The long-term contracts were the base of upstream and downstream in the liquefied natural gas（LNG）industry chain.Through analyzing the current of upstream LNG cooperate development，combined with the Guangdong Dapeng LNG project’s successful experience，this paper pointed out that cross-shareholdings and jointed development were the key guarantee to fulfill those long-term LNG contracts.The LNG’s trade mode was reasonable by the perspective of specific assets in economic theory.Thereby，through equity capital penetration and acquisitions，establishing the relational contracts，these are the strategic choice of the domestic energy company for expanding overseas business.