The LNG boom is back. In our base case, over the next two years almost 90 mmtpa of LNG is expected to take Final Investment Decision (FID) and start construction. The boom will result in capital expenditure of $200 billion on LNG facilities and related upstream spend. Will the industry suffer the same enormous cost inflation as the previous boom? We don't think so. Our insight looks at how the risks for cost inflation are lower this time. A greater spread in project location is coupled with muted expenditure in the wider oil and gas industry. Developers and EPC contractors are looking to improved construction methods, such as the use of modularisation. Yet, the LNG industry is notorious for cost overruns and schedule delays. Furthermore, in our high case a further 70 mmtpa of projects could take FID in the next three years. Can LNG EPC contractors cope with this workload? Will tightness in the labour market and upstream supply chain lead to cost inflation?