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Venture Global plans to double its LNG production capacity

Venture Global LNG, the developer of two proposed LNG export terminals in Louisiana, announced plans to double the total LNG production capacity of its facilities to 60 million tonnes per annum.

The privately held company cited customer demand as the reason for the expansion in its March 14 announcement. The company's proposed terminals are the 10-mtpa Calcasieu Pass LNG project and the 20-mtpa Plaquemines LNG project.

Venture Global said it increased the size of its 2016 process equipment supply agreement with Baker Hughes a GE company. The new agreement will secure modular liquefaction trains and other equipment supporting the expansion.

"With this expanded 60 mtpa commitment from BHGE, we can grow our business to meet the increasing demand for our low-cost LNG from our international customers," Venture Global co-CEOs Bob Pender and Mike Sabel said in a statement. "Having fully contracted Calcasieu Pass and anticipating completion of Plaquemines LNG, we are pleased to announce this expansion to meet additional customer demand."

"We believe our model of mid-scale modular liquefaction is the future of low-cost LNG production," they said.

Venture Global has yet to announce a formal final investment decision for its Calcasieu Pass terminal, but the project is considered one of the front-runners among second-generation U.S. LNG export projects that developers seek to commercially sanction in 2019. Venture Global has lined up a series of long-term supply deals that support the project.

On Feb. 21, the Federal Energy Regulatory Commission authorized the construction of Calcasieu Pass, marking the first time in more than two years the agency had signed off on a new LNG export terminal. The U.S. Department of Energy later authorized LNG exports from Calcasieu Pass, meaning Venture Global now has all major federal regulatory permits in hand for the facility.

In November 2018, FERC cleared the larger Plaquemines LNG facility and an associated pipeline project in a draft environmental impact statement. Venture Global said it expects to receive final authorization from FERC in August to build the project and expects to start construction this year.

Venture Global said it has raised $855 million of capital to date to support the development of its projects.

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