M&A: Oil majors jockey for position to ride an LNG boom

Firms are reshuffling their portfolios in favour of gas ahead of the looming energy inflection point

Although gas may not dominate energy supply for another 10-20 years or more, the industry is looking over the horizon. Following on from a series of liquefied-natural-gas-driven M&As that included ExxonMobil's acquisition of a 25% stake in Mozambique Area 4 and Shell's purchase of Chevron's position in Trinidad, Total and others have maintained the momentum. The latest round of deals reflects a continuing scramble for the whole working package-access to low-cost fields, transport, sales and purchase contracts, and regasification. In short, an investment that gets off to a quick and profitable start. Exxon, for instance, described its Mozambique acquisition as coming "at a cost of supp