Mexico LNG Project in Manzanillo Faces One-Year FID Delay

Big River Energy pushes back final investment decision on Gato Negro LNG export project to late 2027.

Apr. 14, 2026 at 5:11pm

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A highly polished, geometric metal sculpture in the shape of a natural gas pipeline valve, resting on a clean, monochromatic background and dramatically lit to conceptually represent the complex energy infrastructure and regulatory environment surrounding new LNG projects.A sleek, minimalist sculpture symbolizes the intricate regulatory and financial challenges facing new LNG export projects in Mexico.Houston Today

Houston-based developer Big River Energy has delayed the final investment decision (FID) on its Gato Negro liquefied natural gas (LNG) export project in Manzanillo, Mexico by one year to late 2027, while maintaining a 2030 target for the start of commercial operations.

Why it matters

The Gato Negro LNG project is one of several proposed LNG export facilities on Mexico's Pacific coast, a region that has seen renewed interest due to the conflict in the Middle East. The delay in the FID highlights the complex regulatory and financing challenges facing new LNG projects globally.

The details

Big River Energy has engaged Samsung E&A for engineering design and construction services, and has narrowed its natural gas supplier selection to two companies. The developer has also hired Mizuho Securities as its financial advisor. Despite the FID delay, Big River says it has signed letters of intent for LNG offtake volumes exceeding the project's capacity, though the final selection of customers will depend on the issuance of a US Department of Energy export/re-export permit for non-FTA destination countries.

  • In 2024, the US Department of Energy awarded the Gato Negro project a permit to export more than 200 billion cubic feet per year of natural gas from the Permian Basin to countries with which the US has a free trade agreement.
  • In October 2025, the previous DOE report projected the FID for the Gato Negro project would occur in late 2026.
  • The new semiannual report submitted to the DOE in April 2026 pushes the FID back by one year to late 2027.
  • The targeted start of commercial operations for the Gato Negro project remains unchanged at late 2030.

The players

Big River Energy

A Houston-based developer that is leading the Gato Negro LNG export project in Manzanillo, Mexico.

Samsung E&C

The engineering and construction firm engaged by Big River Energy for the Gato Negro LNG project.

Mizuho Securities

The financial advisor hired by Big River Energy for the Gato Negro LNG project.

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What’s next

Big River Energy will need to secure the necessary US Department of Energy permit to export LNG from the Gato Negro project to non-FTA countries in order to finalize offtake agreements and move forward with the final investment decision, now expected in late 2027.

The takeaway

The one-year delay in the final investment decision for the Gato Negro LNG project highlights the complex regulatory and financing challenges facing new LNG export facilities globally, even as demand for alternative energy sources has increased due to geopolitical tensions. The project's ability to secure offtake agreements and necessary permits will be crucial to determining if it can meet its targeted 2030 start of commercial operations.