Stock Markets April 20, 2026 02:35 PM

First LNG Cargo Loaded at Golden Pass as Tanker Al Qaiyyah Calls Texas Terminal

QatarEnergy-owned vessel docks to collect inaugural shipment from delayed Golden Pass export facility; Train 1 operating below nameplate capacity while remaining trains are completed

By Avery Klein XOM
First LNG Cargo Loaded at Golden Pass as Tanker Al Qaiyyah Calls Texas Terminal
XOM

An LNG tanker owned by QatarEnergy arrived at the Golden Pass liquefaction complex in Texas to load the plant's first export cargo after the facility began producing liquefied natural gas earlier this year. The arrival marks a milestone for the project, which experienced construction delays and cost overruns since work began in 2019. Initial processing from Train 1 is running below its full capacity while two additional trains remain under construction.

Key Points

  • An LNG tanker owned by QatarEnergy, the Al Qaiyyah, arrived at Golden Pass to load the plant's inaugural cargo.
  • QatarEnergy owns 70% of the Golden Pass project and ExxonMobil holds the remaining 30%; Train 1 has a 6 mtpa capacity with allocations of just over 4 mtpa to QatarEnergy and just under 2 mtpa to ExxonMobil.
  • On the day of the first shipment, Golden Pass was expected to process about 400 mcf of gas, roughly half of Train 1's 800 mcf/d capacity; two additional trains remain under construction.

An LNG tanker owned by QatarEnergy arrived at the Golden Pass export terminal in Texas on Monday to take on the plant's inaugural cargo of superchilled natural gas, the company confirmed.

LSEG ship-tracking data identified the vessel as the Al Qaiyyah. QatarEnergy holds a 70% stake in the Golden Pass project; oil major ExxonMobil owns the remaining 30%.

The Golden Pass complex only began producing liquefied natural gas earlier this year after a multiyear construction period that has been marked by delays and cost overruns dating back to the start of construction in 2019. The project also endured the bankruptcy of its original lead contractor during that period. The company announced on March 30 that it had produced its first LNG.

"Golden Pass looks forward to sending off our first cargo, bringing Texas energy to power the world," the company said in a statement.

The first cargo is slated for delivery to Italy, according to available reporting. On Monday, Golden Pass was expected to process about 400 million cubic feet (mcf) of gas, according to LSEG data - roughly half the 800 mcf/d that Train 1 is capable of processing. Two additional trains at the site remain under construction.

Train 1 carries an LNG nameplate capacity of 6 million metric tons per annum (mtpa). Based on the equity split, QatarEnergy is slated to receive just over 4 mtpa of that capacity and ExxonMobil just under 2 mtpa, ExxonMobil has said.

Ship-tracking information also showed the Exxon-chartered LNG carrier HL Sea Eagle in the Gulf of Mexico on Monday, headed toward Golden Pass. That movement suggests the vessel could be in position to load a subsequent shipment from the facility.


This development represents the first export activity from the Golden Pass terminal following prolonged construction setbacks. While Train 1 is operational, its processed volumes are currently below the train's maximum daily throughput and full commercial output will depend on the completion and commissioning of the remaining processing trains.

Risks

  • Ongoing construction and commissioning - The project has experienced delays and cost overruns since 2019, and two trains are still under construction, which could affect future throughput and export schedules. This impacts the energy and infrastructure sectors.
  • Operational ramp-up - Train 1 was processing about 400 mcf on the day of the first cargo, below its 800 mcf/d capacity, indicating phased ramping that could affect short-term export volumes and market supply. This affects natural gas and liquefaction markets.
  • Contractor and project execution risks - The project's history includes the bankruptcy of its original lead contractor, highlighting execution and contractor risk for large-scale energy infrastructure projects. This impacts construction and capital goods sectors.

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