Partners ExxonMobil (XOM) and Qatar Energy have pushed back the start date for Golden Pass LNG to late 2025 following the bankruptcy of lead contractor Zachry Holdings, Bloomberg reports. East Daley Analytics assumes a January ’26 start for Train 1 of the Golden Pass project in our latest monthly natural gas forecasts.
Golden Pass LNG will start operations six months later than previously planned as a result of work stoppages from the Zachry bankruptcy, XOM CFO Kathy Mikells told Bloomberg. Zachry filed for Chapter 11 protection in May ’24 seeking an exit as the lead engineering, procurement and construction (EPC) contractor for the .
The partners and Zachry reached a settlement agreement in July that removes Zachry and allows Chiyoda to take over as the EPC lead for the project under construction near Sabine, TX. As of the latest work stoppage, Train 1 at Golden Pass LNG was 83% complete, according to a progress report filed with the Federal Energy Regulatory Commission (FERC). Train 2 and Train 3 were 46% and 31% complete, respectively. As part of the original EPC joint venture, Chiyoda was only responsible for the commissioning phase of Train 1.
East Daley had already pushed back the expected start date of the Golden Pass facility after the two-month bankruptcy proceeding halted momentum. In the latest monthly Macro Supply & Demand Forecast, we expect Golden Pass Train 1 to begin service in January 2026. EDA’s new regional gas models also reflect the project delay.
Despite the postponement, the demand outlook remains strong for LNG exports in 2025. The figure shows EDA’s LNG project stack in Energy Data Studio. Several other projects plan to start in the next year, including Cheniere Energy’s (LNG) Corpus Christi Phase III and Venture Global’s Plaquemines LNG, and should contribute to growth. – Oren Pilant & Andrew Ware Tickers: LNG, XOM.
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