primus,
I agree in the long run LNG itself is just like the rest of midstream/downstream high revenue but low margins. However, all the Major IOCs are super long natural gas… they need it to take market share… they just don’t have access to the oil reserves (it isn’t an accident they all started supporting carbon taxes, etc.). I was only tangentially involved in that type of strategy work, I worked in US Onshore New Ventures (shale).
Cheers,
Daniel