May was a busy month for the LNG market. Supply disruptions stemming from the ongoing conflict in the Middle East have underscored the need for additional global supply in the near- and medium-term, strengthening the case for multiple LNG projects. This sentiment was echoed across 1Q26 earnings calls, in which several LNG companies highlighted positive developments for both under-construction and proposed expansion projects. Below is a round-up of notable announcements from this past month.
Commonwealth LNG
On May 15th, Caturus LLC announced that it had reached Final Investment Decision (FID) on its proposed 1.25-Bcf/d Commonwealth LNG facility. The project is supported by long-term offtake agreements with EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading. With FID achieved, full construction is now underway, and Phase 1 is anticipated to begin operations in 2030.
NextDecade
NextDecade's 1Q26 earnings painted an encouraging picture for its Rio Grande LNG project. Phase 1 is tracking ahead of its guaranteed substantial completion dates, with Trains 1 and 2 reported at 67.8% complete and Train 3 at 44.2% complete as of March 2026. Phase 2 construction is also underway, with Train 4 at 10.6% complete and Train 5 at 6.8% complete. NextDecade expects first gas into the facility in 2H26, followed by first LNG production from Train 1 in 1H27.
Looking further ahead, NextDecade continues to pursue its Trains 6–8 expansion, potentially adding a cumulative 2.37 Bcf/d. The company filed its Train 6 FERC application on May 26th and noted in its 1Q26 earnings that commercialization efforts are already underway and FID is targeted for 2H27. For Trains 7 and 8, NextDecade is focused on advancing development and identifying the required supporting infrastructure, with the goal of permitting and commercializing both trains under the current administration.
Sempra
Sempra had several noteworthy updates across its LNG portfolio in its 1Q26 earnings. On the Mexico side, the company has introduced feedgas from the Gasoducto Rosarito pipeline to its 0.43-Bcf/d Energía Costa Azul (ECA) project, with first LNG anticipated in June 2026 and substantial completion expected later this summer. In the U.S., Sempra's Port Arthur LNG Phase 1 and Phase 2 construction projects are both reported to be on time and on budget. Reinforcing this progress, Sempra filed with the Department of Energy on May 5th requesting authorization to import a cooldown cargo and re-export it as part of the plant's first export cargo.
Venture Global
Venture Global (VG) reported strong momentum across its under-construction and proposed projects in its most recent earnings. For Plaquemines LNG, VG remains on track to begin commercial operations for Phase I in 4Q26 and Phase II in 2Q27. The company is also pursuing a bolt-on expansion at Plaquemines that would add 0.84 Bcf/d of capacity, with optionality for additional trains.
At CP2, construction is progressing rapidly, with first LNG now expected in 2H26, a pace that, if achieved, would mark the fastest FID-to-first-LNG timeline in U.S. LNG industry history. VG is also pursuing a bolt-on expansion at CP2, which was upsized from 0.84 Bcf/d to 1.32 Bcf/d. VG indicated that it intends to advance the CP2 bolt-on expansion first, followed by the Plaquemines bolt-on. The company has already begun ordering long-lead equipment and is actively working with regulators to expedite permitting on both expansions.
Cheniere
Cheniere's 1Q26 earnings provided updates on both its Corpus Christi LNG (CCL) Stage III project and its proposed expansions at CCL and Sabine Pass LNG (SPL). CCL Stage III is approximately 97% complete, with Train 5 having reached substantial completion in March and Train 6 achieving first LNG in May. Train 7 is on track for substantial completion this fall, tracking a few weeks ahead of the originally guided schedule. Corpus Christi Midscale Trains 8 and 9 and the associated debottlenecking project are now roughly 37% complete and tracking ahead of schedule on several execution fronts.
On the expansion front, Cheniere is finalizing the EPC contract with Bechtel for the Sabine Pass Train 7 expansion and expects to begin issuing limited notices to proceed shortly thereafter. According to Cheniere’s most recent earnings, the project is sufficiently commercialized and is on track to achieve FID in early 2027. The CCL expansion is slightly further behind, though Cheniere noted that it has received its scheduling notice from FERC, with approval expected in 1H27, and that the commercialization process is ongoing.
Woodside
Woodside reported in its first quarter report that its Louisiana LNG project is progressing well, as the foundation phase of Louisiana LNG Project remains on schedule and on budget. Woodside noted that the 2.17-Bcf/d project was 24% complete, with Trains 1–3 at 31%, 22%, and 14% complete, respectively, and first LNG targeted for 2029.
Delfin
On May 6th, Gunvor finalized a binding Sale and Purchase Agreement (SPA) with Delfin LNG, under which Delfin will supply 0.04 Bcf/d of LNG on a free-on-board basis from the Delfin FLNG1 facility. This agreement builds on a 2023 deal in which Gunvor agreed to purchase 0.13 Bcf/d of supply from Delfin. It is worth noting that Delfin had previously guided toward FID in 1Q26; however, that timeline was delayed after the U-T Offshore System, which is slated to tie into the proposed facility, exploded in early February. The full proposed project includes three floating liquefaction units with a combined capacity of 1.74 Bcf/d.
ST LNG
The U.S. Maritime Administration (MARAD) issued a draft environmental impact statement (EIS) for ST LNG, a proposed 1.1-Bcf/d floating LNG export facility off the coast of East Matagorda Bay, Texas. Alongside four floating LNG units, the project will include a new 5.6-mile, 30-inch-diameter lateral pipeline connecting the offshore facility to the Transco pipeline system. The greenfield project targets 2029 for first LNG production.
For more LNG industry coverage and analysis, be sure to check back in for more Energy Market Insights.
This blog post is for informational purposes only. The information contained in this blog post is not legal, tax, or investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.
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