Execution Pressure

March 31 and April 1, 2026 News

1. PRIMARY EXECUTION FAILURES

• Wheatstone (Chevron): Extensive cyclone damage with two trains shut and weeks-long repair ahead. Wheatstone accounted for 2.4% of global LNG trade in February. Cyclone Narelle simultaneously hit Gorgon (one train suspended), forced Santos to shut Barossa/Darwin LNG, and disrupted Woodside's North West Shelf operations. (OilPrice.com, Bloomberg)

3. EXECUTION PROGRESS / RECOVERY

• Golden Pass LNG: First LNG on Train 1 at Sabine Pass, Texas (March 30). Trains 2 and 3 under construction. (Press Release)
• Petronet LNG (Dahej): Commissioned 5 MMTPA expansion on March 31, lifting India's largest terminal from 17.5 to 22.5 MMTPA. (LNG Prime, Economic Times)

4. NEW PROJECT MILESTONES

• Excelerate Energy (Acadia FSRU): Named newbuild FSRU at HD Hyundai Heavy Industries in Ulsan; destined for Iraq LNG import terminal. (Offshore Energy, Press Release)

5. MARKET IMPACT OF EXECUTION OUTCOMES

• Fluxys Belgium: Confirmed Strait of Hormuz remains blocked for LNG vessels, with Ras Laffan facilities damaged. Zeebrugge terminal clients hold long-term ship-or-pay contracts with Qatar that remain in force despite reduced physical availability. (Fluxys)