$10 Billion US LNG Project Comes Online in Texas: One Train Down, Two More Left on McDermott and Chiyoda’s List

Why It Matters

The start-up expands U.S. LNG export capacity, strengthening global energy security and diversifying supply amid geopolitical tensions. It also validates the $10 billion investment by QatarEnergy and ExxonMobil, reinforcing the United States as a leading LNG supplier.

Key Takeaways

• First train of Golden Pass LNG begins production.
• Project total cost exceeds $10 billion, joint venture QatarEnergy/Exxon.
• Capacity 18.1 mtpa across three trains, boosting US export capability.
• Exports expected Q2 2026, aiding global energy security.
• McDermott and Chiyoda continue work on trains two and three.

Pulse Analysis

The Golden Pass LNG terminal arrives at a pivotal moment for the United States, which has pursued an aggressive expansion of liquefied natural gas capacity over the past decade. With three trains slated to deliver 18.1 million tons per year, the project will lift U.S. export potential by roughly 10% of current global supply. This scale‑up aligns with rising demand from Europe and Asia, where buyers are seeking alternatives to Russian pipeline gas and seeking cleaner‑burning fuels for power generation.

Strategically, the venture deepens QatarEnergy’s footprint in North America, complementing its broader $20 billion investment plan across the U.S. energy sector. By partnering with ExxonMobil, the joint venture blends Qatar’s capital and market access with Exxon’s domestic expertise, creating a robust supply chain that can respond quickly to shifting geopolitical dynamics. The timing of first cargoes in Q2 2026 dovetails with heightened concerns over Middle‑East supply disruptions, positioning Golden Pass as a reliable source for nations prioritizing energy security.

Looking ahead, the operationalization of Train 1 sets a clear path for the remaining two trains, which are expected to be commissioned by 2028. Successful delivery will not only generate steady revenue streams for its owners but also stimulate ancillary industries, from marine logistics to local construction services. Moreover, the added export capacity could exert downward pressure on spot LNG prices, offering buyers more competitive terms while reinforcing the United States’ role as a cornerstone of the global LNG market.