term extension requests 6, it nonetheless highlights a different policy environment preceding the current period.

 

The period from February to May 2025, following Secretary Wright's confirmation, indeed marks a distinct phase of accelerated DOE support for LNG projects. This support manifested through key project-specific approvals, extensions for projects facing timeline challenges, and broader policy adjustments designed to facilitate U.S. LNG export capabilities. This sequence of events—Secretary Wright's confirmation with a clear pro-development agenda, followed by a series of favorable DOE actions for multiple LNG projects, and the DOE's own framing of these actions as "unleashing American energy"—strongly suggests a deliberate execution of a policy to bolster the LNG sector.

 

Positive DOE actions, such as non-FTA export authorizations, often serve as crucial prerequisites or strong positive indicators for FERC as it finalizes its independent environmental reviews and considers issuing construction and operation permits. For example, Venture Global's CP2 project received its DOE non-FTA approval in March 2025, followed by FERC's FSEIS in May 2025.2 These regulatory green lights are also typically vital for unlocking project financing, as seen with CP2 securing a $3.0 billion loan facility shortly after its DOE authorization.8

 

However, it is important to recognize an underlying dynamic: while the DOE under Secretary Wright is actively facilitating LNG exports, FERC operates as an independent agency with its own statutory mandates for environmental review. The strong criticism leveled against FERC's CP2 SEIS by environmental groups 14 demonstrates that supportive DOE policies do not automatically guarantee an unimpeded path through FERC's environmental scrutiny or insulate projects from legal challenges. These factors can still significantly impact ultimate project timelines and viability.

 

The current DOE's proactive and supportive stance towards LNG development could substantially shorten the pre-FID phase for projects that have largely completed their commercial structuring and technical design work. If FERC's review processes also align in timeliness and legal challenges are effectively managed, this could lead to a faster overall build-out of U.S. LNG capacity than previously anticipated. Such an acceleration would likely have considerable impacts on global gas markets and U.S. domestic natural gas prices.1

 

Table 2: Regulatory Approvals and DOE Actions Involving Chris Wright (May 14, 2024 - May 14, 2025 – From Company/DOE Announcements)

5. Analysis of Investment and Project Momentum

The U.S. LNG sector exhibited substantial investment momentum between May 2024 and May 2025, underscored by significant FIDs, major financing arrangements, and consistent progress in project execution.

 

Major FIDs and capital investments during this period include:

  • Woodside Energy's Louisiana LNG: The most prominent investment was Woodside's US$17.5 billion FID on April 29, 2025.9 This commitment was bolstered by Stonepeak's US$5.7 billion equity participation in the project's infrastructure, announced on April 7, 2025 9, significantly de-risking Woodside's financial exposure.
  • Venture Global's CP2 LNG: This project secured a crucial $3.0 billion syndicated bank loan facility, with closing announced by May 2025.8 This financing is a critical enabler for advancing the project towards an anticipated FID.
  • Commonwealth LNG: While an FID is still pending (targeted for 2025), the project's first phase is estimated to involve an investment exceeding $11 billion.16 Securing key DOE approval and long-term SPAs has substantially advanced its prospects.

 

Ongoing capital expenditures continued for projects already under construction, such as Cheniere's CCL Stage 3 and Golden Pass LNG, although specific new investment tranches within the review period were not always itemized beyond overall project costs.

 

Trends in project progression indicate a dynamic and maturing development pipeline:

Several projects transitioned from development phases into or near operational status:

  • Cheniere's CCL Stage 3 achieved first LNG in December 2024 and substantial completion of its first train in March 2025.7
  • Venture Global's Plaquemines LNG facility commenced first LNG production in December 2024.8
  • Venture Global's Calcasieu Pass project reached commercial operations on April 15, 2025.8
  • Other projects achieved critical regulatory milestones that are paving the way for FIDs:
  • Venture Global's CP2 LNG received its DOE non-FTA export authorization and a positive FERC FSEIS.2
  • Commonwealth LNG obtained its DOE non-FTA export authorization and a FERC DSEIS.2

 

The securing of long-term SPAs remains a vital component for underpinning these large investments and demonstrating commercial viability. Commonwealth LNG's agreements with a major Asian buyer and Glencore are prime examples from this period.10

 

The ability of project developers to secure substantial non-recourse financing, such as Venture Global's $3.0 billion loan for CP2 8, and to attract major infrastructure investors, like Stonepeak's $5.7 billion commitment to Woodside's Louisiana LNG project 9, particularly following or alongside key regulatory approvals (especially from the DOE), demonstrates a strong positive correlation. Regulatory certainty appears to directly unlock financial commitments in the capital-intensive LNG sector. LNG projects, with multi-billion-dollar price tags, require a high degree of assurance for lenders and equity investors regarding a project's authorization to be constructed and, crucially, to export LNG. The temporal proximity of Venture Global CP2's loan facility to its DOE non-FTA approval, and Woodside's FID for Louisiana LNG (implying major regulatory hurdles were cleared or deemed manageable) involving Stonepeak's substantial investment, suggests that positive regulatory outcomes are powerful catalysts for financial flows.

 

The U.S. LNG development landscape can be seen as a tiered market of projects, each at different stages of maturity:

  • Operational and Ramping Up: This tier includes Cheniere's CCL Stage 3, Venture Global's Plaquemines LNG, and Venture Global's Calcasieu Pass. These projects are now contributing to U.S. export volumes.
  • FID Achieved/Major Construction Commencing: Woodside's Louisiana LNG is the primary example here, set to begin large-scale construction.
  • Nearing FID (Regulatory and Financing Advanced): Venture Global's CP2 LNG and Commonwealth LNG fall into this category, having secured key permits and initial financing or strong commercial backing.
  • Under Construction (Extensions Granted): Golden Pass LNG continues construction, having received a DOE extension to manage its timeline.
  • Advancing (FLNG Model): Delfin LNG represents the floating LNG segment, progressing with key licenses and extensions. This stratification illustrates a dynamic and multi-layered development pipeline, indicative of a healthy and evolving sector.

 

The successful financing and FID of major projects during 2025 could significantly de-risk the outlook for U.S. LNG expansion. This provides greater certainty to global buyers regarding future supply availability from the U.S. and may influence long-term contracting trends, potentially favoring U.S. suppliers who can demonstrate clear pathways to project completion.

 

6. Conclusion

The period from May 14, 2024, to May 14, 2025, was one of pronounced activity and advancement for the U.S. LNG sector. Key developments included Woodside Energy's landmark $17.5 billion FID for its Louisiana LNG project, significant regulatory and commercial progress for Venture Global's CP2 LNG and Commonwealth LNG projects, and the operational start-up or ramp-up of facilities like Cheniere's Corpus Christi Stage 3, Venture Global's Plaquemines LNG, and Venture Global's Calcasieu Pass. A robust investment climate was evident, with companies actively securing financing, constructing facilities, and finalizing long-term commercial agreements.

 

The regulatory environment, particularly actions undertaken by the Department of Energy under Secretary Chris Wright following his confirmation in February 2025, had a discernible positive impact on project timelines and approvals. The series of DOE export authorizations and commencement extensions issued in the first quarter of 2025, along with policy adjustments aimed at streamlining processes, aligned with a federal agenda to enhance U.S. energy exports and assert "energy dominance." While this DOE facilitation has been a clear catalyst, the independent environmental review process conducted by FERC, and the potential for legal challenges, remain critical factors that influence ultimate project execution, as highlighted by the controversy surrounding the environmental impact statement for Venture Global's CP2 project.14

 

Overall, company announcements and regulatory actions during the review period depict strong momentum, positioning the U.S. for continued and significant growth in its LNG export capacity. The U.S. LNG industry is experiencing a phase of accelerated development, largely propelled by a confluence of sustained global demand, the commercial attractiveness of U.S. natural gas resources, and a newly supportive federal regulatory posture, especially from the Department of Energy. This acceleration, however, is not without its inherent challenges, which include managing environmental opposition, navigating the complexities of executing multi-billion-dollar mega-projects, and addressing contractor or supply chain issues, as seen with the Golden Pass LNG project.22

 

The trajectory established during this 2024-2025 period, if sustained, will likely see the United States substantially expand its LNG export capacity by the end of the decade. The key variables influencing this outlook will be the continuation of supportive regulatory policies, the ability of project developers to effectively manage complex project execution and mitigate risks, and the industry's capacity to navigate evolving environmental and social governance (ESG) pressures from stakeholders and international markets. The increasing emphasis on "verifiably low methane intensity molecules," as noted in the Woodside-bp feedgas agreement for the Louisiana LNG project 9, may also become an increasingly important differentiator for U.S. LNG projects seeking to secure long-term market access and social license to operate.

 

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