Latest news with #MikeSabel
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.
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.
Business Wire
19-05-2025
- Business
- Business Wire
Venture Global Announces $37,300 for Louisiana Coastal Restoration
METAIRIE, La.--(BUSINESS WIRE)--Today, Venture Global announced a donation of $37,300 to the Coalition to Restore Coastal Louisiana (CRCL) to support critical coastal restoration projects in Plaquemines Parish, Louisiana. This contribution is part of the company's multi-year partnership with the New Orleans Saints through the Catch for the Coast initiative, sponsored by Venture Global. The Venture Global team was pleased to be joined by members of the CRCL and the Saints for a check presentation of this donation at the New Orleans Saints Ochsner Sports Performance Center. 'As a committed community partner in Plaquemines Parish, along the coast, and throughout the state, Venture Global is proud to support efforts that help protect and restore such vital parts of Louisiana..." said Venture Global CEO Mike Sabel. Catch for the Coast was launched during the 2024 NFL season, where Venture Global committed to donating $10 for every receiving yard gained by the Saints towards coastal restoration efforts in Louisiana. The Saints accumulated a total of 3,730 receiving yards this season, resulting in the $37,300 donation from Venture Global. 'As a committed community partner in Plaquemines Parish, along the coast, and throughout the state, Venture Global is proud to support efforts that help protect and restore such vital parts of Louisiana. Initiatives like Catch for the Coast reflect our belief that supporting local programs to better our communities, such as coastal restoration, is key to ensuring a future of strength and growth in Louisiana. Venture Global is committed to being a good neighbor and a long-term partner in the restoration of Louisiana's coast, while providing the world with needed low-cost, reliable American LNG,' said Venture Global CEO Mike Sabel. 'Protecting and restoring our coast is one of the most important challenges facing Louisiana today. I applaud Venture Global and the Saints for investing in real solutions that strengthen our communities and preserve our way of life,' said Louisiana Governor Jeff Landry. 'Our coast is deeply connected to the identity, culture, and future of our region,' said Gayle Benson, Owner of the New Orleans Saints. 'We are proud to partner with Venture Global on Catch for the Coast to support the important work being done by CRCL to protect and restore Louisiana's coastline for generations to come.' 'Louisiana is losing a football field of coastal wetlands every 100 minutes, jeopardizing the future of our communities, our industries and our culture, but we have science-based methods of fighting back,' said Kim Reyher, the executive director of CRCL. 'This is our goal-line stand, and we're so grateful to partner with the Saints and Venture Global to protect our future.' 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. About CRCL CRCL was the first statewide nonprofit dedicated to restoring Louisiana's coast, where more than 2,000 square miles of wetlands have vanished in less than a century. The organization is known for its Oyster Shell Recycling Program and Native Plants Program, as well as its education and professional development programs. CRCL's mission is to unite people in action to achieve a thriving, sustainable Louisiana coast for all.
Yahoo
19-05-2025
- Business
- Yahoo
Venture Global Announces $37,300 for Louisiana Coastal Restoration
Donation is part of "Catch for the Coast" program with the New Orleans Saints METAIRIE, La., May 19, 2025--(BUSINESS WIRE)--Today, Venture Global announced a donation of $37,300 to the Coalition to Restore Coastal Louisiana (CRCL) to support critical coastal restoration projects in Plaquemines Parish, Louisiana. This contribution is part of the company's multi-year partnership with the New Orleans Saints through the Catch for the Coast initiative, sponsored by Venture Global. The Venture Global team was pleased to be joined by members of the CRCL and the Saints for a check presentation of this donation at the New Orleans Saints Ochsner Sports Performance Center. Catch for the Coast was launched during the 2024 NFL season, where Venture Global committed to donating $10 for every receiving yard gained by the Saints towards coastal restoration efforts in Louisiana. The Saints accumulated a total of 3,730 receiving yards this season, resulting in the $37,300 donation from Venture Global. "As a committed community partner in Plaquemines Parish, along the coast, and throughout the state, Venture Global is proud to support efforts that help protect and restore such vital parts of Louisiana. Initiatives like Catch for the Coast reflect our belief that supporting local programs to better our communities, such as coastal restoration, is key to ensuring a future of strength and growth in Louisiana. Venture Global is committed to being a good neighbor and a long-term partner in the restoration of Louisiana's coast, while providing the world with needed low-cost, reliable American LNG," said Venture Global CEO Mike Sabel. "Protecting and restoring our coast is one of the most important challenges facing Louisiana today. I applaud Venture Global and the Saints for investing in real solutions that strengthen our communities and preserve our way of life," said Louisiana Governor Jeff Landry. "Our coast is deeply connected to the identity, culture, and future of our region," said Gayle Benson, Owner of the New Orleans Saints. "We are proud to partner with Venture Global on Catch for the Coast to support the important work being done by CRCL to protect and restore Louisiana's coastline for generations to come." "Louisiana is losing a football field of coastal wetlands every 100 minutes, jeopardizing the future of our communities, our industries and our culture, but we have science-based methods of fighting back," said Kim Reyher, the executive director of CRCL. "This is our goal-line stand, and we're so grateful to partner with the Saints and Venture Global to protect our future." 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. About CRCL CRCL was the first statewide nonprofit dedicated to restoring Louisiana's coast, where more than 2,000 square miles of wetlands have vanished in less than a century. The organization is known for its Oyster Shell Recycling Program and Native Plants Program, as well as its education and professional development programs. CRCL's mission is to unite people in action to achieve a thriving, sustainable Louisiana coast for all. View source version on Contacts Media ContactShaylyn Hynespress@ 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
