Chevron's mammoth Gorgon development in Australia finally opened this week. It appears to mark the end of an era for LNG megaprojects that were almost invariably late or over budget — or in Gorgon's case both (p2). It is being succeeded by an age of near-paralysis, as cash-strapped companies rethink plans for new LNG schemes. With flexible US exports making buyers extremely reluctant to sign up for even minor volumes from other suppliers, LNG marketing has become a lot riskier and less straightforward.
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