Company Report
Naturgy LNG Corporate
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Like many European utilities in LNG, Naturgy is navigating corporate and strategic changes. Following the sale of Repsol’s 20% stake to institutional shareholders in 2018, the group was re-branded and the strategy was revised to focus on core downstream gas and electricity activities and regulated assets. The company retains a strong (but declining) 40% market share in the quasi-liberalised Spanish gas market. Naturgy has successfully mitigated risks in Spain by diversifying into emerging low-risk countries. It has invested into gas, electricity and power generation infrastructure and built a leading presence across Latin America. Naturgy’s LNG portfolio has doubled to 12 mmtpa with third-party offtake from the US and Russia West. However, its expanding LNG business could be a possible target for divestment, as the company focuses on regulated assets to reduce market exposure. This would follow similar moves at other European utilities such as Engie, Orsted and Iberdrola.
Table of contents
- SWOT Analysis
- Naturgy cancels two cargoes from the US
- Naturgy ends its partnership with Eni on Union Fenosa Gas
- Naturgy's LNG strategy revolves around its downstream gas & power positions
- Its LNG portfolio is anchored in the Spanish market
- but international LNG sales provide growth opportunities
- Flexible volumes will support marketing and legacy expiring contracts might be at risk
- A divestment of its LNG business?
-
Contracted LNG supply
- Legacy offtake revolves around the Spanish market
- while recent offtake is boosting Naturgy’s flexibility
- Pipeline contracts
-
Committed LNG sales
- Spain
-
Flexible LNG portfolio
- Medium term (to 2022)
- Long term (post 2025)
- Key variables
- Methodology for the calculation of WACOG/WAPOG:
- 1 more item(s)...
Tables and charts
This report includes the following images and tables:
-
Algerian (Sonatrach) and Norwegian piped supply into SpainCommitted LNG sales - excluding SpainCommitted LNG sales - including Spain
-
Naturgy's flexible LNG availabilityContracted LNG supplySupply Contract PricingSales Contract PricingWACOG vs WAPOGShipping requirementShipping Capacity - Based on Owned or Chartered (m3 of LNG)Naturgy's Regas Capacity
- 3 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Insight
LNG short-term webinar: March 2026
Our latest views on the Middle East Conflict and its impacts on the Global Gas & LNG Markets.
$1,050
Asset Report
Argentina LNG
YPF, Eni, and XRG are developing the proposed 12 mmtpa floating LNG project
$2,700
Insight
Q1 2026 North America LNG Projects Update
Venture Global took FID on Phase 2 of its CP2 LNG project becoming the first North American FID in 2026.
$1,050
