U.S. liquefied natural gas (LNG) developers are moving forward with final investment decisions (FIDs) on new export projects in 2025, even as construction costs rise due to ongoing steel and aluminum tariffs.
Top executives from leading companies have signaled confidence in moving ahead, saying they expect to greenlight their projects soon. A Reuters review of recent corporate updates shows that at least seven LNG developers in the U.S. plan to reach FID this year. If approved, these projects could triple America’s LNG export capacity by the end of the decade.
To reduce financial risk, many developers are securing long-term supply deals and selling stakes in their projects to infrastructure investors and strategic partners. They are also taking steps to source more construction materials domestically to limit exposure to tariffs.
Although former President Trump has paused further tariff increases, existing duties remain in place—a 25% tariff on steel and aluminum, and a 10% tariff on all imported goods. Developers say they are actively working to limit cost impacts from these trade policies.
Australia’s Woodside Energy was the first to make a move this year, approving investment in April for the Louisiana LNG project—formerly known as Driftwood LNG. Woodside had acquired the project last year through its $1.2 billion purchase of Tellurian. Before reaching FID, Woodside sold a 40% stake in Louisiana LNG to Stonepeak, which will provide $5.7 billion toward the project’s initial development costs.
More recently, Woodside signed a non-binding agreement with Saudi oil giant Aramco to explore a possible equity investment and LNG offtake deal for the project.
Other LNG developers are following suit.
Jack Fusco, CEO of Cheniere, the top U.S. LNG exporter, said during the company’s Q1 earnings call that Cheniere expects to receive full regulatory approval to move ahead with its Corpus Christi expansion—trains 8 and 9—in 2025.
Sempra, developer of the Port Arthur LNG facility, also plans to reach FID on Phase II of the project by the end of next year. “We’re continuing to see strong commercial interest,” said Karen Sedrick, Sempra’s Executive Vice President and CFO. However, she cautioned that macroeconomic uncertainty could affect project timing.
“To manage risks, we are taking steps to lock in favorable long-term economics,” she added. Sempra has also preemptively brought materials through foreign trade zones to avoid higher tariffs. CEO Jeff Martin confirmed that all steel for the first train at Port Arthur LNG was sourced domestically, and tariff exposure for Phase I is expected to be just 1% of total capital costs.
Energy Transfer is also aiming to make an FID by the end of this year on its Lake Charles LNG project, as it continues to secure sales contracts.
Meanwhile, Venture Global is urging regulators to approve its CP2 project in Louisiana, which would be its third LNG plant. CEO Mike Sabel praised the strong political support from President Trump, Congress, and state officials.
“We’ve already started the FID process for Phase I of CP2, working with our established banking partners,” Sabel said.
Despite tariffs and broader economic pressures, U.S. LNG developers remain optimistic. With strategic partnerships, long-term contracts, and political backing, they are pushing ahead to meet growing global demand for American gas.
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