Venture Global LNG says to invest $10 billion in new US export plant

US liquefaction plant developer Venture Global LNG said on Thursday it plans to invest more than $10 billion to build another US LNG export plant.

The new project named CP2 LNG would be located next to its Calcasieu Pass liquefaction plant in Louisiana, which is nearing its first LNG cargo.

“These two projects, combined with our Plaquemines LNG facility now under construction, represent more than $20 billion of investment in Louisiana and will create thousands of jobs— including both permanent and construction jobs,” Venture Global CEO Mike Sabel, said.

“With two major LNG export projects currently under active construction, Venture Global is on a mission to produce the cleanest, low-cost LNG in North America. We are proud to partner with Louisiana in these efforts and in developing carbon capture and sequestration (CCS) for our facilities,” he said.

Venture Global also said that it has submitted a formal application requesting authorization from the Federal Energy Regulatory Commission (FERC) to site, construct and operate the 20 mtpa CP2 LNG facility and the CP Express pipeline.

The firm did not reveal any additional information.

Fourth LNG export project

This would be the firm’s fourth project as it is developing the Delta LNG project in Plaquemines Parish, Louisiana as well.

Venture Global revealed this new project in a pre-filing request to the FERC in January this year.

CP2 LNG includes a terminal with a nameplate liquefaction capacity of 20 million tonnes per year and a peak capacity of about 24 mtpa.

The plant would have 18 liquefaction blocks, each with a nameplate capacity of approximately 1.1 mtpa of LNG, but also four 200,000-cbm full containment LNG storage tanks

Also, the first phase would have 9 blocks and two LNG storage tanks.

The project’s CP Express pipeline would originate in Jasper County, Texas and feed natural gas to the proposed LNG facility in Louisiana.

Construction to begin in 2023

Venture Global said in the new application with FERC that construction of the first phase would begin following the receipt of all necessary regulatory approvals, targeted for the second quarter of 2023, and would continue for about three years.

The timing for construction of the second phase would depend upon market demand
and the contracting by CP2 LNG for LNG off-take agreements.

But, assuming timely market support, construction of Phase 2 would begin about twelve months after the start of the first phase construction and also would take about three years, Venture Global said.

Most Popular

Cedar FLNG launched in South Korea

South Korea’s Samsung Heavy Industries has launched Cedar LNG's floating LNG production unit, which will be installed in Kitimat on Canada’s West Coast.

India’s Petronet LNG declares force majeure to offtakers

India's largest LNG importer has declared force majeure to its offtakers after it received a notice from state-owned QatarEnergy, which on Monday stopped production at its giant Ras Laffan LNG plant due to attacks.

BP submits lowest bid in Pakistan LNG tender

A unit of UK-based energy giant BP has submitted the lowest bid in a tender to supply Pakistan with one spot LNG shipment this week.

More News Like This

Venture Global in $2.25 billion senior notes offering

US LNG exporter Venture Global announced a $2.25 billion offering of senior secured notes, intended to redeem existing notes due in 2028.

Venture Global to add more CP2 LNG trains due to high demand

US LNG exporter Venture Global has added four more liquefaction trains to the planned bolt-on expansion at its CP2 LNG project in Louisiana due to high demand for US LNG, according to CEO Mike Sabel.

Venture Global’s Q1 revenue reaches $4.6 billion

US LNG exporter Venture Global LNG reported a revenue of $4.6 billion in the first quarter of this year, a rise of 59 percent compared to the year before, while its net income increased 23 percent year-on-year to $488 million.

Venture Global seals LNG supply deals with TotalEnergies, Vitol

US LNG exporter Venture Global LNG has signed two binding LNG supply agreements with French energy giant TotalEnergies and Geneva-based energy trader Vitol.