Gastech 2025: Peak LNG hubris

They say ‘when you’re in a hole, stop digging’. The same could be said for when you’re in a bubble: stop blowing.

Gastech 2025 in Milan will be remembered as the high water-mark of hubris in the current late stage of the LNG investment cycle.

Delegates at the world’s biggest party for gas executives this week unleashed a jaw-dropping stream of LNG offtake deals and investment into new liquefaction capacity.

The world barely needs these volumes today, let alone in the next five or so years when additional greenfield sites will collide with the tail-end of an unprecedented global glut of the fuel.

Emboldened executives at Gastech are flying so high, you could be mistaken for thinking they have lost touch with the market-bending reality their giddying investments are creating.

The cold truth is they know which way the wind is blowing. Doubling down on what looks like a losing poker hand is all part of the plan.