U.S. natural gas sector deals surge in 2025 on AI, LNG demand from Asia

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By Tanay Dhumal

(Reuters) -U.S. natural gas dealmaking has surged in 2025 and is set to accelerate, analysts say, driven by record power demand from AI data centers, rising LNG exports and renewed Asian investment.

The United States is poised to see a record surge in power demand this year, led by data centers’ outsized energy needs, the U.S. Energy Information Administration (EIA) says.

A steep pullback in benchmark gas prices last year from 2022’s multi-decade highs after sanctions on Russia slowed talks, but a subsequent rebound, along with long-term LNG and domestic demand, has kept global buyers active. [NGA/]

Already the world’s top LNG exporter, the United States is set to lift nameplate capacity to 115 million tonnes per annum (MTPA) this year, EIA data show.

The ramp-up has reignited mergers and acquisitions across key shale basins and the LNG value chain, with deal value climbing to about $30 billion in the first nine months of 2025 from $22.5 billion a year earlier, according to Rystad Energy.

More than $28 billion in gas and LNG assets are currently up for sale, Rystad’s Palash Ravi said, citing potential deals involving Ascent Resources, BP, GeoSouthern, Williams and NextDecade’s Rio Grande project.

In the Haynesville basin, Asian firms will outbid U.S. producers to secure feedstock for LNG imports, said Enverus analyst Andrew Dittmar.

U.S. LNG shipments to Asia are set to hit 3.61 million tons in October, the second-highest on record, driven by regional growth, cleaner energy goals, and Taiwan’s recent closure of its last remaining nuclear reactor.

“2025 is an inflection year,” said EOG Resources CEO Ezra Yacob. “We expect U.S. gas demand to grow 4%-6% annually through 2030, driven by LNG and power.”

(Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid)