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According to an SEC filing, Venture Global plans to list its Class A common shares under the symbol “VG” on the New York Stock Exchange (NYSE).
Venture Global did not say show much it expects to raise from the IPO.
The registration statement has 299 pages and includes much information that has not previously been revealed to the public.
Venture Global’s founders, Robert Pender and Michael Sabel, control Venture Global Partners II, or VG Partners, which is the company’s controlling stockholder.
Prior to this offering, VG Partners owned about 84 percent of all series of Venture Global’s common stock outstanding and, upon consummation of this offering, VG Partners will own 100 percent of Venture Global’s outstanding Class B common stock.
More than 342 Calcasieu Pass commissioning cargoes
Venture Global’s first LNG plant, Calcasieu Pass, produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, and the first commissioning cargo left the facility on March 1, 2022.
However, the 10 mtpa facility is still in commissioning mode.
Energy giants Shell and BP and other firms are in a dispute with Venture Global over the launch of commercial operations at the facility, and they previously launched arbitration proceedings against Venture Global.
Venture Global said in the registration document that the facility had loaded and sold 342 LNG commissioning cargoes as of September 30, 2024.
According to Venture Global, the company received about $19.6 billion in gross proceeds from such commissioning cargoes.
“We are currently targeting a COD (commercial operations date) for the Calcasieu project at the end of March 2025,” the company said.
Besides Calcasieu Pass, Venture Global recently started production at its Plaquemines LNG export plant in Louisiana.
With this, Plaquemines LNG becomes the eighth US LNG export facility.
Venture Global took a final investment decision in May 2022 on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline. It also secured $13.2 billion in project financing.
In March last year, the company sanctioned the second phase of the Plaquemines LNG export plant in Louisiana and also secured $7.8 billion in project financing.
The full project, including the second stage, will have a capacity of 20 mtpa coming from 36 modular units, configured in 18 blocks.
Venture Global said in the document it is targeting a COD for the Plaquemines project in the third quarter of 2026 for Phase 1 and the second quarter of 2027 for Phase 2.
Huge LNG export capacity plans
Besides these two projects, Venture Global is working on the proposed CP2 LNG project in Louisiana and the Delta project.
The 20 mtpa CP2 LNG plant will be located next to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana.
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.
The Delta project will have a nameplate capacity of up to 24.4 mtpa in Plaquemines Parish, Louisiana.
Venture Global also revealed plans for a fifth project, CP3, in the document.
The Louisiana facility will have a nameplate capacity of 30 mtpa.
“Assuming timely receipt of required regulatory approvals, COD for the CP2 project is currently targeted to occur in mid-2029 for Phase 1 and mid-2030 for Phase 2,” Venture Global said.
The company said that the CP3 project and the Delta project are still in “early stages of development.”
“Assuming timely receipt of required regulatory approvals and certain other factors, COD for the CP3 project is currently targeted to occur in mid-2031 for Phase 1 and mid-2032 for Phase 2, and COD for the Delta project is currently targeted to occur in mid-2033 for Phase 1 and mid-2034 for Phase 2,” the company said.
Venture Global said its five current projects are being designed to deliver a total expected peak production capacity of 143.8 mtpa, which consists of an aggregate of 104.4 mtpa expected nameplate capacity and an aggregate of 39.4 mtpa of expected excess capacity.
These amounts do not account for any potential bolt-on expansion liquefaction capacity, according to Venture Global.
Project costs
Venture Global said in the document it currently estimates that the total project costs for the Calcasieu Pass project will be about $9.8 billion, including EPC contractor profit and contingency, owners’ costs and financing costs,
In addition, Venture Global expects that the total project costs for the Plaquemines project will be about $22 billion to $23 billion, including EPC contractor profit and contingency, owners’ costs and financing costs.
Of the total project costs for the Plaquemines project, about $17.7 billion had been paid for as of September 30, 2024, the company said.
Venture Global currently estimates that the total project costs for the CP2 project, the CP3 project, and the Delta project will range from about $27 billion to $28 billion, $44 billion to $45 billion, and $37 billion to $38 billion, respectively, in each case including EPC contractor profit and contingency, owners’ costs and financing costs, substantially all of which have not yet been funded.
“These estimates are based primarily upon our construction cost experiences with the Calcasieu project and the Plaquemines project, the pricing included in the CP2 Phase 1,” Venture Global said.