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1、Shell plcShell plcCautionary note2The companies in which Shell plc directly and indirectly owns investments are separate legal entities.In this presentation“Shell”,“Shell Group”and“Group”are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general.Likewis
2、e,the words“we”,“us”and“our”are also used to refer to Shell plc and its subsidiaries ingeneral or to those who work for them.These terms are also used where no useful purpose is served by identifying the particular entity or entities.Subsidiaries,“Shell subsidiaries”and“Shell companies”as used in th
3、is presentation refer to entities over which Shell plc either directly or indirectly has control.Entities and unincorporated arrangements over which Shell has joint control are generally referred to as“joint ventures”and“joint operations”,respectively.Entities over which Shell has significant influe
4、nce but neither control nor joint control are referred to as“associates”.The term“Shell interest”is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement,after exclusion of all third-party interest.This presentat
5、ion contains forward-looking statements(within the meaning of the U.S.Private Securities Litigation Reform Act of 1995)concerning the financial condition,results of operations and businesses of Shell.All statements other than statements ofhistorical fact are,or may be deemed to be,forward-looking st
6、atements.Forward-looking statements are statements of future expectations that are based on managements current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implie
7、d inthese statements.Forward-looking statements include,among other things,statements concerning the potential exposure of Shell to market risks and statements expressing managements expectations,beliefs,estimates,forecasts,projections and assumptions.These forward-looking statements are identified
8、by their use of terms and phrases such as“aim”,“ambition”,anticipate,believe,could,estimate,expect,goals,intend,may,“milestones”,objectives,outlook,plan,probably,project,risks,“schedule”,seek,should,target,will and similar terms and phrases.There are a number of factors that could affect the future
9、operations of Shell and could cause those results to differ materially fromthose expressed in the forward-looking statements included in this presentation,including(without limitation):(a)price fluctuations in crude oil and natural gas;(b)changes in demand for Shells products;(c)currency fluctuation
10、s;(d)drilling and production results;(e)reserves estimates;(f)loss of market share and industry competition;(g)environmental and physicalrisks;(h)risks associated with the identification of suitable potential acquisition properties and targets,and successful negotiation and completion of such transa
11、ctions;(i)the risk of doing business in developing countries and countries subject tointernational sanctions;(j)legislative,judicial,fiscal and regulatory developments including regulatory measures addressing climate change;(k)economic and financial market conditions in various countries and regions
12、;(l)political risks,including the risks of expropriation and renegotiation of the terms of contracts with governmental entities,delays or advancements in the approval of projects and delays in the reimbursement for shared costs;(m)risks associated with the impact of pandemics,such as the COVID-19(co
13、ronavirus)outbreak;and(n)changes in trading conditions.No assurance is provided that future dividend payments will match or exceed previous dividend payments.All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained
14、 or referred to in this section.Readers should not place undue reliance on forward-looking statements.Additional risk factors that may affect future results are contained in Shell plcs Form 20-F for the year ended December 31,2020(available at and www.sec.gov).These risk factors also expressly quali
15、fy all forward-looking statements contained in this presentation and should be considered by the reader.Each forward-looking statement speaks only as of the date of this presentation,February 21,2022.Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise
16、any forward-looking statement as a result of new information,future events or other information.In light of these risks,results could differ materially from those stated,implied or inferred from the forward-looking statements contained in this presentation.The content of websites referred to in this
17、 presentation does not form part of this presentation.We may have used certain terms,such as resources,in this presentation that the United States Securities and Exchange Commission(SEC)strictly prohibits us from including in our filings with the SEC.Investors are urged to consider closely the discl
18、osure in our Form 20-F,File No 1-32575,available on the SEC website www.sec.govFebruary 2022Shell plc3Around the world,more countries announced net-zero emissions targets,adding pressure to decarbonise energy systems.As a reliable,available and lower-emissions energy source,gas has an important role
19、 in supporting this transition,both as a partner to renewables for grid stability and an immediate option to lower emissions in hard-to-electrify sectors.Multiple outlooks differ on the share of gas in the long-term energy mix,but there is agreement that it will continue to be needed.Decarbonising g
20、as and liquefied natural gas(LNG)value chains and developing cleaner pathways will strengthen their role in the energy transition.February 2022A faster than expected economic rebound following the lifting of pandemic lockdowns,extended European winter and drought conditions in Brazil accelerated dem
21、and for LNG in 2021,a year which also saw gas supply constraints.Prices remained pressured all year,reaching record levels towards the end of the year with European gas storage levels at historical lows and continued uncertainty around Russian gas supplies.Rising coal prices and carbon prices added
22、further pressure.China overtook Japan as the worlds largest LNG importer while US led growth in LNG exports.LNG has a key role to play as a reliable and lower-emission energy source,particularly in Asia,replacing declining domestic gas production,enabling coal-to-gas switching and supporting economi
23、c growth.The volatility in energy prices in 2021 shows how the energy market can destablise quickly without sufficient reliable supply.The global LNG market is expected to remain tight in the near term,with a supply-demand gap forecast to emerge in the middle of the current decade.2021 saw increased
24、 momentum in efforts to decarbonise the LNG value chain,a crucial factor for its long-term role in the energy mix.Shell plc2021 showed fragility and interdependence of the energy systemEnergy security,emissions and economic growth in Asia to drive future LNG demandNatural gas plays a significant rol
25、e in progressing NZE ambitions010203Shell plcNatural gas plays a significant role in progressing NZE ambitions01Shell plc Shell plc88%of global emissions now covered by country net-zero ambitionsTop carbon emitters set 2030 emissions targets598%of LNG imports now under NZE ambitions2030 emissions ta
26、rgetsCarbon peaking by 2030Policy aimed at limiting the increase in coal consumption and building gas power plants,encouraging use of gas in industry and LNG for vehicles and ships.Cut carbon emissions by 1 billion tonnes by 2030*Plans focus on increasing zero carbon generation by 500GW,reducing car
27、bon intensity by 45%and increasing LNGs share of gas demand to 70%.Source:Shell interpretation of Net Zero Tracker,IHS Markit and Global Carbon Atlas 2021 and 2022 data.Recent national policy announcements have been added *base year NZE targetCHINAINDIA207020602040203020502045No targetFebruary 2022S
28、hell plcDecarbonisation requires early actionSwitching to gas can lower emissions todayPowerIndicative annual gas demand 310 BCM680MTPACO2EMISSIONSSwitching just 20%of coal-fired power in Asia to gas can potentially save:EQUIVALENT TO ALL EMISSIONS FROM GERMANYHydrogen useIndicative annual gas deman
29、d 120 BCM75MTPACO2EMISSIONSSwitching 10%of heavy goods vehicles and 10%of shipping fleet to run on gas can potentially save:EQUIVALENT TO 16.3 MILLION CARS TAKEN OFF THE ROADIndicative annual gas demand 350 BCM475MTPACO2EMISSIONSMoving global energy mix to 5%hydrogen of which 30%is blue hydrogen can
30、 potentially save:EQUIVALENT TO EMISSIONS FROM MORE THAN 70 COUNTRIESTransportFebruary 20226Shell plc Source:Shell interpretation of IHS Markit Sustainable Flame Study 2021Shell plcThe role of gas in a changing energy system7Gas scenarios 2020-2040BCMGas demand by sector in 2040BCMUse of gas in a de
31、carbonised world BuildingsBlue HydrogenGas+CCUSHybrid systemsElectricityGas fired power backing up renewablesGas+CCUSIndustryBlue HydrogenBiogasGas+CCUSFeedstockTransportBlue Hydrogen BiogasLNG+offsetsSource:Shells interpretation of IEA World Energy Outlook 2021 and Wood Mackenzie 2021 dataWood Mack
32、enzies Energy Transition Outlook(ETO)and Accelerated Energy Transition(AET);IEAs Stated Policies Scenario(SPS),Announced Pledges Scenario(APS)and Net Zero Emissions Roadmap(NZE).2000250030003500400045005000202020302040IEA SPSIEA APSIEA NZEWM ETOWM AET 2WM AET 1.500400050002020IEA SPSIEA A
33、PSIEA NZEElectricityIndustryTransportBuildingsFebruary 2022Shell plcGas is there when the sun does not shine,wind does not blow or rain does not fall 8Source:Shells interpretation of California Independent System Operator,National Grid,Grid Watch UK,IHS Markit,ONS and ANP 2021 and 2022 dataCaliforni
34、a electricity mix 24-04-2021 GWShare of UK generation 20217 day rolling averageBrazil hydro levels&LNG deliveries%hydropower available LNG MT 0%10%20%30%40%50%60%70%Jan FebMar AprMay Jun Jul Aug Sep Oct NovDecGasWind0.00.20.40.60.81.01.20%10%20%30%40%50%60%70%80%90%100%20092000
35、01920202021HydropowerLNG deliveries05791 23RenewablesNuclearGasImportsHydroTotal demandResidual demandHourlyDailyMonthlyElectricity sectorFebruary 2022Shell plc478 MTPADecarbonising power sources offers the largest opportunity for reducing emissions in aluminium prod
36、uction9Source:Shells interpretation of International Aluminium Institute 2020 and 2021 dataNote:GCC Gulf Cooperation CouncilGlobal aluminium production by energy sourceCO2saving optionstCO2 eq/t Aluminium0510152025Coal firedGas firedElectricityDirect processAncillary materialsThermal energyTransport
37、CoalGasHydroNuclearOtherSize indicates production MTEurasiaAsiaS.AmericaN.AmericaChinaOceaniaAfricaGCC46%potentialemissions savings by switching to gasGlobal CO2direct emissions from aluminiumproductionIndustry sectorFebruary 2022Shell plc000300400500600700200320072009200172019
38、20227In operationOn orderLNG ConsumptionMarine LNG a choice for today and tomorrow 30%of new vessel orders are LNG-fueled*February 202210Source:Shell interpretation of DNV GL 2020 data,World Fleet Register,Clarksons,Total Orderbook Jan 2022 and various news reports*Gross tonnage*Only larg
39、er size vessels:containers 12000TEU,tankers 85000DWT,bulkers 65000DWTNew ship orders by type*Gross tonnage(millions)LNG vessels&fuel uptake#of vesselsMTPANet-zero emissions fuel options such as BioLNG and synthetic LNGFuel pathwayExisting LNG infrastructure can be used for drop-in fuels(BioLNG and s
40、ynthetic LNG)Bunkering locationsInfrastructure pathwayLNG-fueled vessels on order403403251251LNG-fueled vesselson water1250.61050.4901.81650.290-Biomethane potential MTPAActual production MTPATransport sector27%19%29%49%98%-5 10 15 20 25 30 35 40ContainershipsBulkersTankersCruisePassengercar carrier
41、sLNGOther fuelsShell plcGas is a scalable,flexible and competitive solution for the buildings sector11Source:Shells interpretation of Wood Mackenzie,ENTSO-E,ENTSO-G and Imperial College SGI 2021 and 2022 data*2021-Use of energy in buildings(China)*MtoeGas and electricity use(France)TWhIndicative sto
42、rage cost 2030$/MWh00500600700800Not scalableScalable3,97218,00400500600TotalElectrictyCoalOilGasOther renewablesOther solid fuelsElectricityHeatHydroNuclearCan potentially be savedby a switch to gas621MTPACO2EMISSIONS0.00.51.01.52.02.53.0201920202021GasElectricityBuildings sec
43、torFebruary 2022Shell plcAsian gas demand to drive future LNG growth LNG needed to replace declining domestic gas and coal-to-gas switching12Source:Shell interpretation of Wood Mackenzie 2021 dataDemand drivers of LNG in AsiaBCMAsian gas demand by supply sourceBCMLNG imports by regionMTPADomestic pr
44、oduction is net of LNG exports7%16%77%020040060080020202025203020352040AsiaEuropeAmericasRest of world05001,0001,5002020DomesticproductionPipelineimportsLNGimports20407%16%77%020040060080020202025203020352040LNG bunker fuelLNG complements domestic and pipeline supplyLNG replaces declining domestic p
45、roductionLNG is sole gas supplyShell plc2021 showed fragility and interdependence of the energy system02Shell plcShell plc0204060Jan 21Apr 21Jul 21Oct 21Pressured energy complexGas and LNG prices hit record highs in 2021February 202214Global gas price markers$/MMBTUPrices reach record highs to pull
46、LNG cargoes into EuropeJKMTTFHHWeather eventsProlonged 2020/2021 winter in EuropeDrought in Brazil low hydro powerLower wind energy in EuropeCoal and carbon prices rallyLimited gas-to-oil switching capacityNew financial players in commodity marketsSupply constraintsSeveral LNG projects underperformL
47、imited discretionary Russian gas volumesDecline in European gas productionEconomic reboundFaster than expected economic rebound following the lifting of pandemic lockdownsRobust Chinese LNG demandInventory balancesEuropean gas inventories at multi-year lowsMajor LNG buyers stock upPrices rise steadi
48、ly with increasing Asian and South American LNG demand amid supply constraintsJKM prices spike with a colder than normal start of the year but ease as inventories fill up in North Asia Low European inventories,Russian gas uncertainty and winter buying pressure leads to extreme price volatility Sourc
49、e:Shell interpretation of ICE,CME,S&P Global Platts 2021 dataShell plcFebruary 202215Shell interpretation of Kpler,Wood Mackenzie&Customs 2021 dataGlobal LNG supply increases by 21 million tonnes US LNG export growth offsets supply constraints elsewhereNet LNG exports 2021 y-o-y MTUS exports by mont
50、h vs capacityMTTop exporting countries 2021MTAtlantic Basin M East Asia Pacific00708090AustraliaQatarUSRussiaMalaysia60%65%70%75%80%85%90%95%JanFebMarAprMayJunJulAugSepOctNovDec20202102468Corpus ChristiElbaCameronFreeportCove PointSabine PassLiquefaction capacityNon-US liqu
51、efaction utilisation%-10-5051015202530USAEgyptAusAlgeriaMalaysiaRussia WestE.GuineaUAEOmanQatarCameroonArgentinaIndonesiaPNGBruneiAngolaRussia EastPeruNorwayNigeriaTrinidadShell plcN America S America Europe M East Asia China becomes the worlds largest LNG importer16Shell interpretation of Kpler&cus
52、toms 2021 dataNet LNG imports 2021 y-o-yMTTop LNG importers 2021MTTotal LNG trade:380 MT-4.0-2.00.02.04.06.08.010.012.014.0ChinaS KoreaBrazilTaiwanArgentinaKuwaitCroatiaPakistanIndonesiaThailandBangladeshDom RepPuerto RicoChileNetherlandsPortugalPolandEgyptMyanmarJamaicaMaltaSwedenCanadaPanamaJapanS
53、ingaporeLithuaniaColombiaUAEBelgiumIsraelGreeceMalaysiaTurkeyUSAFranceJordanMexicoSpainIndiaItalyUK00708090ChinaJapanSouth KoreaIndiaTaiwanTotal LNG trade:380 MTFebruary 2022Shell plc024681012142021 forecastActualAverage0%5%10%15%20%25%30%35%40%45%50%0554020013201420
54、0021Domestic prodPipeline importsLNG importsShare of LNG0%5%10%15%20%0554020022Other storage facilitiesLarge-scale peak-shaving projectsLNG tanks at regas terminalsUnderground gas storage%of gas demand(RHS)25027029033902020Dom GasPipelineLNG2021
55、PowerRes&CommIndustryTransport2020Economic recovery post COVID-19 lockdowns leads to 18%LNG import growth in China 17Source:Shell interpretation of GasTank,IHS Markit,Poten&Partners,Wood Mackenzie&China GAC 2020 and 2021 dataLNG demand growthMTGas supply&demandBCMGas production&importsBCMGas storage
56、 capacityBCM%February 2022Shell plc20242832362020Dom prodPipelineLNG2021PowerIndustryOthers20200%20%40%60%80%Jan FebMar AprMay Jun Jul Aug Sep Oct NovDec210%10%20%30%40%50%60%70%80%90%100%000202021Domestic productionPipeline importsLNG Impor
57、tsShare of LNGBrazilian LNG imports triple Demand increases for gas-fired power as hydropower sources dry up18Sources:Shell interpretation of ONS,ANP,MME,Wood Mackenzie and Kpler 2021 dataNote:Reservoir level is weighted averageReservoir fill%Brazil gas supply&demandBCMBrazil gas production&importsB
58、CM%ShareFebruary 2022Shell plc020406080100120JanFebMarAprMayJunJulAugSepOctNovDec2017-21 Range2020202120225-year average0500600700JanFebMarAprMayJunJulAugSepOctNovDec20022(6)(4)(2)-2 4 6 8 10 12 14 16JanMarMayJulSepNovIndustrialLDCPowerOthersRussiaNorwayN AfricaOthersR&CIndustr
59、y4505005502020DomgasPipelineLNGStorageUkraine exp2021PowerNon-power2020Extended winter,economic rebound and gas supply constraints kept European gas storage at historical lowsFebruary 202219Shell interpretation of Wood Mackenzie,ENTSO-G and GIE 2021 data*Europe 34 *EU 27+UK1 BCM=10.47 TWhGas demand&
60、supply*BCMGas demand y-o-y change*BCMRussian pipeline supplyMMCM/dInventory level*BCMLDC:Local Distribution Company Shell plc-20-100102030JanFebMarAprMayJunJulAugSepOctNovDecSolarWindHydroCoal/LigniteOilGasNuclearTotal y-o-y changeRenewable generation across Europe*declines despite increased install
61、ed capacity in 202120Source:Shell interpretation of Global Data TSOs/ENTSO-E 2021 data*EU7:DE,NL,ES,FR,BE,IT+UKRES capacity y-o-y changeGWRES generation y-o-y changeTWhGeneration by source y-o-y change TWhFebruary 20224%13%6%0%3%6%9%12%15%00500WindSolar PVHydroTotal20202021y-o-y%Growth(RH
62、S)-4%8%-7%-3%-9%-6%-3%0%3%6%9%00500600700WindSolar PVHydroTotal20202021y-o-y%Growth(RHS)Shell plc00500600200021EU nat gasCoal,power&emissionsBrent02040608005060Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21N
63、ov-21Dec-21Switching RangeTTFARA CoalEUA(RHS)0204060ChinaPhilippinesSouth KoreaPakistanBangladeshJapan201020152021Gas in Europe at the centre of a pressured energy complexFebruary 202221Source:Shell interpretation of Global Data and ICE 2021 data Y-axis reflects change in monthly traded volumes vs v
64、olumes traded in the same month of the year 2014(=100)Europe coal&carbon price$/MMBTU /tonneOil-fired capacityGWICE Futures exchange data only(excludes OTC)Number of lots(base 2014*)+12%+40%EU Nat Gas futures average yearly growthShell plc-15-10-50510Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21S
65、ep-21Oct-21Nov-21Dec-21Jan-2202468Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22AsiaMiddle East&IndiaNorth AmericaSouth AmericaNW EuropeRest of EuropeEurope became the preferred destination for LNG only towards the end of 202122Source:Shell interpretation of ICE,Kpler
66、&Customs 2021 dataLNG imports from USMT(DES)JKM/TTF spreads$/MMBTUSpreads favour European deliveriesSpreads favour Asian deliveriesFebruary 2022Shell plcAsia expected to continue leading LNG demand growth in 202223Source:Shell interpretation of Wood Mackenzie,IHS Markit and Poten&Partners 2021 and 2
67、022 dataForecast LNG supply growth 2022MTPAForecast LNG demand growth 2022MTPA-50510152025N AmericaS AmericaEuropeAfricaM EastAsiaTotal-50510152025N AmericaS AmericaEuropeAfricaM EastAsiaTotalShell plcCEnergy security,emissions and economic growth in Asia to drive future LNG demand03Shell plcShell p
68、lc30040050060070080020020202242025Post-COVID19Pre-COVID19Expectations of a tight near-term global LNG market drives new contractingFebruary 202225Source:Shell interpretation of Wood Mackenzie and Rystad 2021 dataGlobal LNG supply growthMTGlobal upstream capex$billionDomestic ga
69、s productionBCMTerm contracts for new liquefaction projects MTPA25%South AsiaEuropeSoutheast AsiaExcludes Heads of Agreement020406080200202021USQatarPortfolioOtherCanadaRussiaMozambique005002020 2021 2022 2023 2024 202565 BCMSouth AsiaEuropeSoutheast Asia072018201920
70、20202242025Shell plc202020302040205020602060China dominates term contracting last year 20 million tonnes of LNG supply secured for coming decades26Source:Shell interpretation of Wood Mackenzie and IHS Markit 2021 dataExcludes“portfolio”contracts that have no defined import market&excludes
71、 Heads of Agreement2021 new term contracts by importerMTPASpot purchases as%of importsSpot as%of total 2021 China LNG contract lengthsChina 2021 contracts2030 Emissions Target2060 NZE TargetExcludes Heads of Agreement2030Contract startContract expiration0%10%20%30%40%50%60%200202021ChinaJ
72、apanSouth KoreaIndiaGlobal averageFebruary 2022COCO2 2055OthersBangladeshSouth KoreaPakistanChinaEuropeShell plc0204060800242027203000500202020252030Total gas demandEuropean*gas fundamentals point to continued exposure to price volatility27Source:Shell interpretation
73、 of IHS Markit and Wood Mackenzie 2021 dataEurope gas balanceBCMGermany power generationTWhEurope LNG supply contractsBCMDomestic production*EU 27+UKFirm term contractsSpotPipeline importsPotentially divertible volumePotentially divertible volumeFirm term contractsFlexible term contractsSpot01002003
74、00400500600202020252030OtherNuclearCoalGasRenewablesFebruary 2022Shell plcExpected rising demand for LNG in Asia requires investment in new supply28Source:Shell interpretation of IHS Markit,Wood Mackenzie,FGE and Poten&Partners 2021 and 2022 dataLNG supply-demand gapMTPAIncremental LNG demand 2020-2
75、040MT02004006008002003020352040Demand forecast rangeLNG supply in operationLNG supply under construction-20020406080100SE AsiaS AsiaChinaBunkeringOtherEuropeM EastS America NE AsiaFebruary 2022Shell plcMomentum builds in decarbonising the LNG value chain in 2021February 202229REGASIFICATI
76、ONCONSUMPTIONLIQUEFACTIONSHIPPINGUPSTREAMSource:Shell interpretation of published announcements 2021 15 Japanese companies form alliance to promote and improve processes for offsetting carbon emissions from LNGCarbon capture utilisation&storage(CCUS)projects planned with gas fields in Indonesia and
77、MalaysiaLiquid hydrogen plant using waste cold energy generated from regasifyingLNG to be built in South Korea First commercial ME-GA low-speed,dual-fuel engines design for LNG carriers tested successfully Worlds largest LNG liquefaction project under construction,North Field East,to feature CCUS an
78、d solarLNGLNG cargoes offset with carbon credits in 202130Singapore LNG Regasification terminal goes solarOver 80%increase in CCUS for gas with 63 MTPA of new projects announced in 2021CO2Agreement signed to begin pilot for hydrogen blends into liquefaction to reduce emissions from LNGPluto LNG and
79、Cryogas-Vysotsk LNG share plans to use renewable energy for liquefactionGIIGNLestablishes anMRV&GHG neutral LNG framework for the industry15Shell plcSummaryFebruary 202230Natural gas plays a significant role in progressing NZE ambitions88%of global emissions now covered by net-zero ambitionsSwitchin
80、g to gas can significantly lower emissions:switching just 20%of coal-fired power in Asia to gas can potentially save 680 MTPA of CO2Multiple energy scenarios have a role for natural gasAsian gas demand to drive future LNG growth 2021 showed fragility and interdependence of the energy systemWith hist
81、orically low inventory levels,European gas price exceeded Asian LNG price to pull cargoes into Europe to meet winter gas demandLNG demand rebounded following the lifting of pandemic lockdowns 21 MT growth China became largest LNG importer US LNG export growth offsets supply constraints elsewhereEner
82、gy security,emissions and economic growth in Asia to drive future LNG demandWith limited new supply growth expected in the near term,LNG contracting rebounded in 2021China dominated contracting activity last year,securing more than 20 MTPA of term supplyEuropean gas fundamentals point to continued exposure to price volatilityLonger term,expected future Asian LNG demand growth requires investment in new supplyMomentum builds in decarbonising the LNG value chain in 2021020301