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Venture Global CEO Mike Sabel announced the move in the company’s inaugural earnings results report on Thursday.
However, Sabel did not provide further information regarding the process.
Venture Global said in the report it progressed the 28 mtpa CP2 development, with $4 billion spent on construction, engineering, and design through December 31, 2024.
“The company has executed purchase orders for an additional 36 LNG trains for CP2, of which 12 are currently being fabricated,” according to Vneture Global.
Up to $28 billion
Venture Global previously said it estimates that the total project costs for the CP2 project, including both phases, will range from about $27 billion to $28 billion.
Last month, the US Federal Energy Regulatory Commission (FERC) released a draft supplemental environmental impact statement for Venture Global’s CP2 LNG project in Louisiana.
The regulator said there would be no significant cumulative air quality impacts from the project.
Besides the FERC approval, CP2 LNG also needs non-FTA export authorization from the US Department of Energy.
In January, US President Donald Trump lifted a moratorium by the former Biden administration on non-FTA LNG export permits.
Trump issued the executive order, which was widely expected, just hours after officially taking over his second four-year term as the president.
The CP2 LNG plant will be located next to Venture Global’s existing 10 mtpa Calcasieu Pass liquefaction plant in Louisiana, which is still in the commissioning phase and expected to start commercial operations on April 15
CP2 LNG 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.
While working on the Calcasieu Pass and Plaquemines projects, which started exporting commissioning cargoes in December last year, Venture Global also filed for its IPO in December 2024 and started trading on the NYSE.
The company plans to boost its export capacity to 104.4 mtpa via five projects by 2034.
$5 billion revenue, $1.5 billion net income
During the three and twelve months ended December 31, 2024, Venture Global generated revenue of about $1.5 billion and $5 billion, net income of $0.9 billion and $1.5 billion, and consolidated adjusted Ebitda of $0.7 billion and $2.1 billion, respectively.
Venture Global said 2024 net income decreased $1.2 billion compared to 2023.
“This decrease was primarily due to a significant decline in international LNG prices, resulting in lower total margin for LNG sold, and higher costs to remediate and commission the Calcasieu Project and to develop the CP2 project,” the company said.
“These were partially offset by the reduction of third party ownership interests in a consolidated subsidiary in 2023, favorable changes in the fair value of our interest rate swaps, and lower income tax expense,” it said.
Consolidated adjusted Ebitda for the twelve months ended December 31, 2024, decreased $3.1 billion compared to 2023.
Venture Global finished 2024 with over $43 billion of assets on the balance sheet.
The company said it expects consolidated adjusted Ebitda to be between $6.8 billion and $7.4 billion in 2025.
Also, the company expects to export 140 – 148 cargoes from the Calcasieu Project and 219 – 239 cargoes from the Plaquemines project during 2025.
Sabel said Venture Global’s inaugural earnings report “demonstrates tremendous growth.”
“We have brought much needed incremental LNG capacity to the market from Calcasieu Pass and Plaquemines – the majority of which went to our allies in Europe. We continue to improve and optimize production, most recently at Plaquemines, where every liquefaction train we have activated thus far has consistently demonstrated pro rata production levels of approximately 140 percent of nameplate capacity,” he said.
