Venture Global signs 20-year sales agreements for Plaquemines, CP2 LNG

Venture Global LNG has executed two 20-year sales and purchase agreements with New Fortress Energy for 1 million mt/year from the Plaquemines LNG export terminal and 1 million mt/year from the CP2 LNG export project, Venture Global said March 16.

"Our companies share a commitment to keeping energy markets well supplied while also advancing clean energy goals," Venture Global CEO Mike Sabel said, emphasizing exports to emerging economies, in a statement.

The agreement linked to CP2 LNG, located in Cameron Parish, Louisiana, was the first for the facility. Venture Global said it would move the project to construction in 2023.

Venture Global also provided an update on activity at the Plaquemines LNG project, located in that Louisiana parish. The company said it launched construction based on strong market demand and financial support and has sold 14 million mt/year of its 20 million mt/year nameplate production capacity. Venture Global plans to soon make a final investment decision, it said.

New Fortress has LNG infrastructure projects around the world. In December 2021, the company signed a deal with a Norsk Hydro subsidiary to supply gas to an alumina refinery in Brazil. New Fortress has applied for a US permit for an LNG import terminal the company is already operating in Puerto Rico, to comply with an order from the Federal Energy Regulatory Commission.

New Fortress also has projects in the works that would transport natural gas by rail from a proposed liquefaction plant in the Marcellus Shale region in Pennsylvania to a small export facility on the Delaware River in New Jersey.