Global LNG, Gas Projects Advance as Spirit Energy Proposes Restructure

Venture Global LNG Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass export project in Louisiana, according to a company statement reported by Rigzone. The senior secured term loan was used in part to redeem preferred equity and will lower the company's cost of capital, CEO Mike Sabel said. The financing was arranged by Goldman Sachs, Barclays, Natixis, and Wells Fargo.

The company reported record performance for 2025, with LNG sales rising 181 percent to 1,409 trillion British thermal units and revenue increasing 177 percent to $13.8 billion. Venture Global exported 380 LNG cargoes last year and expects to ship between 486 and 527 cargoes in 2026, with 145-156 coming from Calcasieu Pass. Its Plaquemines LNG project recently received Department of Energy authorization to export up to 27.2 million metric tons per annum and is targeting a commercial operation date for its first phase in the fourth quarter of 2026.

In Australia, Buru Energy Ltd. has received a commitment for an institutional share offering to raise approximately AUD 5.3 million ($3.8 million) for its Rafael Gas Project, Rigzone reported. The onshore development in the Canning Basin is estimated to hold about 85 billion cubic feet of natural gas and 1.8 million stock tank barrels of liquids, with production targeted for 2029. Outgoing CEO Thomas Nador said engineering studies have "significantly enhanced the project’s economics" by identifying additional liquids and LPG streams.

Buru Energy has adjusted its drilling timeline to capture this increased value and is continuing funding discussions with potential partners. The company had previously secured environmental approval for appraisal drilling in September 2025 and a production license extension in July 2025.

In the UK, Spirit Energy has proposed restructuring its organization into two separate companies, according to a statement on its website. One would be a Barrow-based operating company to manage the Morecambe Hub gas fields, and the other an Aberdeen-based development company to advance a carbon storage business. The proposal comes ahead of the expected completion of a portfolio sale to Serica Energy in the second half of 2026.

Serica Energy announced in December 2025 it would acquire a portfolio of Southern North Sea assets from Spirit for an upfront consideration of GBP 57 million. The assets include a 15 percent interest in the Cygnus gas field. Serica CEO Chris Cox said the acquisition adds over 15 percent to the company's reserves and diversifies its asset base.

For Bakken operators and royalty owners, the continued expansion of U.S. LNG export capacity, as demonstrated by Venture Global's financing and construction progress, supports long-term demand for natural gas, including associated gas produced from the Williston Basin. Global investment in gas projects like Rafael highlights the ongoing international focus on gas development. Organizational changes among North Sea operators like Spirit Energy reflect the evolving strategies of international energy companies as they balance hydrocarbon production with energy transition projects.