China is pushing ahead with imports of US-sanctioned Russian liquefied natural gas, after the White House stopped short of putting additional restrictions on the trade in its latest wave of sanctions. The Iris vessel, carrying a shipment from the blacklisted Arctic LNG 2 facility in Russia, docked at the Beihai import terminal in southern China on Thursday, according to ship-tracking data compiled by Bloomberg. This is China’s 11th shipment of restricted Russian LNG since late-August. The move comes after US President Donald Trump ramped up pressure on Russia by blacklisting state-run oil giants Rosneft PJSC and Lukoil PJSC, citing Moscow’s lack of commitment to Ukrainian peace. However, the White House hasn’t yet hit companies circumventing sanctions on LNG — a growing source of revenue for Moscow, which aims to triple exports of the superchilled fuel by 2030.  The lack of new restrictions on Russian LNG is notable, given that the UK slapped sanctions on Beihai last week. Meanwhile, European Union nations have adopted a new package of sanctions aimed at Russia that will target 45 entities, including 12 companies in China and Hong Kong.   China had designated Beihai as the sole entry point for shipments from Arctic LNG 2 — a Russian project already sanctioned by the US in 2023. Arctic LNG 2 started delivering the blacklisted fuel to the Asian nation in late August, a move that coincided with a visit to Beijing by Russian President Vladimir Putin. The Iris vessel loaded an LNG shipment from a floating storage unit in eastern Russia in early October, according to ship-tracking data. The fuel in storage was sourced from the Arctic LNG 2 project. The storage facility and Iris have both been previously sanctioned by the US. At least three more vessels carrying blacklisted Russian LNG are heading to the Beihai terminal, ship data

The Treasury Department carved out an exception to allow oilfield services for the Caspian Pipeline Consortium and the Tengizchevroil project, authorizing those transactions despite the broader sanctions in place. EU sanctions on Russia The European Union (EU) ratcheted up its own sanctions on Moscow Oct. 23, announcing a phased ban on Russian LNG imports into the 27 nations that comprise the organization, with the goal of halting all trade in Russian LNG by Jan. 1, 2027. Most Russian gas travels through pipeline to Europe, but bans on piped gas have boosted LNG exports. The EU sanctions also ban transactions with Rosneft and Lukoil and institute port bans on 117 newly designated ships in Russia’s so-called “shadow fleet,” which has sought to evade previous sanctions measures. The sanctions come a week after the UK imposed its own sanctions on Lukoil and Rosneft, the shadow fleet, a major Indian oil refinery, and four Chinese oil terminals. Russia is dependent on oil and gas sales to fuel its economy. EIA estimates that Russia’s oil exports averaged 4.3 million b/d in first-half 2005, down from 4.8 million b/d in 2024.  Trade has shifted as a result of sanctions, with the EU’s imports falling to 11% (from over 50% in 2020) and Turkey’s imports taking at least half of that oil, the US independent statistical arm said. China remains the single largest importer of Russian oil, averaging 2.0 million b/d in first-half 2025. India holds the second spot, boosting imports to 1.6 million b/d in first-half 2025 from 50,000 b/d in 2020, EIA added.

Woodside Energy Ltd. has sold a 10% interest in Louisiana LNG LLC and and 80% interest and operatorship of Driftwood Pipeline LLC to Williams Cos. As part of the transaction, Williams will contribute its share expenditure—roughly $1.9 billion—to the LNG plant and pipeline and assumes LNG offtake obligations for 10% of produced volumes. Williams will also build and operate the 2.4-bcfd Line 200 pipeline, which will use 42-in. OD pipe to transport natural gas from the 5.4-bcfd Driftwood pipeline to the 27.6-million tonne/year (tpy) Louisiana LNG plant. Woodside chief executive officer Meg O’Neill noted that this was Williams’ first investment in LNG and that the project was “on track to deliver first LNG in 2029.” Woodside last month signed its first long-term LNG offtake agreement with Petronas, which could include production from Louisiana LNG. First deliveries under the deal are also targeted for 2029. The deal was executed at a purchase price of $250 million with an effective date of Jan. 1, 2025. The total proceeds received were $378 million, including proportionate capital reimbursement since the effective date.  Relatedly, Williams agreed to sell its minority interest in the South Mansfield upstream asset of Louisiana’s Haynesville shale to JERA Co. Inc. for $398 million plus deferred monthly payments through 2029. The total transaction value is estimated at $1.5 billion. South Mansfield currently produces 500 MMcfd and includes 200 undeveloped locations, JERA said. The company plans to increase production to 1 bcfd. GEP Haynesville II LLC is also selling its majority interest in South Mansfield upstream but will continue to operate and develop the asset on a fixed fee basis. GEP continues to own and operate other Haynesville shale assets not involved in this transaction. Under JERA’s ownership, Williams will continue to gather natural gas volumes from South Mansfield and will deliver those volumes through its Louisiana Energy Gateway (LEG) system

$10B revenue Up 10% year over year. $14.7B total orders Up 55% year over year, driven by power and electrification segments. 62 GW total gas turbine backlog Up 7 GW from Q2 2025. Includes 29 GW order backlog + 33 GW slot reservations. 102% growth in electrification Fastest-growing GEV segment Prolec Acquisition GE Vernova will pay $5.3 billion for the remaining 50% of Prolec GE, the electrical equipment and services joint venture it owns 50-50 with Xignux, a Mexican conglomerate. It expects the deal to close by mid-2026, CEO Scott Strazik said on the company’s Oct. 22 earnings call. The deal will override a contractual agreement with Xignux that largely prevented GE Vernova from selling transformers into North America, boosting its prospects there amid rapid growth in electricity demand and a utility investment supercycle. Prolec recently expanded production at facilities in Louisiana and Mexico and is progressing on a North Carolina factory expansion. Strazik said Prolec’s data center sales grew from 10% of its total in 2024 to nearly 20% in 2025, with more to come. GE Vernova sees a clear opportunity to diversify beyond transmission equipment and services into “integrated solutions with power generation and electrical equipment” for a “new archetype of customers … like data centers,” he added. “Data centers [are] coming to us and saying, ‘Co-create with us the power-to-rack solution,’” Strazik said. Electrification Growth In a Wednesday note, Jefferies energy equities analyst Julien Demoulin-Smith said the Prolec acquisition shows “a strategic preference for investment in Electrification,” which GE Vernova is “overtly signaling as its fastest growing segment vs. intense investor focus for [its] gas turbine order ramp.” Revenue in the segment jumped 32% year over year as equipment orders more than doubled. GE Vernova expects 25% organic revenue growth this year — up from previous forecasts

Industry body Offshore Energies UK (OEUK) announced, in a statement sent to Rigzone this week, that it will host a “cross spectrum” energy policy debate. “OEUK is to bring together key voices for a public debate on the UK’s energy future,” the industry body said in the statement. “With decisions due on major oil and gas projects, ongoing public concern about energy bills, and debate over net zero policy, the trade body has said conversation and collaboration are needed instead of confrontation, if the UK is to tackle these issues properly,” it added. OEUK noted in the statement that representatives from groups on all sides will be invited to speak at a public debate in London as OEUK “kicks off another series of open debates around the country”. The London event comes as renewed attention is focused on the development of the Rosebank oil field in the North Atlantic west of Shetland, OEUK said in the statement, adding that the group “has been calling for a pragmatic discussion on energy which allows room for facts and all points of view to be heard”. In the statement, OEUK Chief Executive David Whitehouse said, “the challenges facing the country, and indeed the world, when it comes to energy are significant and complex”. “The decisions made by government will impact people’s pockets, families, communities, and futures. We owe it to them and to ourselves to have a proper debate focused on conversation not confrontation,” he added. “OEUK believes that if we are serious about finding solutions, we must take the polarization out of the debate and find a pragmatic way through. By bringing these groups together I hope we can develop a better approach,” he went on to state. In a statement posted on its site back in April, OEUK announced that it

Woodside Energy Group Ltd has roped in another partner for the under-construction Louisiana LNG with Williams Companies Inc acquiring a minority interest and entering into an offtake agreement for 1.5 million metric tons per annum (MMtpa). “The strategic partnership involves the sale by Woodside of a 10 percent interest in Louisiana LNG LLC (HoldCo) and an 80 percent interest and operatorship of Driftwood Pipeline LLC (PipelineCo) to Williams for a purchase price of $250 million at the effective date of 1 January 2025”, Woodside said in an online statement Thursday. “The total proceeds received are $378 million including proportionate capital reimbursement since the effective date”. The companies expect Tulsa, Oklahoma-based Williams to invest $1.9 billion. “As part of the investment in Louisiana LNG, Williams assumes LNG offtake obligations for 10 percent of produced volumes”, Australian oil and gas company Woodside said. “Williams’ total share of LNG production from Louisiana LNG will be 1.6 million tonnes per annum. This LNG production will be supplied to Williams under an LNG SPA [sale and purchase agreement] for approximately 1.5 Mtpa and Williams will also receive the proportionate benefit (10 percent) of the Louisiana LNG 1.0 Mtpa SPA previously signed with Uniper”, Woodside said. It was referring to its agreement with the German power and gas utility for up to two MMtpa – one MMtpa from Louisiana LNG for 13 years and up to one MMtpa from Woodside’s global LNG portfolio for a term starting with Louisiana LNG’s start of commercial operations until 2039. “Woodside’s total capital expenditure for the Louisiana LNG Project is now expected to be $9.9 billion reduced from $11.8 billion at final investment decision (FID)”, Woodside added. Williams, which currently operates over 33,000 miles of pipeline and markets of over seven billion cubic feet a day of gas at the Sequent platform, will build