Oil & Gas Exploration & Production

Sintana Energy's Namibian affiliate Trago Energy has agreed to transfer its entire 10% participating interest in Petroleum Exploration Licence 90 to Harmattan Energy Limited, an affiliate of Chevron, for US$11 million in cash upon completion. Sintana holds an indirect 49% interest in Trago, and the agreement also provides for additional contingent consideration tied to appraisal and production milestones, including revenues from potential commercial production currently estimated at between 1.5 million and 2.5 million barrels of oil. CEO Robert Bose said the deal removes Trago from the PEL 90 joint venture, eliminating capital obligations that could reach $15 million per exploration well and as much as $500 million if the project moved into development with an uncarried 10% interest, while preserving exposure to milestones such as appraisal plan approval and first oil. Attention now turns to the Nabba 1-X exploration well on PEL 90, expected in December, which will test the prospectivity of Namibia's Orange Basin near the Mopane and Venus discoveries. Bose also noted that Total is set to begin a three-well campaign on PEL 83 in the fourth quarter, with Equinor having recently farmed into PEL 90.

ConocoPhillips has signed a long-term agreement with Venture Global to purchase 1 million tons of liquefied natural gas per year, with deliveries beginning in 2030 and running for 20 years. Venture Global said it looks forward to supporting ConocoPhillips in expanding its global LNG portfolio. ConocoPhillips expects LNG demand to double by 2050 and is building its LNG portfolio toward a targeted 10-15 million tons per annum. In the second quarter, the company's Qatar LNG operations were affected by the conflict in the Middle East, with the Ras Laffan plant largely shut down, though ConocoPhillips said the NFE and NFS projects in Qatar were progressing well despite the conflict.

Magnolia Oil & Gas Corporation said its WildFire Energy acquisition is progressing smoothly and will support 4% to 5% annual organic growth in both oil and total production across the combined Eagle Ford and Austin Chalk portfolio. The company expects more than $100 million of annual run-rate synergies from the deal, with at least one-third realized by year-end 2026, while keeping drilling and completion capital reinvestment below 55% of adjusted EBITDAX. Magnolia has already sold non-core Dimmit and Zavala county properties for $47.5 million and received 616 net acres in Gonzales County, lifting its average operated working interest in the contiguous Karnes position to 98%. The company ended the third quarter with approximately $1.9 billion of net debt, putting leverage below 1.0x net debt to 2027E EBITDA at current strip prices, more than a year ahead of its original deleveraging timetable, and it repurchased about 2.3 million shares in the quarter, leaving roughly 267 million shares outstanding. For the fourth quarter, Magnolia guides production of 159 to 161 Mboe/d with oil at 49% to 50% of volumes and D&C capital spending of about $235 million, while for 2027 it projects oil and total production up 4% to 5% from a second-quarter 2026 pro forma base of roughly 78 Mbod of oil and 158 Mboe/d of total production, with D&C capital spending of $900 million to $950 million.

Thoughtworks announced that Expand Energy, the largest independent natural gas producer in North America, has selected the consultancy as its strategic partner to design and build an enterprise-wide AI capability. The multi-phase engagement covers AI strategy, use case prioritization, machine learning platform implementation, and delivery of a production-ready solution aligned to Expand Energy's long-term strategic priorities. Thoughtworks will lead the work across three connected workstreams: AI strategy and opportunity prioritization, enterprise AI foundations, and solution delivery and enablement. Expand Energy aims to deploy a production solution by the end of 2026, moving beyond isolated pilots toward a coordinated, enterprise-scale approach. Josh Viets, executive vice president and chief operating officer at Expand Energy, said the company chose Thoughtworks for its ability to connect strategy, technology and delivery in a single engagement.

Ryan Lance, chairman of U.S. oil and gas major ConocoPhillips, said on the 5th that he expects the floor for crude oil prices to rise to around $70 a barrel, and projected a mid-cycle price of $65 to $70 for U.S. crude benchmark West Texas Intermediate. Speaking at the Energy Intelligence Forum held in London, the chairman said this year's Middle East conflict dealt a major blow to the global oil system but did not cause it to collapse. He said that if crude prices hold near current levels, U.S. oil production could exceed 14 million to 14.5 million barrels per day. He said it could take until 2028 or 2029 for global oil demand to recover from the current crisis, but that after that nothing would stop demand growth. "The real strategic challenge for a company like ours is where to secure traditional production resources to meet that growing demand," the chairman said, adding that ConocoPhillips is currently focusing more on upstream investment than midstream investment in its oil business.

Galliford Try Holdings PLC has landed a spot on the latest £3 billion Constructing West Midlands Framework, selected for the major works lot covering projects over £10 million. Connecting Excellence Group Plc has completed its first acquisition, buying James Gray Recruitment, and has grown its Bitcoin holding to over 81 coins, worth around £5.25 million. Bradda Head Lithium Ltd has intersected visible spodumene mineralisation in all three of its first Whistlejacket holes in Arizona, with lab assays now the next key test. Tower Resources PLC has secured a one-year extension to its exploration licence at Thali in Cameroon and is now working towards a drilling campaign targeted for Q2 2027. Premier African Minerals Ltd has raised around £1.2 million to restart operations at its Zulu Lithium project in Zimbabwe, with the plan now focused on processing ore already sitting on the stockpile.

Ithaca Energy has agreed to buy Suncor Energy's offshore Canadian assets for $860 million in cash, its first acquisition outside the UK, sending shares in the North Sea oil producer up 3%. Suncor could receive a further $250 million depending on average Brent crude prices over a 27-month period starting July 1, 2026, with any additional payment funded from Ithaca's free cash flow. The deal, expected to close in the first half of 2027, gives Ithaca a 48% operated stake in Terra Nova, a 40% non-operated stake in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands, including the West White Rose development. Ithaca said the assets add 103 million barrels of oil equivalent of proven and probable reserves at an acquisition cost of about $8 per barrel of oil equivalent, and should contribute average production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 barrels per day in 2029 as West White Rose ramps up. The assets generated about $235 million of adjusted EBITDAX in the 12 months to June 30, 2026, and Ithaca plans to fund the upfront payment with cash, its existing borrowing facility and secured financing in Canada, while assuming all decommissioning obligations; the transaction needs approval under Canada's Competition Act and carries a $50 million break fee in certain circumstances.

Shell plc is weighing the potential sale of its U.S. chemicals operations for as much as $8 billion, part of a broader portfolio optimization push that also includes a new deep-water acquisition and a retail expansion. In September, Shell Offshore acquired a 30% interest in Conifer, an exploration prospect operated by BP in the U.S. Gulf of Mexico, while subsidiary Equilon Enterprises LLC will raise its stake in Tri Star Energy from 33% to 100%, enabling supply arrangements with close to 650 dealer-owned locations and expanding Shell's Mobility & Convenience US portfolio to around 550 company-owned convenience sites. The moves follow a second quarter in which record refinery utilization and upstream production in Brazil drove adjusted earnings to $9.8 billion, with a $3.4 billion working capital inflow helping generate $21.4 billion in cash flow from operations. The recently finalized ARC Resources acquisition eases concerns about resource depletion, though it was financed largely with shares, diluting existing shareholders. Morgan Stanley recently lifted its price target on Shell to $101.30, and the stock closed at $95.61 on October 1, up 29.50% so far in 2026, with a market capitalization of $267.76 billion and a forward P/E of 9.57x.

Canadian Natural Resources and four other oil sands producers, together with the federal and Alberta governments, committed in late September 2026 via a trilateral MOU to advance the Pathways CCS project, targeting up to 16 million tonnes of CO2 capture annually by 2045, with final binding terms still pending. The conditional framework directly links potential future oil sands expansion to large-scale emissions management, which could reshape long-term cost structures, policy risk and capital allocation for Canadian Natural Resources. The company's key short-term catalyst remains operational and cash flow delivery against 2026 guidance, while the biggest current risk centers on future carbon costs and long-term policy exposure should the framework move from conditional to binding terms. Recent announcements also include substantial share buybacks alongside a CAD 0.625 quarterly dividend, highlighting a tension between returning cash today and preserving flexibility for potentially large CCS and growth commitments. The company's narrative projects CA$40.8 billion in revenue and CA$8.9 billion in earnings by 2029, with a CA$72.71 fair value estimate, while the lowest-estimate analysts assume revenues could fall to about CA$38.0 billion and earnings to CA$5.5 billion.

CIBC raised its price target on Enerflex to CA$30 from CA$27.50 after updating its model for a 450 MW behind-the-meter power generation award tied to a North American data center developer, while keeping a Neutral rating on the stock. The firm had already lifted its target to CA$30 in July 2026, and it cited strong Engineered Systems bookings and a modest EBITDA beat in the second quarter as positives supporting execution on the core business. CIBC noted that earlier weakness in the shares followed a lack of secured data center power generation bookings, which it believes pushed potential catalysts into later quarters. On the updated assumptions, Simply Wall St's fair value for Enerflex rose to CA$46.94 from CA$44.50, with revenue growth now 6.72% versus 3.39% previously, net profit margin at 8.64% versus 9.01%, a future P/E of 18.29x versus 17.87x, and a discount rate of 6.83% versus 6.68%.

SM Energy has drawn fresh attention after reporting quarterly earnings and revenue that topped analyst expectations, at a time when many investors already view the stock as trading at a discount to peers. The past year has been strong for SM Energy, with an 84.21% year to date share price return and a 42.04% total shareholder return, even though the 30 day share price return declined 7.97%, hinting that momentum has cooled slightly after a sharp 31.25% 90 day share price rise. The most widely followed narrative frames the stock as 18% undervalued, with SM Energy closing at $35.24 against a narrative fair value of $43.18, backed by a story built around efficiency and capital discipline. The company has increased both net proved reserves and net production by over 60% since 2020 while improving production margins and keeping share count flat, and continued completion and well cost efficiencies in its Uinta and Midland Basin assets are driving lower per-unit costs. The bullish story could weaken if Uinta Basin bottlenecks squeeze realized pricing or if high, ongoing shale spending limits future free cash flow.

ConocoPhillips and Venture Global have signed a deal that would see the liquefied natural gas major supply 1 million tons to Conoco beginning in 2030. The agreement, described as a 20-year arrangement, makes ConocoPhillips a long-term partner of Venture Global, whose chief executive Mike Sabel said it reflects continued market confidence in the company's ability to deliver reliable, low-cost U.S. LNG quickly and at scale. The deal lands as Venture Global faces litigation from half a dozen international oil majors, including Shell, BP and Repsol, which accused the company in 2023 of profiteering by selling LNG cargoes on the higher-priced spot market that should have been supplied under long-term contracts. Shell lost its arbitration against Venture Global in August, while BP won a ruling in its favor two months later. Venture Global currently holds a total of 100 million tons of liquefied natural gas annually in capacity, including operating capacity and capacity under construction and development, making it one of the biggest LNG traders globally.

Eco (Atlantic) Oil & Gas Ltd. has received final Ministerial approval from Namibia's Minister of Industries, Mines and Energy for the transfer and assignment of a 60% participating interest in all three of its offshore Petroleum Exploration Licenses to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited. The approval, received on 1 October 2026, is the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the farm-down covering PEL97, PEL99 and PEL100, and the parties are now completing the remaining closing deliverables with completion expected shortly. Under the transaction, Eco will receive a one-time cash consideration of US$2.7 million on completion and retain a 25% participating interest in each of the three licences, while BP will carry 100% of Eco's 25% retained interest plus Eco's proportionate share of the NAMCOR 10% and Local Partners 5% interests during the current exploration phase. The government-approved work program includes completing seismic reprocessing on PEL97 and acquiring at least 3,000km2 of new 3D seismic data on PEL99 and PEL100. If BP and partners elect to enter the Second Renewal Period in 2028 and commit to drilling an exploration well, Eco may exercise a Put Option to transfer an additional 10% interest to BP for a full carry on its remaining 15%, capped at US$21 million net to Eco per well on each licence, with a maximum aggregate carry of US$63 million should all three Put Options be exercised. Eco intends to use the proceeds to fund exploration and appraisal across its Atlantic Margin portfolio and for general working capital.

Bualuang Securities has raised its 2026 Brent crude oil price assumption to 94 US dollars per barrel from 85 dollars, and lifted its 2026 profit forecasts for PTT to 149 billion baht, up 9%, and for PTT Exploration and Production, or PTTEP, to 79 billion baht, up 8%. It noted that crude oil prices are still holding in a range of 90 to 100 dollars per barrel in the fourth quarter of 2026 amid supply risks in the Middle East, after the volume of oil shut in production in the Persian Gulf rose from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. However, for 2027, Bualuang Securities has cut its oil price view to 70 dollars per barrel on expectations of oversupply, estimating that supply will rise by an average of 8.6 million barrels per day, above global oil demand growth of about 2.5 million barrels per day. Bualuang Securities is maintaining a market-weight stance on the energy sector, picking PTT as its top pick with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.

Bualuang Securities said crude oil prices are likely to remain elevated in the fourth quarter of 2026 due to supply risks in the Middle East, after renewed clashes between the United States and Iran pushed the volume of halted oil production in the Persian Gulf from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. As a result, Brent, which averaged 105 US dollars per barrel in the second quarter of 2026, is still around 97 US dollars per barrel in the third quarter of 2026 and is expected to stay in a range of 90 to 100 US dollars per barrel in the fourth quarter of 2026. However, the picture for 2027 changes, because supply is likely to return much faster than demand. The research team estimates global oil demand in 2027 will rise by an average of about 2.5 million barrels per day, while supply could increase by an average of as much as 8.6 million barrels per day. The research team therefore raised its Brent assumption for 2026 to 94 US dollars per barrel from 85 US dollars per barrel, but expects it to fall to 70 US dollars per barrel in 2027. It also raised its 2026 profit forecast for PTT by 9 percent to 149 billion baht and for PTTEP by 8 percent to 79 billion baht. It kept its weighting for the energy sector at market weight and chose PTT as its top pick with a buy rating and a target price of 48 baht, citing a more diversified earnings base and a dividend yield of about 5 to 6 percent that remains well supported. For PTTEP, it maintained a hold rating with a target price of 168 baht, noting that while the company benefits in the short term from high oil prices, 2027 carries the risk of lower oil prices as supply recovers faster than demand.

Kanita Sasivattaya took up the position of Chief Executive Officer of PTT Exploration and Production Public Company Limited, or PTTEP, on 1 October 2026, and set out a vision to carry forward the mission of building energy security for the country by maintaining continuous petroleum production capacity while pursuing growth abroad in strategically important areas. On corporate management, operations will be conducted under a sustainability approach and will drive the goal of achieving net zero greenhouse gas emissions by 2050, as well as preparing to accommodate changes in the energy industry through digital technology and AI, personnel development, and the cultivation of a new generation of leaders. Kanita has more than 30 years of experience in the petroleum exploration and production business and has played a key role in driving the development of three main natural gas field networks, in the Gulf of Thailand, the Thailand-Malaysia Joint Development Area, and Myanmar, as well as pushing for a final investment decision for the CCS project in the Arthit field, which is Thailand's first CCS project.

Analysts at Bualuang Securities Public Company Limited raised their 2026 profit forecasts for PTT by 9% to 149 billion baht and for PTTEP by 8% to 79 billion baht. They also lifted their 2026 Brent oil price assumption to 94 US dollars per barrel from 85 US dollars per barrel, expecting crude prices to remain elevated in the fourth quarter of 2026, or to touch a range of 90 to 100 US dollars per barrel, amid supply risks in the Middle East. The renewed clashes between the United States and Iran pushed the volume of halted oil production in the Persian Gulf from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. As a result, Brent, which averaged 105 US dollars per barrel in the second quarter of 2026, is still around 97 US dollars per barrel in the third quarter of 2026 to date. The outlook for 2027, however, is different, because although demand is recovering, supply is likely to return much faster. Global oil demand in 2027 is estimated to rise by an average of about 2.5 million barrels per day, while supply from the return of Middle Eastern output, recovering volumes through Hormuz, and production outside OPEC+ could increase by an average of as much as 8.6 million barrels per day, clearly outpacing demand growth. Brent is therefore expected to fall to 70 US dollars per barrel in 2027 amid a supply glut. A 2027 sensitivity analysis indicates that if oil stands at 85 US dollars per barrel, PTT and PTTEP profits have upside of 15% and 25% respectively, but if it falls to 60 US dollars per barrel, they have downside of 13% and 20%. The brokerage maintains an equal weight on the energy sector, picking PTT as its top stock with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.

Venture Global said ConocoPhillips agreed to buy 1M metric tons per year of liquefied natural gas for 20 years starting in 2030, sending the company's shares up 2.7% post-market Thursday. The deal follows a similar agreement last month to sell 500K tons per year of LNG to China Gas Holdings over the same timeframe. "This agreement reflects continued market confidence in our proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale," Venture Global CEO Mike Sabel said. Separately, Venture Global has asked federal regulators to allow it to place phase 1 of its Plaquemines LNG plant into service, a final step before it can begin commercial operations at the Louisiana export facility, according to a FERC filing on Thursday.

Venture Global Inc will supply ConocoPhillips with 1.0 million tonnes per annum of liquefied natural gas under a 20-year Sales and Purchase Agreement, with deliveries starting in 2030. The deal adds a major energy company to Venture Global's customer base and extends its contracted supply commitments two decades into the future. Venture Global shares climbed 3% in after-hours trading Thursday following the announcement. CEO Mike Sabel said the agreement reflects continued market confidence in the company's ability to deliver reliable, low-cost U.S. LNG quickly and at scale. Venture Global began producing LNG from its first facility in 2022 and now has over 100 million tonnes per annum of capacity in production, construction, or development, operating three projects in Louisiana: Calcasieu Pass, Plaquemines LNG, and CP2 LNG.

Venture Global and ConocoPhillips announced a new 20-year Sales and Purchase Agreement for liquefied natural gas under which ConocoPhillips will buy 1.0 million tonnes per annum of LNG from Venture Global starting in 2030. Venture Global CEO Mike Sabel said the agreement reflects continued market confidence in the company's proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale, and that it looks forward to supporting ConocoPhillips' growing global LNG portfolio for decades to come. Venture Global is an American producer and exporter of low-cost U.S. LNG with over 100 MTPA of capacity in production, construction, or development, and its first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America.

Trago Energy Pty Ltd, a wholly-owned subsidiary of Custos Energy (Pty) Ltd., has agreed to transfer its 10% participating interest in Petroleum Exploration License 90 offshore Namibia to Harmattan Energy Limited, an affiliate of Chevron Corporation, for $11MM in cash at completion plus contingent consideration tied to appraisal and production milestones. Sintana Energy Inc., which holds a 49% indirect interest in Trago, said the contingent consideration includes revenues from commercial production currently estimated at between 1.5 and 2.5 MM barrels of oil, depending on commodity price assumptions. The deal leaves Trago with continued exposure to PEL 90 prospectivity, including the Nabba-1X exploration well, while eliminating its funding and capital risk; after completion Trago will hold no participating interest in the licence and will have no obligation to fund its share of costs. Completion remains subject to governmental, regulatory and third-party approvals, and Sintana said any upfront consideration net of costs, fees and taxes will support its corporate activities. PEL 90 covers approximately 5,433 km² in the Orange Basin and is operated by Chevron; its participants, adjusted for a recently announced but uncompleted farm-out to Equinor and prior to Trago's interest exchange, are Chevron with 35.1%, Qatar Energy with 27.5%, Equinor with 17.4%, the National Petroleum Corporation of Namibia with 10% and Trago with 10%. Upon completion, Custos will contribute N$10 million to the University of Namibia Foundation toward construction of UNAM's new campus in Walvis Bay.

Shell is facing a proposed $5.2 billion fine from Kazakhstan tied to the Kashagan oil field project, where Kazakh regulators have reportedly alleged environmental and contractual violations involving Shell and other consortium partners. Separately, Shell has approved a $33 billion expansion of the LNG Canada project that aims to roughly double liquefied natural gas capacity to 28 million tonnes per year, with Shell holding a 40% stake in the Canadian hub. The key question on the Kashagan penalty is whether it results in a one-off cash hit or longer-running restrictions on that asset, while the LNG Canada decision signals Shell leaning further into liquefied gas as a core pillar of its energy mix. Investors will be watching whether Kazakhstan's enforcement process ends in a negotiated reduction or full payment, and on LNG Canada, updated project budgets, construction milestones through to first commercial operations targeted for the early 2030s, and any revisions to capacity plans from TC Energy's Coastal GasLink pipeline expansion.

Ms. Kanita Sasawattayu officially assumed the position of Chief Executive Officer of PTT Exploration and Production Public Company Limited, or PTTEP, on October 1, 2026. She declared she will carry forward the mission of ensuring the country's energy security alongside pursuing growth abroad, particularly in strategically important areas, in order to deliver long-term growth for the organization. Ms. Kanita has more than 30 years of experience in the oil and gas exploration and production business and has played a key role in driving the development of three main natural gas supply networks: in the Gulf of Thailand, the Thailand-Malaysia Joint Development Area, and Myanmar. On corporate management, operations will proceed under a sustainability framework, aiming for the goal of net zero greenhouse gas emissions by 2050, while preparing to accommodate changes in the energy industry through the application of digital technology and AI, as well as developing personnel potential and cultivating a new generation of leaders. Ms. Kanita also played a significant part in driving the final investment decision for the CCS project in the Arthit field, which is Thailand's first CCS project.

Kanita Sasawattayu has assumed the position of Chief Executive Officer of PTT Exploration and Production Public Company Limited, or PTTEP, effective 1 October 2026. She declared she will carry forward the mission of strengthening the country's energy security by maintaining continuous petroleum production capacity while driving growth abroad in strategically important areas. Kanita has more than 30 years of experience in the exploration and production business and has played a key role in advancing the development of three main natural gas pipeline networks, in the Gulf of Thailand, the Thailand-Malaysia Joint Development Area, and Myanmar. In corporate management, operations will proceed under a sustainability framework, aiming for net zero greenhouse gas emissions by 2050 through the application of digital technology and AI, as well as helping to drive the final investment decision for the CCS project in the Arthit field, which is Thailand's first CCS project.

Ms. Kanita Sasawattayu took up the position of Chief Executive Officer of PTT Exploration and Production Public Company Limited, or PTTEP, on 1 October 2026, declaring she will carry forward the mission of building energy security for the country, meeting rising energy demand alongside pursuing growth abroad, especially in strategically important areas, and managing the organisation to strengthen PTTEP over the long term. On corporate management, operations will proceed under a sustainability approach and a target of net-zero greenhouse gas emissions by 2050, while preparing for changes in the energy industry through digital technology and AI, developing personnel potential and cultivating a new generation of leaders. Ms. Kanita has more than 30 years of experience in the oil and gas exploration and production business and has played a key role in driving the development of three main natural gas field networks, in the Gulf of Thailand, the Thailand-Malaysia Joint Development Area, and Myanmar, as well as helping to push through the final investment decision for the CCS project in the Arthit field, Thailand's first CCS project.

TC Energy Corporation has announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture partners reached a positive final investment decision on the expansion of the LNG Canada facility, satisfying the conditions tied to TC Energy's previously approved conditional FID for the project. The existing Coastal GasLink pipeline transports about 2.1 billion cubic feet per day of natural gas, and Phase 2 is expected to nearly double that capacity through new compressor stations and facility upgrades along the existing 670-kilometer route connecting Dawson Creek with the LNG Canada liquefaction facility in Kitimat, British Columbia. Shell plc, through its affiliate Shell Canada Energy, took a final investment decision on the second phase of the LNG Canada project in Kitimat, clearing the way for an expansion that will double the facility's production capacity to 28 million tons per year from 14 million tons. The project will follow an integrated delivery model, with LNG Canada serving as the Phase 2 Execution Manager while Coastal GasLink remains the pipeline's owner, operator and permit holder, a structure designed to limit Coastal GasLink's capital commitments and exposure to construction cost and schedule risks. Construction of Coastal GasLink Phase 2 is expected to begin in early 2027, with the project anticipated to enter service in the early 2030s.

Shell plc has taken a final investment decision on the second phase of the LNG Canada project in Kitimat, British Columbia, clearing the way for an expansion that will double the facility's production capacity. Phase 2 will add two LNG processing trains and lift total production capacity from 14 million tonnes per annum to 28 mtpa, with commercial operations expected to begin in the early 2030s. Shell owns a 40% stake in the joint venture, alongside PETRONAS with 25%, PetroChina with 15%, Mitsubishi Corporation with 15% and Korea Gas Corporation with 5%, and expects to receive nearly 6 mtpa of additional LNG once Phase 2 comes online. The decision also unlocked TC Energy Corporation's related expansion of the Coastal GasLink pipeline, which currently transports about 2.1 billion cubic feet per day and is designed to nearly double that capacity along the existing 670-kilometer route to Kitimat. Fluor Corporation said its joint venture with JGC Corporation has been selected to provide engineering, procurement, fabrication, construction and commissioning services for Phase 2, with Fluor's share of the award valued at approximately $7.5 billion and expected to enter its backlog in the third quarter of fiscal 2026.

Shell and its partners announced a final investment decision on LNG Canada Phase 2, doubling production capacity at the Kitimat, British Columbia facility. The expansion will add two liquefaction trains, raising LNG Canada's total export capacity from 14M metric tons per year to 28M tons per year, with commercial operations expected to begin in the early 2030s. Shell, which holds a 40% stake in the joint venture, said it expects to receive nearly 6M tons per year of additional LNG from the expansion. The other JV partners are Malaysia's Petronas, PetroChina, Japan's Mitsubishi, and Korea Gas. LNG Canada Phase 2 is one of five major projects of national importance proposed last year by Prime Minister Carney to diversify Canada's energy exports away from the U.S. and make the country an energy superpower.

Shell and its partners approved the LNG Canada Phase 2 expansion on Tuesday, committing C$33 billion to double the facility's production capacity in Kitimat, British Columbia. The expansion will add two liquefaction trains to the facility, raising total export capacity to 28 million tonnes per annum from 14 mtpa. Shell holds a 40% stake in the joint venture and expects to receive nearly 6 mtpa of additional LNG from the expansion, with commercial operations targeted for the early 2030s. Prime Minister Mark Carney said the C$33 billion investment will make LNG Canada the second-largest facility of its kind globally. The joint venture partners include Malaysia's Petronas Chemicals Group Bhd, PetroChina, Mitsubishi Corp., and Korea Gas Corp. LNG Canada represents the country's first large-scale LNG export terminal and ranks among Canada's largest private-sector investments, positioning Canada to become one of the world's largest LNG exporters.

LNG Canada will double its export capacity in the early 2030s after the Shell-led project announced on Tuesday the final investment decision to proceed with Phase 2 of the plant in Kitimat, British Columbia. Phase 2 of Canada's first liquefied natural gas export facility will add two LNG processing units, or trains, raising total production capacity from 14 million tonnes per annum to 28 million tonnes per annum. Shell, the world's biggest LNG trader, holds a 40% interest in LNG Canada and will receive nearly 6 million tonnes per annum of additional LNG from the expansion. The partners, which include Shell, Petronas, PetroChina, Mitsubishi, and Korea Gas Corporation, agreed that LNG Canada will continue to operate under an equity lifting structure, with each joint venture participant responsible for the offtake of its proportionate share of LNG production and for bringing its share of gas supply. Commercial operations of Phase 2 are expected to begin in the early 2030s, and the project is positioned to supply cost-competitive gas to Asian markets, where Shell's LNG Outlook 2026 sees global LNG demand rising by around 65% by 2050. LNG Canada Phase 2 is the first on the list of five major projects of national importance that Canadian Prime Minister Mark Carney proposed in the autumn of 2025 to diversify Canada's energy exports from the United States.

Comstock Resources and SOCAR have signed a Framework Agreement memorializing their previously announced strategic partnership and SOCAR's $1.65 billion investment in the Haynesville Shale. The agreement, signed in conjunction with the Azerbaijan International Investment Forum, commits both parties to negotiate and execute a definitive purchase and sale agreement consistent with the previously announced letter of intent. The definitive agreement is anticipated to be signed no later than October 31, 2026, with the transaction expected to close by the end of 2026. The two companies will also explore opportunities for SOCAR to market natural gas produced from the Haynesville Shale assets attributable to Comstock's interest for sale as LNG in international markets outside the United States. The partnership is part of a broader relationship between the United States and Azerbaijan under the protocol of the 1st Azerbaijan-United States Economic Dialogue signed in June 2026.