Role Signal Board — May 12, 2026
ORIGINATION
Venture Global signed 5-year SPAs with TotalEnergies (0.85 mtpa) and upsized Vitol to 1.7 mtpa; total post-war deals exceed 3 mtpa. Read This: Reuters
Bulgargaz selected Shell for 1M MWh US-origin LNG cargo via Turkey; arrival end of May for summer supply. Read This: Reuters
Santos approved Agogo tie-in for PNG LNG — 135 MMscf/d, 19-km pipeline, first gas Q2 2028, ~12-year plateau. Read This: Reuters
Venture Global pricing unsold 2026 cargoes at $9.50-$10.50/mmBtu liquefaction fee, double last year's $5-$6. Read This: Reuters
PORTFOLIO
Mihzem completed second Qatari Hormuz transit after going dark during passage; fully laden, Pakistan-bound. Two more tankers expected. Read This: Bloomberg
China LNG imports rebounding — 30-day average highest since late February; Guangdong trucked LNG up 70%, above international spot. Read This: OilPrice.com
Three US LNG vessels departed Louisiana for Tianjin — first direct US-China shipments in over a year, arriving June 15-20. Read This: Reuters
JKM at $17.188/mmBtu (+1% d/d, +60% vs pre-war); NWE DES at $15.732/mmBtu (+5% d/d). Read This: S&P Global
PROCUREMENT
Japan gas-fired power down 23.4% in May; coal up 18.3%; displacing roughly 4 LNG cargoes per month. Read This: Reuters
South Korea coal-fired power up 39.7% in April; gas-fired down 6.4%; coal imports on track +50% YoY in May. Read This: Reuters
India 60 days LNG cover; fuel retailers losing ₹100/L on diesel; no compensation planned; BoP deficit projected $66-70B. Read This: Reuters
Eurogas/IOGP called for flexibility on EU storage targets ahead of Cyprus energy ministers meeting Wednesday. Read This: Bloomberg
SHIPPING
Qatar ordered ships at Ras Laffan to switch off AIS transponders within port limits, anchorages, and surrounding waters. Read This: Bloomberg
Iran requesting per-vessel documentation, designated routes, and naval supervision; ~3,000 vessels/month pre-war vs ~5% now. Read This: Reuters
Merkuriy loaded Arctic LNG 2 cargo at Saam FSU May 9, headed west, destination undeclared; four reflagged Russian carriers now active. Read This: Reuters
GREENFIELD DEVELOPMENT
Venture Global CP2 Phase II FID with $8.6B financing ($20.7B total); 12 trains on foundations; first LNG 2H 2027. Read This: Press Release
Golden Pass exported second cargo May 9; feedgas exceeded 400 MMcf/d first time; Train 2 mechanical completion Q4 2026. Read This: S&P Global
EIA confirmed US LNG export capacity grew 0.9 Bcf/d in April; CC Train 6 adding 0.2 Bcf/d summer 2026. Read This: U.S. EIA
Phoenix Energy (Charif Souki) acquired Haynesville drilling leases; plans to sell gas in liquefied form; closely held. Read This: Bloomberg
CAPITAL & INVESTMENT
Venture Global raised 2026 EBITDA guidance to $8.2-8.5B from $5.2-5.8B; Q1 net income $488M (+23% YoY). Read This: Reuters
Eni asked Morgan Stanley to raise ≥€1B from Apollo/KKR/Stonepeak backed by Mozambique/Congo FLNG cash flows. Read This: Reuters
Siemens Energy Gas Services orders up 32% YoY; 77 gas turbines booked Q2; CEO says LNG-facility interest continuing. Read This: Yahoo Finance
RISK
ADNOC Gas Habshan at 60% capacity after April incidents; targeting 80% by year-end, full 2027; Q2 guided $400-600M vs $1.1B Q1. Read This: Press Release
Hammerfest LNG shut May 8 on valve fault; 18.4M cbm/day offline (~5% Norwegian gas exports); restart expected May 13. Read This: Reuters
Wood Mackenzie projects ~9.5 bcm/month blocked behind Hormuz; ~100 bcm+ annualized; 90% destined for Asia. Read This: Reuters
IEEFA forecasts EU sourcing 80% of LNG from US by 2028, up from 58% last year — single-supplier concentration risk. Read This: Reuters
POLICY & REGULATION
Iran formalizing Hormuz control — per-vessel documentation, designated routes, naval supervision; sovereignty bill progressing. Read This: Reuters
New Zealand cabinet reaffirmed LNG terminal procurement despite Iran war price surge; process underway. Read This: BusinessDesk
EU Russian LNG short-term ban took effect April 25; full ban January 2027; pipeline gas ban September 2027. Read This: Reuters