The conflict between the United States and Iran has pushed natural gas prices higher, with the impact felt most acutely in Europe and Asia. Asia receives nearly 90% of liquefied natural gas (LNG) shipments from major Middle Eastern producers such as Qatar and the UAE, while Europe sources 7–11% of its LNG from the same region.

During spring 2026 missile and drone attacks, Iranian strikes damaged Ras Laffan LNG Trains 4 and 6, as well as Pearl GTL Train 2. QatarEnergy, the owner of the Ras Laffan facility, estimates that repairing the two affected units will take approximately 12.8 million tonnes per year of LNG capacity offline for three to five years. Pearl GTL Train 2, co-owned by QatarEnergy and Shell (NYSE:SHEL), is expected to require a year-long outage for repairs.

According to the Platts Commodities Focus podcast by S&P Global Energy, escalating geopolitical tensions in the Middle East rapidly evolved into a supply chain crisis, particularly after disruptions to shipping through the Strait of Hormuz — a critical export route for Qatar that carries roughly one-fifth of global LNG trade.

Shell's LNG Outlook 2026 projects that global LNG demand will climb to nearly 700 million tonnes annually by 2050, a 65% increase over 2025 levels, as nations increasingly prioritize the energy security and flexibility that natural gas and LNG provide. The demand surge has been accelerated by Europe's pivot away from Russian pipeline gas following the 2022 invasion of Ukraine, which transformed the continent into the world's largest LNG importer and intensified competition with Asian buyers for available cargoes.

Whether the next wave of LNG projects can meet this demand — and which suppliers will step up — remains a pivotal question. Most of the projects below will not deliver first LNG until 2027 or later, meaning the supply gap created by the Qatari outages is likely to persist through much of the decade. Oilprice.com has identified five of the largest LNG projects currently under development, listed below in no particular order.

Qatar North Field West Expansion

Qatar is advancing a major expansion of its North Field gas reserves. Earlier this year, QatarEnergy awarded US oilfield services firm Baker Hughes (NASDAQ:BKR) a contract for the North Field West Project, covering equipment for two LNG "mega trains" — including six gas turbines, 12 centrifugal compressors, and integrated power systems essential to the gas liquefaction process.

According to Euronews, the North Field West project is a cornerstone of Qatar's broader strategy to raise LNG production capacity from 77 million tonnes to 142 million tonnes per year across all expansion phases. The NFW phase alone is slated to add approximately 16 million tonnes per year through two new production lines. QatarEnergy has already awarded engineering, procurement, and construction (EPC) contracts to an international consortium, with first output expected toward the end of the decade. The expansion takes on added urgency given that the damaged Ras Laffan trains have temporarily erased a significant share of Qatar's current export capacity.

Alaska LNG

Designed to transport natural gas from Alaska's North Slope to both Alaskan and international markets, the Alaska LNG project is being developed by Glenfarne Group through its subsidiary Glenfarne Alaska LNG. Glenfarne holds a 75% stake in partnership with the State of Alaska, which owns the remaining 25%. The project offers Pacific Basin buyers a North American supply route that bypasses the Panama Canal, a bottleneck for Gulf Coast LNG shipments to Asia.

Phase 1 involves building a 739-mile, 42-inch pipeline to deliver North Slope gas for Alaska's domestic energy needs. Phase 2 encompasses construction of an LNG liquefaction facility and associated infrastructure in Nikiski, extending the total pipeline length to 807 miles.

As Oilprice.com colleague Alex Kimani reported, Glenfarne Group is in discussions with two additional potential buyers to secure offtake agreements covering another 3 million metric tons of LNG before reaching a final investment decision (FID). The company requires 80% of its 20-million-ton target capacity to be contracted before proceeding with FID; it has so far secured agreements for more than 13 million tons.

Argentina LNG

Argentina's LNG ambitions center on monetizing the vast shale gas reserves of the Vaca Muerta basin — one of the world's largest unconventional shale formations, comparable in scale to major US basins — with exports routed through the Gulf of San Matías in Río Negro province. The multi-billion-dollar initiative combines a near-term floating LNG (FLNG) project — targeted for 2027 — with a larger land-and-sea export buildout ranging from 12 to 30 million tonnes per annum (mtpa).

The smaller FLNG project, led by a partnership including Pan American Energy and Golar LNG, will deploy the Hilli Episeyo FLNG unit and targets an initial capacity of 2.45 mtpa. A larger 12–30 mtpa venture is being advanced by state-controlled YPF alongside partners Eni and UAE-based XRG. An FID is anticipated in late 2026, with initial shipments targeted for 2030–31. Dedicated pipelines from Vaca Muerta to the Atlantic coast are planned, supported by a $70 million, 10-year marine services agreement awarded to India's Adani Ports and the Meridian Group. If realized, Argentina would become South America's first major LNG exporter.

Rio Grande LNG

The Rio Grande LNG Project is a large-scale export terminal under construction by NextDecade Corporation on a nearly 1,000-acre site at the Port of Brownsville in South Texas. The facility's multi-train design is intended to supply up to 48 million tonnes per annum of LNG to global markets. The project is part of a broader buildout of US Gulf Coast export capacity that has made the United States the world's largest LNG exporter since 2023.

Construction on Trains 1 and 2 has surpassed 74% completion, with first LNG production anticipated in the first half of 2027. FID and financing for Trains 4 and 5 were secured in late 2025, backed by major global energy buyers including TotalEnergies, ADNOC, Aramco, and ConocoPhillips (NYSE:COP). The site can accommodate up to 10 trains in total, with regulatory pre-filing already underway for a Train 6.

Natural gas supply is delivered via feeder pipeline networks, including expansions such as the Enbridge Bay Runner and Blackcomb pipelines, which connect the Permian Basin to South Texas. The deep-draft Brazos Island Harbor Channel Project has been completed to accommodate large LNG cargo vessels transiting the Brownsville ship channel.

Port Arthur LNG

The Port Arthur LNG project is a $25 billion natural gas export facility on the Gulf Coast in Jefferson County, Texas. Developed by Sempra Infrastructure, the multi-phase project has a total nameplate export capacity of approximately 26 million tonnes per annum.

Under construction since 2023 as a joint venture with ConocoPhillips, Phase 1 features two liquefaction trains and two storage tanks. Train 1 commercial operations are slated to begin in 2027, followed by Train 2 in 2028. An FID has been reached on a Phase 2 expansion costing $12–14 billion, which will add Trains 3 and 4 to double overall capacity. Train 3 is scheduled for 2030 and Train 4 for 2031.

Once fully built out, Port Arthur LNG will comprise four liquefaction trains, three LNG storage tanks, and two marine berths. Bechtel is serving as the EPC contractor. Phase 1 capacity is fully subscribed, with global buyers including ConocoPhillips, RWE, PKN Orlen, INEOS, and Engie — a group spanning European utilities and integrated majors that reflects the broad base of demand underpinning the current LNG investment cycle.

By Andrew Topf for Oilprice.com