Latest news with #CP2LNG
Associated Press
2 hours ago
- Business
- Associated Press
Venture Global Launches Site Work at CP2 LNG Following Federal Approval
ARLINGTON, Va.--(BUSINESS WIRE)--Jun 3, 2025-- Venture Global, Inc. ($VG) announced today that it has initiated full mobilization and started site work at the company's third LNG export facility, CP2 LNG. The launch of the site work comes shortly after CP2 received final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC) on the Project, and weeks after receiving its non-FTA export authorization from the U.S. Department of Energy. This press release features multimedia. View the full release here: CP2 begins on-site work in Cameron Parish, La 'Venture Global applauds the Commission and FERC staff for their continued work to advance critical U.S. energy projects like CP2 LNG that support our allies abroad and thousands of jobs here at home,' said Mike Sabel, CEO of Venture Global. 'With all federal approvals now in hand we are excited to announce that we have launched on-site work for this Project, which is expected to deliver reliable low-cost LNG to the world starting in 2027. I am proud of our team and their relentless commitment to execution which has enabled our company's historic achievements and rapid growth from a start-up to breaking ground on our third LNG export facility since 2019.' CP2 is a strategically important project that is expected to provide U.S. LNG to customers in Europe, Japan and other allies around the world. The Project is expected to support approximately 3,000 new jobs in Louisiana – 400 of which will be direct, permanent employees of CP2 – and pay more than $4 billion in local property taxes during its operation. At peak construction, CP2 is expected to employ approximately 7,500 direct construction jobs and support tens of thousands of indirect subcontractor, part-time and full-time jobs in over 30 states. Building off Venture Global's 'design one, build many' modularized LNG facility strategy, CP2 is already well advanced in engineering, procurement and contracting. Separate from the site work commencing now, the Project already has significant off-site work underway on the Project modules and equipment. This significant engineering and off-site progress now positions CP2 as one of the most advanced LNG export projects under development in the United States and we believe, once completed, will position Venture Global to become the top exporter of U.S. LNG. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022 and achieved commercial operations in April 2025. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. Forward-looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements, other than statements of historical facts, included herein are 'forward-looking statements.' In some cases, forward-looking statements can be identified by terminology such as 'may,' 'might,' 'will,' 'could,' 'should,' 'expect,' 'plan,' 'project,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'pursue,' 'target,' 'continue,' the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include our need for significant additional capital to construct and complete future projects and related assets, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; the uncertainty regarding the future of global trade dynamics, international trade agreements and the United States' position on international trade, including the effects of tariffs; our dependence on our EPC and other contractors for the successful completion of our projects, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects; and risks related to other factors discussed under 'Item 1A.—Risk Factors' of our annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') and any subsequent reports filed with the SEC. Any forward-looking statements contained herein speak only as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as may be required by law. View source version on CONTACT: Investors: Ben Nolan [email protected]: Shaylyn Hynes [email protected] KEYWORD: LOUISIANA VIRGINIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OTHER ENERGY CONSTRUCTION & PROPERTY OIL/GAS OTHER MANUFACTURING ENERGY ENGINEERING OTHER CONSTRUCTION & PROPERTY MANUFACTURING SOURCE: Venture Global Inc. Copyright Business Wire 2025. PUB: 06/03/2025 07:00 AM/DISC: 06/03/2025 06:58 AM
E&E News
4 days ago
- Business
- E&E News
Regulator OKs some construction at Louisiana gas export terminal
The developer of a large gas export terminal in Louisiana can move ahead with a limited set of construction activities, federal regulators said Friday, a week after they reaffirmed the project's authorization. Venture Global can proceed with a handful of activities tied to the company's CP2 LNG project planned in the southwest part of the state, the Federal Energy Regulatory Commission said in a brief letter signed by an official in the agency's gas branch. Those activities include the construction of temporary facilities, like access roads and parking areas, as well as site preparation and the installation of water wells, the letter said. Advertisement The approval, or 'limited notice to proceed with construction,' does not give CP2 'the authority to construct other project facilities at the LNG terminal,' it continued. A separate letter from the commission's LNG branch, also issued Friday, said Venture Global could start on construction activities tied to a storm surge wall.
Yahoo
4 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
Yahoo
03-05-2025
- Business
- Yahoo
Venture Global secures $3bn loan for CP2 LNG project in US
Venture Global's subsidiary, Venture Global CP2 LNG, has secured a $3bn bank loan facility from 19 banks to finance the ongoing manufacturing, procurement and engineering of its CP2 LNG export facility in Louisiana, US. The bank loan will be used to cover various project costs and fund reserves for debt service, fees and other expenses for the project. Located along the Calcasieu Ship Channel in Cameron Parish, the development of the LNG export facility began in early 2023. Venture Global received non-free trade agreement export authorisation from the US Department of Energy for the CP2 LNG project in March. The project has a projected peak production capacity of up to 28 million tonnes per annum. The loan is backed by guarantees from Venture Global CP Express and CP2 Procurement, both affiliates of CP2. These guarantees are secured by a first-priority perfected security interest in nearly all assets of CP2 and the guarantors. Venture Global CEO Mike Sabel said: 'Venture Global is proud to close this major financing for CP2, which is slated to receive its first two liquefaction trains – number 55 and 56 deployed by Venture Global – in the coming months. 'This new capital, on top of the more than $4bn we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines. 'This strategically important project for the US will quickly bring new American LNG supply to the global market, equalising the balance of trade with other nations and supporting global energy security.' SMBC has taken a leading role in the arrangement of the facility, acting as left lead arranger and sole bookrunner, and will continue as administrative agent. Caixabank and LBBW have been appointed as the right lead arrangers, with several other prominent banks including Bank of America and J.P. Morgan acting as coordinating lead arrangers. Additionally, Venture Global recently commenced commercial operations at its Calcasieu Pass LNG export project, which is also located in Cameron Parish, Louisiana. "Venture Global secures $3bn loan for CP2 LNG project in US" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
26-03-2025
- Business
- Yahoo
Venture Global seeks FERC approval to begin operations at Calcasieu Pass LNG facility
Venture Global, a US liquefied natural gas (LNG) developer, has sought approval from the Federal Energy Regulatory Commission (FERC) to start operations at its Calcasieu Pass LNG export facility and TransCameron pipeline project. This represents the final step before transitioning to commercial operations, reported Reuters. The company, claimed to be the second-largest LNG exporter in the US, stated that significant progress has been made in remedial work at the facility. Venture Global believes the facility is now ready to produce at its designated capacity. "Calcasieu Pass believes it has filed all required documentation demonstrating readiness to commence service of the remainder of the facility," the company stated in its filing with the FERC. Venture Global has sought FERC approval by 1 April 2025, with plans to commence commercial operations at the project by 15 April 2025. Located in Cameron Parish, Louisiana, Calcasieu Pass LNG is Venture Global's first facility. The facility has been at the focus of a dispute with long-term customers including Shell, Edison, Repsol, Orlen and bp. These companies accused Venture Global of not fulfilling long-term contracts by withholding cargoes while selling its own LNG in the spot market at premium prices. All the long-term customers of the project filed for arbitration with the International Court of Arbitration. Venture Global defended its actions, stating that they do not constitute profiteering. The company argued that commercial operations at the project could not commence until issues with its power system were resolved. The FERC application confirms that the issues with the power system have been addressed, the media outlet's report stated. Meanwhile, Shell CEO Wael Sawan mentioned that updates on the arbitration process with Venture Global are expected in the coming months. During Shell's capital markets day in New York City, Sawan noted that Venture Global has already sold 400 cargoes from its Calcasieu Pass project. Earlier this month, Venture Global received non-free trade agreement export authorisation from the US Department of Energy for its CP2 LNG project in Cameron Parish. The CP2 LNG terminal, situated on a 1,150-acre site adjacent to the Calcasieu Pass LNG facility, is the company's third LNG venture. "Venture Global seeks FERC approval to begin operations at Calcasieu Pass LNG facility" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
