SKU: 107299
Author: Wood Mackenzie

Insight 23 June 2025

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

What’s inside this report?

Our latest quarterly assessment of LNG contract and tender trends.

With each new report, you’ll get access to a full set of data files and a slide deck discussing the hottest trends.

Download the data files and perform your own analysis, using our interactive tools to filter and cut the data in multiple ways.

What key questions does this quarter’s report answer?

What is the appetite for additional Henry Hub indexation in Asia?
How will IMO regulations impact the relationship between Brent and JCC?
How do contracts support new pre-FID projects?

Report summary

LNG contracting momentum has continued in 2025. Since the beginning of the year, 49.1 mmtpa (million metric tonnes per annum) of long-term deals have been signed. This includes 32.6 mmtpa of LNG SPAs (sales purchase agreements) and 16.5 mmtpa of HoAs (Heads of Agreements). This follows almost 81.3 mmtpa of new LNG SPAs and HOAs agreed upon last year.

Recent LNG contract trends
- Brent-linked deals
- Gas-linked deals
- Qatar deals
- North American deals
- Moving forward

Tables and charts

This report includes the following images and tables:

LNG contracts ACQ by destination (only LNG SPAs and and LNG capacity agreements)
LNG contracts ACQ by destination (including LNG SPAs, options, HOAs, and LNG capacity agreements)
ACQ of contracts by duration (SPAs and LNG capacity agreements only)