QatarEnergy in talks to buy 3 million tonnes of LNG a year
Key Facts
QatarEnergy is in advanced talks with Venture Global to buy at least 3 million tonnes of liquefied natural gas a year under a long-term agreement, according to three people familiar with the matter cited by Reuters on October 23, 2026. It was unclear when any agreement might be concluded or how long it might cover. QatarEnergy is already buying cargoes from the U.S. company on the spot market to supply some customers because the Strait of Hormuz remains closed. The sources told Reuters the talks concern "at least 3 million tonnes of LNG a year." The two companies did not immediately respond to requests for comment, according to the report.
The negotiations mark a shift from existing spot purchases to discussions about long-term contracted supplies, while the proposed volume remains the minimum under consideration. Reuters did not report a timeline for any agreement or details about the contract’s duration. Neither company immediately commented to clarify the supply terms or arrangements. Reuters described Venture Global as the U.S. supplier with the largest uncontracted production capacity. The company could become the second-largest exporter of LNG in the United States when production begins at its CP2 facility under construction in Louisiana.
The talks follow QatarEnergy’s announcement of two long-term agreements with Cheniere Energy to buy gas from its Sabine Pass and Corpus Christi facilities. Cheniere said deliveries will begin in the early 2030s and continue through the end of 2054. One million tonnes a year of the Sabine Pass agreement is subject to a positive final investment decision on the first phase of the facility’s expansion. The announced Cheniere deal therefore differs from the talks with Venture Global, for which a timeline and duration have not yet been disclosed. The two announced agreements set out a long-term framework for QatarEnergy’s purchases from a U.S. supplier, while details of a potential contract with Venture Global remain unresolved.
QatarEnergy is facing damage to its domestic production facilities. The company said attacks damaged LNG trains 4 and 6, with a combined capacity of 12.8 million tonnes a year. It estimated repairs would take between 3 and 5 years, according to an update issued on March 19, 2026. At the same time, the company has outlined a path to expand Qatar’s production from 77 million tonnes a year currently to 110 million with the first phase of the North Field East project. The second phase, North Field South, will raise capacity to 126 million tonnes a year. The third phase, North Field West, aims to reach 142 million tonnes a year by the end of 2030.
Venture Global continues to develop its CP2 project, where construction is progressing on schedule, the company said in its second-quarter 2026 results update. It is targeting the first cargo from the project in the second half of 2027. On October 21, 2025, the U.S. Department of Energy granted the project final authorization to export up to 3.96 billion cubic feet a day of LNG to countries that do not have a free-trade agreement with the United States. This adds to the project’s operating context and could support the company’s export position when production begins. But the targeted production date does not determine when any volumes might be delivered to QatarEnergy under the current talks.
Venture Global shares closed between $12.61 and $12.85 in the five available sessions from October 16 to 22, according to EL7 data. The stock closed at $12.72 on October 16, then $12.81 on October 19 and $12.61 on October 20. It closed at $12.85 on October 21 before ending the October 22 session at $12.81. The talks were reported on October 23, and these prices alone do not establish a link between the share moves and the negotiations. The timing and duration of any potential agreement remain undisclosed, while Venture Global is targeting the start of CP2 production in the second half of 2027.