The natural-gas business has long been one of boom-and-bust. The future may be no less volatile
plan in Mozambique is in limbo. The firm has also been bogged down for years trying to strike a deal with the government of Papua New Guinea on a $13bn expansion. That leaves America’s Gulf Coast as the most likely domain outside Qatar and Russia’s Arctic to supply morein the next five years. But operators there can secure gas to liquefy from producers across America, and engineering skills from domestic construction companies. That leaves the oil majors twiddling their thumbs.
The recent spike in spot prices may change the mood once again. Nonetheless some buyers face such uncertainty about the future of natural gas because of the growth of renewables that they will remain loth to sign long-term contracts. Forinvestments with long paybacks. This adds to the arguments for them to focus on short-cycle projects to reduce the danger that, as the world economy decarbonises, they will be left with stranded assets.There is a way out of the bind.
This article appeared in the Business section of the print edition under the headline "The Gorgon knot"
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