Venture Global says building fleet of nine LNG carriers

US LNG exporter Venture Global LNG said on Sunday it has nine liquefied natural gas carriers on order in South Korea, further advancing the integration of its business across the entire LNG supply chain.

According to Venture Global, six of these vessels will have a cargo capacity of 174,000 cbm and three a cargo capacity of 200,000 cbm.

The company said it will start taking deliveries of these ships later this year.

The vessels are propelled by the latest 2-stroke ME-GA/ME-GI engines which, in combination with the use of the most recent hull forms, shaft generator and air lubrication systems, result in the “highest fuel efficiency and lowest GHG emissions” based on currently available LNG carrier technology, Venture Global said.

Moreover, the selected main engine type supported by the shaft generator technology “significantly” reduces methane slip compared to the previous generations of 2-stroke and 4-stroke propelled LNG carriers, the firm said.

The firm did not reveal more information regarding the LNG carriers.

Back in 2022, Venture Global was said to be behind an order for three 200,000-cbm LNG carriers at DSME, now Hanwha Ocean. This deal is worth about $707 million.

There were also reports lately that Venture Global purchased 174,000-cbm LNG carriers which are under construction in South Korea.

Prices for 174,000-cbm LNG carriers in South Korea recently reached a record of $270 million per vessel.

LNG Prime invited Venture Global to provide more details regarding these nine LNG carriers.

Optimization and optionality

Venture Global CEO Mike Sabel said this investment “builds on our recent execution of a long-term terminal use agreement for regasification capacity at Europe’s largest LNG import terminal.”

The firm booked long-term capacity at National Grid’s Grain LNG import terminal in the United Kingdom.

Under the binding terminal use agreement, Venture Global will have the ability to access 3 million tonnes per annum (mtpa) of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for sixteen years beginning in 2029.

Sabel said this investment “will be complementary to our core business as a supplier to long-term customers while also enabling optimization and optionality by allowing for the transport of LNG directly to the customer’s point of need.”

“We are sending a strong signal to the global market of our long-term commitment to meeting the world’s growing energy demand at a large scale,” he said.

LNG export terminals

Venture Global LNG currently produces LNG at its 10 mtpa Calcasieu Pass LNG export terminal in Louisiana.

Calcasieu Pass produced its first LNG on January 19, 2022, and the first commissioning cargo left the facility on March 1.

However, Venture Global has not yet declared the start of commercial operations.

The company recently requested more time from the US FERC to complete the commissioning of the facility, while some of its customers are opposing this.

Long-term customers of the Calcasieu pass facility include Shell, BP, Edison, Repsol, Galp, and PGNiG.

Energy giants Shell and BP and other firms are in an dispute with Venture Global over the launch of commercial operations at the facility and previously launched arbitration proceedings against Venture Global.

Besides Calcasieu Pass, Venture Global is building its Plaquemines LNG export plant in Louisiana.

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.

The company hopes to start exports of LNG from the plant as part of the commissioning phase this year.

In addtion to these facilities, Venture Global is working on its proposed CP2 LNG project and recently urged FERC to approve the facility.

The 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, but also four 200,000-cbm full containment LNG storage tanks.

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