LNG

Supermajors are redirecting capital towards LNG and other core oil & gas businesses, while retrenching from energy transition-related investment. Majors with large US LNG positions – notably Shell, BP and TotalEnergies – benefit from wider export margins and rising demand in 2026.

Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.