Exane cuts Technip on expected slowdown in LNG project approvals, shares fall

** Exane BNP Paribas downgrades French energy engineering firm Technip Energies TE to "neutral", citing a looming slowdown in LNG project approvals

** The brokerage expects gas markets to become oversupplied from 2027, following a wave of new projects and final investment decisions

** This oversupply could make it difficult for operators to secure purchase agreements at prices that support the development of future projects, it says

** Exane questions if the LNG market will "become a victim of its own success" due to the significant number of recent project start-ups

** The Technip shares are down 5.2%, on track for their worst day since early April if the losses hold