ConocoPhillips and Venture Global have signed a deal that would see the liquefied natural gas major supply 1 million tons to Conoco beginning in 2030. The deal is part of a broader trend in energy to boost LNG exposure after QatarEnergy’s force majeure, with the outlook for LNG demand remaining robust despite geopolitics and their effect on prices.
Venture Global Inc and Atlantic-See LNG Trade SA, formed last year by Greek companies Aktor Group and DEPA Commercial SMSA, have amended their agreement to allow the delivery of 1 million metric tons per annum (MMtpa) of United States liquefied natural gas (LNG) to Greece.
Venture Global Inc has made a final investment decision (FID) to proceed with the second phase of the CP2 LNG project in Cameron Parish, Louisiana, whose phase 1 is still under construction.
The U.S. Department of Energy (DOE) has issued the final non-Free Trade Agreement (non-FTA) export authorization for Venture Global’s CP2 LNG facility in Cameron Parish, Louisiana — a key regulatory milestone that clears the way for the company’s next phase of growth in the global liquefied natural gas (LNG) market.
In a filing, the company said it was ready to start pumping gas to the last block at Plaquemines LNG more than two years ahead of schedule. In its latest request to the Federal Energy Regulatory Commission, Venture Global asked for and received an extension to the original deadline, to the end of 2027.
Venture Global Inc., one of the largest U.S. exporters of liquefied natural gas, has prevailed over oil giant Shell Plc in an arbitration case over the sale of cargoes from its first export plant, capping a two-year fight.
This milestone represents the largest standalone project financing ever, and the second largest project financing after the combined financings of Venture Global’s Plaquemines LNG.
The company previously said it plans to make the final investment decision on the new facility by mid-2025 but, its chief executive said, it needs the go-ahead from the regulator. FERC had earlier rescinded its approval for the project on the grounds of concern related to its impact on air quality in the area. The concern prompted a second environmental assessment, which the regulator completed last week, concluding there was no danger for air quality, after all.