{"id":67488,"date":"2026-01-21T11:13:45","date_gmt":"2026-01-21T19:13:45","guid":{"rendered":"https:\/\/energi.media\/?p=67488"},"modified":"2026-01-21T11:13:45","modified_gmt":"2026-01-21T19:13:45","slug":"lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\/","title":{"rendered":"LNG Glut Hits on Schedule as Shell, Mitsubishi Try to Withdraw from B.C. Megaproject"},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/www.theenergymix.com\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\/\" target=\"_blank\" rel=\"noopener\">The Energy Mix<\/a> on Jan. 19, 2026.<\/em><\/p>\n<p>Colossal fossil Shell and industrial conglomerate Mitsubishi are trying to sell off their shares in the $40-billion LNG Canada liquefied natural gas megaproject, reinforcing predictions that 2026 would be the year that an oversupplied global market for the climate-polluting gas begins to hit home.<\/p>\n<p>\u201cThe moves come as owners of the massive liquefied natural gas facility weigh a\u00a0<a href=\"https:\/\/www.theenergymix.com\/carney-unveils-60b-fast-track-projects-as-critics-warn-of-threats-to-democracy-and-environment\/\">potential expansion<\/a>, and after another stakeholder, Petronas, successfully offloaded a piece of the project,\u201d Reuters\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/shell-mitsubishi-exploring-sale-options-their-stakes-lng-canada-sources-say-2026-01-16\/\">revealed<\/a>\u00a0Friday, in an exclusive report citing three sources familiar with discussions.<\/p>\n<p>The news agency says Shell has been working with investment bankers at Rothschild &amp; Co. to offload up to three-quarters of its 40% share in the project, for an asking price of about US$15 billion. \u201cShell has expressed willingness, however, to consider different options relating to its exposure to the project\u2019s Phase 1, which is operational, and the proposed Phase 2, given their different risks,\u201d Reuters writes.<\/p>\n<p>Mitsubishi hasn\u2019t begun courting buyers, but has hired RBC Capital Markets while it assesses its options.<\/p>\n<p>LNG Canada, the first North American facility of its kind with direct access to the Pacific Ocean, \u201chas a supply cost advantage because prices for Canadian natural gas consistently trade at a discount\u201d compared to the U.S. price benchmark, named for the\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/h\/henry_hub.asp\">Henry Hub<\/a>\u00a0pipeline distribution centre in Louisiana, Reuters explains. \u201cEven so, existing and potential owners will consider industry fears of global oversupply of the supercooled fuel, as new LNG output comes online.\u201d<\/p>\n<p>The news comes just a month after Energy Transfer LP \u201cindefinitely paused\u201d its Lake Charles LNG project in Louisiana after extending its target date to start exports from 2025 to 2031, preferring instead to focus on domestic natural gas pipelines. And that wasn\u2019t the only retrenchment, as fossil companies absorb the prospect that the LNG glut will become a \u201csinkhole\u201d.<\/p>\n<p>\u201cSolar, wind power, and batteries are set to make life a misery for the liquefied natural gas market,\u201d\u00a0<a href=\"https:\/\/www.theenergymix.com\/lng-exporters-face-sinkhole-as-global-glut-takes-hold\/\">warned<\/a>\u00a0Thomson Reuters editor and news analyst Antony Currie, in one of the news agency\u2019s prediction pieces for 2026. \u201cSome fossil fuel executives already think the push by incumbents like ExxonMobil, Shell, and Woodside Energy to hike global production by some 50% by 2030, per the International Energy Agency, is creating a bubble. But renewable energy\u2019s advantages will make the pop even worse.\u201d<\/p>\n<p>Public musings about that bubble have been intensifying at least since late August, when Prime Minister Mark Carney and Energy and Natural Resources Minister Tim Hodgson travelled to Germany to\u00a0<a href=\"https:\/\/www.theenergymix.com\/breaking-canada-pushes-for-lng-exports-to-germany-in-as-little-as-five-years\/\">pledge<\/a>\u00a0a first wave of Canadian LNG deliveries. \u201cI think you\u2019re probably talking about five to seven years,\u201d Hodgson told Politico EU in an interview in Berlin.<\/p>\n<p>At the time, multiple analysts contacted by\u00a0<em>The Energy Mix\u00a0<\/em>and Berlin-based Clean Energy Wire said they saw limited prospects for increased LNG trade.<\/p>\n<p>\u201cThere is absolutely no window in the next 25 years when you can think, oh, the EU will really need that LNG then,\u201d\u00a0<a href=\"https:\/\/www.theenergymix.com\/u-s-lng-developers-scramble-for-investment-before-global-gas-surplus-hits\/\">wrote<\/a>\u00a0Adrian Hiel, Brussels-based director of the Electrification Alliance. \u201cIt\u2019s nothing but one effort after another to push expensive, inefficient gas out of the EU\u2019s energy system.\u201d<\/p>\n<p>Hiel predicted an \u201cenormous glut\u201d of LNG between 2026 and 2030, as new U.S. supply enters the global market.<\/p>\n<p>Toward the end of the year, as well, industry and trade media began\u00a0<a href=\"https:\/\/www.theenergymix.com\/lng-glut-begins-to-bite-as-asian-buyers-reduce-imports\/\">reporting<\/a>\u00a0mounting\u00a0<a href=\"https:\/\/www.theenergymix.com\/lng-imports-fall-in-asia-europe-as-investors-get-set-for-phaseout\/\">evidence<\/a>\u00a0of declining imports to Asia,\u00a0<a href=\"https:\/\/www.theenergymix.com\/how-lucky-do-you-feel-the-bottom-falls-out-of-b-c-s-overhyped-lng-gamble\/\">long seen and often over-hyped<\/a>\u00a0as the most promising source of steady demand for Canadian LNG.<\/p>\n<p>On LinkedIn, Richard Brooks, climate finance lead at Stand.earth, hailed the Shell\/Mitsubishi story as big news.<\/p>\n<p>\u201cThis may be a sign that this project is not performing as well financially as expected, particularly in the face of a widely reported multi-year LNG supply glut that is under way. Long-term outlook is nosediving. Projects are being cancelled and delayed everywhere, even in the USA,\u201d he\u00a0<a href=\"https:\/\/www.linkedin.com\/posts\/richardcbrooks_lng-cdnpoli-activity-7418332016103821312-5TwK\/\">wrote<\/a>.<\/p>\n<p>\u201cIt means the Phase 2 expansion, which has been referred to the\u00a0<a href=\"https:\/\/www.theenergymix.com\/mpo\">Major Projects Office<\/a>\u00a0for fast-tracking, is delayed or dead,\u201d Brooks added.<\/p>\n<p>Reuters says LNG Canada referred questions about the sale to Shell and Mitsubishi. Shell declined comment, while Mitsubishi wasn\u2019t reachable outside business hours in Japan. Rothschild didn\u2019t respond to a request for comment.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by The Energy Mix on Jan. 19, 2026. Colossal fossil Shell and industrial conglomerate Mitsubishi are trying to sell off their shares in the $40-billion LNG Canada liquefied natural gas megaproject, <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\/\" title=\"LNG Glut Hits on Schedule as Shell, Mitsubishi Try to Withdraw from B.C. Megaproject\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":67489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[13,41,216,14,95,34],"class_list":{"0":"post-67488","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-canada","9":"tag-energy","10":"tag-energy-transition","11":"tag-featured","12":"tag-fossil-fuels","13":"tag-natural-gas"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LNG - Thoughtful Journalism About Energy&#039;s Future<\/title>\n<meta name=\"description\" content=\"Shell and Mitsubishi are trying to sell off their shares in the $40-billion LNG Canada liquefied natural gas megaproject.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energi.media\/news\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LNG - Thoughtful Journalism About Energy&#039;s Future\" \/>\n<meta property=\"og:description\" content=\"Shell and Mitsubishi are trying to sell off their shares in the $40-billion LNG Canada liquefied natural gas megaproject.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energi.media\/news\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\/\" \/>\n<meta property=\"og:site_name\" content=\"Thoughtful Journalism About Energy&#039;s Future\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/energimedia\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-21T19:13:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/energi.media\/wp-content\/uploads\/2026\/01\/LNG-Canada-by-Rob-Trendiak.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Energi Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EnergiMedia\" \/>\n<meta name=\"twitter:site\" content=\"@EnergiMedia\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Energi Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energi.media\\\/news\\\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energi.media\\\/news\\\/lng-glut-hits-on-schedule-as-shell-mitsubishi-try-to-withdraw-from-b-c-megaproject\\\/\"},\"author\":{\"name\":\"Energi Staff\",\"@id\":\"https:\\\/\\\/energi.media\\\/#\\\/schema\\\/person\\\/07051d0cfb14da284c97fb8ff214caf7\"},\"headline\":\"LNG Glut Hits on Schedule as Shell, Mitsubishi Try to Withdraw from B.C. 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