LNG Infrastructure: State of the Private Markets - LNG Producers

Research evidence excerpt

LNG Infrastructure: State of the Private Markets - LNG Producers

Deutsche Bank

Research

North America Industry Date

Shipping LNG Infrastructure 23 July 2026

State of the Private Markets - LNG Producers

Chris Robertson

The global liquefied natural gas (LNG) production sector is made up of various Research Analyst

state-owned enterprises (SOEs), national oil companies (NOCs), public +1-212-250-9995

international oil companies (IOCs), publicly listed independent companies (both

pure-play and diversified), and private and private-equity-backed independent

companies. This report serves as an overview of the state of the private market in

the LNG liquefaction space.

According to the International Energy Agency (IEA), the global gas market will

experience a wave of new LNG supply driven by several final investment decisions

(FIDs) since 2019. IEA notes that ~60% of total LNG liquefaction project FIDs

since 2019 have been in the United States, followed by Qatar at ~15%. We

attribute the surge in US FID activity to more favorable regulatory conditions

under the Trump administration as well as from increased geopolitical risk factors

in Europe (Ukraine/Russia) and in the Middle East (Qatar) which have driven gas

price volatility over the past several years. IEA notes that 2025 was the highest

year for LNG FIDs on record (see Fig. 10), with several more US-based projects

taking FID this year, including Venture Global’s CP2 Phase 2, Commonwealth

LNG, and Delfin FLNG 1.

IEA expects ~345 bcm/yr (~252 Mtpa) of new LNG export capacity to come online

between 2025 and 2030 from projects that had already reached FID and were

under construction by 2025. It notes that this is the largest capacity wave in any

comparable period over the history of the LNG market. As such, private-company