A tanker arrived at the Golden Pass liquefied natural gas export terminal in Texas on April 20 to load the facility's inaugural cargo, marking a key milestone for QatarEnergy, which owns 70% of the US LNG project. This development comes at a pivotal moment for the international ambitions of Gulf energy companies, as the US-Israel-Iran conflict creates new challenges for production and global supply chains. 

Even as conflict engulfs their home region, the Middle East’s oil and gas giants have been pressing ahead with global expansion and dealmaking since hostilities erupted on Feb. 28. The United Arab Emirates has been particularly active: On April 14, Bloomberg reported that Abu Dhabi National Oil Company is in advanced talks to acquire Shell’s South African fuel retail network for roughly $1 billion. A day later, an executive from the Emirati firm’s international arm, XRG, expressed optimism about future European investment opportunities.

These moves extend a broader flurry of activity. On April 1, Arcius Energy, a joint venture between ADNOC and BP, agreed to invest $500 million in an Egyptian gas field. On March 19, ADNOC and Austria’s OMV announced progress toward launching Borouge Group International, a new $60 billion global chemicals company.

Other regional players have also stayed busy. On April 13, QatarEnergy announced a new offshore discovery in the Republic of Congo. Meanwhile, Saudi Aramco’s venture capital arm has recently invested in US-based startups spanning industrial technology and artificial intelligence.