Shell Takes FID on LNG Canada Phase 2, Doubling Capacity to 28 Mtpa

This is a rare final investment decision in a sector where sanctioning has been scarce, and it signals that at least one major is willing to commit capital to long-life LNG supply rather than wait on demand uncertainty. The beneficiaries are the project partners and the associated Canadian upstream and midstream chain, not the wider market, since the volumes are years from delivery. The open question is whether other operators follow with their own FIDs, or whether this remains an isolated bet on Asian demand growth.