US FERC to decide on Venture Global’s CP2 LNG project

The US FERC is set to decide next week on Venture Global LNG’s proposed CP2 LNG project in Louisiana.

According to meeting agenda posted on the FERC website, the regulator will vote on CP2 LNG at its meeting on June 27.

Venture Global said in March it was “deeply disappointed” that its proposed CP2 LNG project was yet again absent from the FERC agenda, and urged the regulator to act on the project.

“It has been eight months since FERC issued a final environmental impact statement for CP2, making it one of the longest to ever sit before the Commission,” Venture Global said at the time.

“We remain confident that we have met or exceeded all regulatory requirements that are necessary to move forward with the project,” it said.

The CP2 LNG plant will be located next to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana, which is still in the commissioning phase.

It will have 18 liquefaction blocks, each with a capacity of about 1.1 mtpa of LNG, and also four 200,000-cbm full containment LNG storage tanks.

FERC issued a positive final environmental impact statement for the project in July last year.

Besides the FERC approval, CP2 LNG also needs the non-FTA export authorization from the US Department of Energy.

However, the Biden administration said in January it will “temporary pause” pending decisions for LNG export terminals.

The US paused pending decisions on exports of LNG to non-FTA countries until the DOE can update the underlying analyses for authorizations.

First phase sold out

Venture Global said it has launched off-site construction and spent billions of dollars on the project.

“First LNG is expected in 2026 should the federal government act without further delay to approve CP2,” it said in March.

Venture Global recently signed a heads of agreement with a unit of Ukraine’s DTEK to supply LNG to Ukraine and Eastern Europe.

The deal provides that D.Trading will purchase up to 2 mtpa of LNG from Venture Global’s third facility, CP2 LNG, for 20 years.

Venture Global said the initial phase of CP2 LNG has been sold through 20-year sales and purchase agreements with ExxonMobil, Chevron, Jera, New Fortress Energy, Inpex, China Gas, SEFE, and EnBW.

“Venture Global is in active discussions for the remaining capacity, and has launched significant off site construction of the project while it awaits project authorizations from US regulators,” it said.

Australian engineering firm Worley secured a reimbursable engineering, procurement, and construction (EPC) contract for the first phase of the LNG project.

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