Insight
LNG Corporate Service: 2020 in review
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Report summary
LNG was at the sharp end of industry’s spending cuts in 2020. Several major LNG projects that we expected to reach FID in 2020 were delayed. Only 3 mmtpa of new capacity was sanctioned, compared to more than 70 mmtpa of new capacity the previous year. Weak market conditions coupled with travel restrictions due to the coronavirus hampered contract negotiations. For LNG marketers, 2020 was a difficult year. But industry remained bullish on the long-term growth of the LNG market; a view based on gas’ role in a low-carbon world.
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