The Yamal peninsula, location of the proposed Obskiy LNG project
LNG steps out of Qatar’s shadows
Investment in LNG liquefaction capacity got off to a flying start in 2021 with the North Field East expansion project. How much more can we expect?
Investment in LNG liquefaction capacity tends to come in waves, meaning the industry swings from sellers’ market to buyers’ market and back again—a cycle that, admittedly, characterises many commodities. The latest wave began in 2018, when 22mn t/yr of capacity reached FID, followed by an all-time record year in 2019 when more than 70mn t/yr was sanctioned. As 2020 began another bumper year was in prospect, with 60mn t/yr of capacity forecast to cross the finishing line. Then came Covid-19 and widespread demand destruction. As oil and gas prices crashed, appetite for investment evaporated and 2020 saw only 11 mn t/yr sanctioned—the 8mn t/yr NLNG Train 7 in Nigeria and US firm Sempra Energy’s
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
