Latest news with #CP2
Yahoo
3 days ago
- Business
- Yahoo
Venture Global's 28 MTPA CP2 LNG Plant Receives FERC Approval
Venture Global, Inc. VG has recently received the necessary approvals from the U.S. regulatory authorities for the construction of the CP2 liquefied natural gas ('LNG') plant in Louisiana. A document by the Federal Energy Regulatory Commission ('FERC') confirmed the same. Venture Global had previously received approval for the construction of the CP2 LNG project from the FERC. However, following a ruling by a U.S. Court of Appeals regarding a similar LNG project, the FERC decided to conduct an additional assessment of the impact of this project on the region's air quality. The study concluded that the construction of the LNG project should be allowed to continue. The regulatory approvals for the projects came in after the final environmental review showed that the project would not have a material impact on the area's air quality, and the construction of the plant is in the public interest. The CP2 LNG plant will be constructed adjacent to VG's Calcasieu Pass LNG facility in Louisiana. The construction of the 28 million metric tons per annum (MTPA) LNG plant should support the export capabilities of the United States and solidify its position as the largest exporter of natural gas. The CP2 plant is expected to be the largest LNG export facility in the country. The completion of the plant could also make Venture Global the largest LNG company in the United States. After receiving approval from the regulatory authorities, the company's CEO has stated that the on-site construction of the project will begin immediately. The supplemental environmental review for the CP2 project came in after a ruling by the U.S. Court of Appeals for the District of Columbia Circuit against NextDecade Corporation's LNG plant at the Port of Brownsville. This overturned the FERC's prior approval for the construction of the plant. Following this, the FERC decided to closely assess the impact of the CP2 LNG plant on the air quality of the region. The CP2 LNG project in Louisiana has been caught in a conflict between the energy sector and environmentalists who are seeking to limit the expansion of LNG projects in the United States. VG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK, Energy Transfer ET and RPC, Inc. RES. Flotek Industries presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industriesspecializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs. Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company's outlook seems positive. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to its shareholders through consistent dividend payments and share buybacks, making it an attractive choice for investors seeking steady returns. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Venture Global, Inc. (VG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
US regulators approve some construction at Venture Global's CP2 LNG plant
HOUSTON, May 30 (Reuters) - U.S. regulators gave Venture Global (VG.N), opens new tab permission on Friday to proceed with some construction activities at its proposed CP2 LNG facility in Louisiana, according to a Federal Energy Regulatory Commission document. Venture Global is proposing to build a 20 million metric tons per annum plant at Calcasieu Pass. FERC approved the plant's entire construction last week. If constructed, CP2 would be the largest LNG plant in the U.S., helping the country remain the leading exporter of the superchilled gas and making Venture Global the country's largest LNG exporter. The plant has been at the center of a fight between the energy sector and environmentalists seeking to limit future LNG projects on the U.S. Gulf Coast. Venture Global has not yet given the project the final financial go-ahead, but its CEO Mike Sabel said in an earnings call this month that the company had already spent $5 billion on the project and raised another $3 billion to continue work.
Axios
4 days ago
- Business
- Axios
Energy Department gives first final LNG approval under Trump
The Energy Department on Thursday authorized liquefied natural gas exports to major markets from the planned second phase of the Port Arthur LNG project in Texas. Why it matters: These approvals are vital for companies and investors to move ahead with building multi-billion dollar export terminals. It's the first final approval under President Trump, though his DOE has provided conditional authorizations in several cases, including Venture Global's big planned CP2 project in Louisiana. Trump officials have reversed a late Biden-era pause on new authorizations. "Port Arthur LNG Phase II marks a significant expansion of the first phase already under construction — turning more of the liquid gold beneath our feet into energy security for the American people," Energy Secretary Chris Wright said in a statement on Sempra Energy's project. Phase I of Sempra Energy's project is slated to begin exports in 2027, DOE said. Catch up quick: U.S. LNG growth continued under President Biden and the country became the world's largest exporter. But late in his term DOE issued the pause. The bottom line: Trump 2.0 is very keen on LNG.
Reuters
23-05-2025
- Business
- Reuters
US regulators greenlights construction of Venture Global CP2 LNG plant in Louisiana
HOUSTON, May 23 (Reuters) - U.S. regulators have given Venture Global (VG.N), opens new tab permission to proceed with construction of its CP2 LNG plant in Louisiana, a FERC document showed on Friday. If constructed, CP2 will be the single largest LNG export facility in the U.S. and help the country remain the world's largest exporter of the superchilled gas. It also could make Venture Global the largest U.S. LNG company. The decision follows a final environmental study that shows the 28 million metric tons per annum plant is in the public interest. Venture Global had obtained approval to construct the plant, but after a court ruling, FERC conducted an additional environmental review of the impact on air quality. The study concluded that the project should be allowed to continue. "Neither the presumptive stay ...nor the Commission's regulations barring construction for a limited period pending rehearing will apply upon issuance of this order," federal regulators said. Venture Global did not immediately respond to a request for comment. The additional review followed an August 2024 decision from the U.S. Court of Appeals for the District of Columbia Circuit that quashed FERC approval of rival LNG exporter NextDecade's (NEXT.O), opens new tab plant at the Port of Brownsville, Texas. In light of the court ruling, FERC decided to review the CP2 project's impact on air quality. CP2 has been at the center of a fight between the energy sector and environmentalists seeking to limit future LNG projects on the U.S. Gulf Coast.
Reuters
22-05-2025
- Business
- Reuters
Venture Global on track to become top US LNG company if CP2 project approved
HOUSTON, May 22 (Reuters) - Venture Global (VG.N), opens new tab is poised to become the largest U.S. liquefied natural gas company by next year if it proceeds with its CP2 project in Louisiana and continues overproduction at its existing plants, according to LSEG data and company statements. Only a startup three years ago, Venture Global currently has a combined capacity to produce 38.5 million metric tons per annum (mtpa) of LNG from its two operational plants in Louisiana, LSEG data show. That could surge to 66.5 mtpa after it approves and completes construction of its latest project, the 28 mtpa CP2 plant, also in Louisiana. That would put the company ahead of rival Cheniere Energy's (LNG.N), opens new tab expected 60 mtpa of capacity by that time. "The fact that they can have two plants operating and a third close to FID (final investment decision) in three years is testimony to the speed with which they have moved," said Jason Feer, Poten and Partners business intelligence chief. Venture Global has been able to leapfrog its rivals in size mainly by building plant components quickly in factories outside the U.S. and then putting them together on its U.S. sites in record time, Feer said. Rapidly rising LNG production in the past few years has made the U.S. the world's top exporter of LNG. Venture Global has also been able to produce more from its plants than it initially expected, the company's CEO Mike Sabel told an earnings call last week. The company initially expected to produce 10 mtpa at its first plant, Calcasieu Pass, and 20 mtpa at Plaquemines, which is now ramping up and in the process of commissioning. Those capacities have now been revised up to 12 mtpa at Calcasieu Pass and 26.5 mtpa at Plaquemines, the company said. "Since we started ramping up facility is producing really significantly above what our upper range of expectations were on production 140% that we've been talking about," Sabel said on the earnings call. The CP2 project was initially proposed at 20 mtpa, but the company revised that up to 28 mtpa. Without that increase in size, Cheniere would narrowly retain the top spot, at least into 2026. Cheniere did not respond to questions about it potentially losing its status as the largest U.S. LNG producer. Venture Global has earned billions of dollars trading LNG cargoes on the spot market during long commissioning periods rather than selling them on long-term contracts at lower liquefaction fees. The company faced criticism and contract arbitration cases for doing so from customers including Shell (SHEL.L), opens new tab, BP (BP.L), opens new tab and Repsol ( opens new tab at its first plant, Calcasieu Pass, which in April finally started commercial operations. The company has, however, decided to seek long-term contracts for some of the roughly 15 mtpa of extra LNG output. "So we are intending to do more 20-year contracts than we had been planning and which we're excited about," Sabel told the earnings call. The company will also be offering more shorter-term volumes, Venture Global spokesperson Shaylyn Hynes told Reuters.
