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The CP2 LNG plant will be located next to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana, which started commercial operations in April.
CP2 is expected to have peak production capacity of up to 28 mtpa.
Venture Global estimates that the total project costs for the CP2 project, including both phases, will range from about $27 billion to $28 billion.
In March, Venture Global announced it had launched the formal FID process for CP2 LNG.
Also, FERC recently released a final supplemental environmental impact statement for the project.
The regulator concluded that there would be no significant cumulative air quality impacts from the project.
On May 14, Venture Global’s CEO, Mike Sabel, wrote a letter to FERC’s chairman Mark Christie to request that FERC issue its order as soon as possible reaffirming its authorizations for Venture Global CP2 LNG and Venture Global CP Express.
“We appreciate the pace at which FERC has supported the ramping up of our second project, Plaquemines LNG, allowing us to bring critical new energy supply to the global LNG market,” he said.
Sabek said the $28 billion CP2 LNG project would create thousands of new jobs and provide “other important economic benefits” to Louisiana and to the US.
“If we are authorized to proceed with groundbreaking in the near future, CP2 can produce first LNG in 2027, and will be positioned to be a major source of new LNG supply for Europe. For all of these reasons, Venture Global remains ready and eager to receive its final authorization from the Commission and proceed with on-site construction of the project,” Sabel said.
“Far too long”
“Unfortunately, the wait for final Commission authorization has already gone on far too long,” he said.
Sabel noted that the Commission authorized the project last June, about 11 months after issuance of the final environmental impact statement.
“Yet, in November 2024, the Commission on rehearing took the extraordinary step of requiring supplemental NEPA proceedings to consider further cumulative air issues for the project based on concerns raised in a D.C. Circuit decision regarding a different LNG project, completely unrelated to Venture Global’s projects,” he said.
“Furthermore, despite explicitly affirming its confidence in its authorization of the project and leaving nearly the entirety of the authorization order in full force and effect, the Commission directed that no notices to proceed for construction shall be issued prior to the further order on the merits,” Sabel said.
The Commission Staff has now completed the supplemental NEPA review, confirming that the Commission’s original conclusions were and “remain sound.”
Last Friday, Commission Staff issued the final supplemental EIS reaffirming once again, after full consideration of the public comments submitted, that “there would be no significant cumulative air quality impacts,” he said.
“Thus, the proceeding is now ripe for the Commission to issue its final order, reaffirming its
authorizations of the project,” Sabel said.
Over $5 billion
Sabel noted that Venture Global has already invested over $5 billion in the CP2 project and just recently announced commitments from 20 banks for a $3 billion loan facility to finance the on-going manufacturing, procurement, and engineering work.
“We have clearly made the decision to invest our own capital and do everything we can do to move the project forward, including advancing arrangements with our lenders for the full project financing of the project, but we need the Commission to act,” he said.
“For all these reasons, the Commission should issue its order reaffirming its authorization of the project as soon as possible. In particular, we ask, especially in light of the historic delays this project has encountered, that the Commission reaffirm its authorization prior to the Commission’s June 26 open meeting through a notational order,” Sabel said.