Abstract: Affected by Russia-Ukraine conflicts and slow decarbonization process, the global natural gas market presents a new development trend in 2022. Based on the judgment of global natural gas price and supply and demand situation, the cost prices of LNG projects are analyzed, and the integrated development strategies of low-cost natural gas of international oil companies (IOCs) are researched. The results show that the global natural gas market is in the premium stage. The demand side is long-term bullish, while the supply side responses rapidly. The volume of long-trade nature gas contracts has significantly increased. Driven by requirements of dual carbon and cost reduction and benefits increase, the unit cost of key LNG projects of IOCs generally shows a downtrend. In the next 10 years, IOCs will continue to expand the natural gas industry chain by increasing the proportion of natural gas and LNG production, increasing the low-carbon investment and renewable energy expenditure, developing CCUS (carbon capture, utilization and storage) technology for zero carbon emissions, and building an integrated development mode of natural gas business chain. Finally, it is suggested that Chinese oil companies should continue to highlight the leading position of natural gas, increase the investment in natural gas /LNG business, build a powerful LNG project reserve, transform from the traditional integrated upstream and downstream to the integration of business chain, and reduce carbon emissions of traditional natural gas business by applying CCUS technology.