One of the biggest energy IPOs in a decade could be around the corner

THE DISRUPTIVE innovator of the global gas industry is stepping out of the shadows. On January 13th Venture Global, a privately held exporter of liquefied natural gas (LNG) based in Virginia, unveiled details of its planned flotation in New York. About a decade ago it sprang from obscurity and shocked incumbents in America’s Texan oil patch by using scalable, modular equipment made in factories rather than costly, bespoke techniques used by its competitors. In doing so, the upstart reduced the time required to build a massive LNG terminal by about half, to less than three years. That helped it to undercut rivals on price and win early contracts with prestigious customers including Shell, a British oil major.