30The sample includes 261 LNG supply contracts, 105 of which are trade in the Atlantic Basin and 156 for Asia-Pacific deliveries. By omitting other observations, for which it was not possible to provide all the variables later defined, the final sample consists of 224 observations (see Figure 3). The contractual duration of these agreements varies between 3 and 30 years and is generally between 15 and 30 years during the first decades of the sector. Over the past decade, the number of agreements has increased with less than 20 years and even less than ten years. The average contract term for contracts starting before 2000 is 20.3 years in our sample; For contracts from 2000, it is 16.7 years5. Long-term sales contracts – usually for a 20-year term – the long-term LNG sales contract remains the traditional guarantee for financing the LNG capital-intensive value chain. Most of the global volume of LNG is sold under long-term contracts 26The institutional changes require fundamental changes in the organizational behaviour of market participants in this “second generation” LNG market. Increased competition, reflected in the smooth functioning of spot markets, greater flexibility in contracts and increased international trade, is putting increased pressure on traditional players. Global mergers and acquisitions, integration and strategic partnerships have become routine, and the sector is dominated by a small number of powerful players. Several authors give perspectives on emerging business strategies. B, such as Cornot-Gandolphe (2005) and Iniss (2004), suggest that long-term contracts are increasingly accompanied by flexible short-term contracts3. Shorter and/or more flexible contracts support arbitrage trading with deliveries dedicated to the highest value market.

47No empirical results largely support Proposition 2b; Estimate coefficients of the three variables (ln (BILEXP1), ln (BILEXP2) and RENEW have expected negative signs and are statistically highly indicative. We can confirm that LNG supply contracts are decreasing their lifespan as bilateral business experience between contracting parties (i.e. the historical frequency of transactions between trading partners) has increased.