LNG Infrastructure: Top 10 Key Takes from Shell's 2026 LNG Outlook

研报英文原文证据摘录

LNG Infrastructure: Top 10 Key Takes from Shell's 2026 LNG Outlook

1 July 2026

LNG Infrastructure

As it relates to the shipping industry, Shell noted that LNG-fuelled fleet expansion

continues to drive an increase in LNG-as-bunker demand. Shell estimates that

LNG-as-bunker demand will increase from <5Mt in 2025 to ~45Mt by 2050.

Supply Outlook

In terms of the LNG supply outlook, Shell assumes that the US will assume the

role of balancing global supply. The Middle East has become the primary source

of near-term geopolitical risk and several projects in Qatar are delayed or

damaged. Shell stated that higher-than-anticipated liquefaction project FIDs will

extend the LNG supply growth trend into the 2030s and its demand forecast has

increased from ~600Mt by 2035 to ~650Mt by 2035.

Conclusions and Read-Throughs

In our view, the single most important message from the Shell 2026 LNG Outlook

report is that geopolitical risk is reshaping the long-term market structure and

demand outlook for LNG. LNG is no longer just positioned as a lower-carbon,

bridge fuel, but is now presented as being critical to energy security and supply

flexibility.

We believe the theme around supply chain resiliency and energy security will

drive growth opportunities for Excelerate Energy (EE) in the regasification and

import infrastructure segment and for Golar LNG (GLNG) in the floating

liquefaction segment as buyers of LNG look for new sources of supply (GLNG)

and ways to import LNG (EE). Last, we believe Venture Global (VG) has and will

continue to benefit from the current environment by entering into further

medium-term and long-term sale and purchase agreements with established

European and Asian buyers of LNG, thereby reducing its longer-term exposure to