LNG

Summary

Shell is acquiring $16.4bln of Montney gas through ARC Resources while auctioning a portion of its LNG Canada stake to private equity for up to $15bln. The effect is upstream feed secured for decades and liquefaction infrastructure monetised at peak crisis valuation. LNG Canada exported a record 1.0mmt in April, implying 86 pct utilisation less than a year after first cargo.

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