Latest news with #Plaquemines
Yahoo
15-05-2025
- Business
- Yahoo
Venture Global Pushes Regulators To Greenlight LNG Plant
Venture Global, the LNG operator, has asked the Federal Energy Regulatory Commission to greenlight its third liquefaction plant, in Louisiana, by June 26. The company previously said it plans to make the final investment decision on the new facility by mid-2025 but, its chief executive said, it needs the go-ahead from the regulator. FERC had earlier rescinded its approval for the project on the grounds of concern related to its impact on air quality in the area. The concern prompted a second environmental assessment, which the regulator completed last week, concluding there was no danger for air quality, after all. 'We have clearly made the decision to invest our own capital and do everything we can do to move the Project forward... but we need the Commission to act,' Michael Sable said in a letter the company sent to FERC, as quoted by Reuters. Venture Global yesterday reported a twofold increase in revenues for the first quarter of the year, benefiting from strong LNG demand that drove an increase in exports of the superchilled fuel. Income from operations jumped by 75% on the year, Venture Global said, adding that it expects to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter. Venture Global gained not-too-positive notoriety recently after half a dozen European energy majors accused it of breaking long-term delivery contracts to sell LNG on the spot market at higher prices. This made Venture Global billions of dollars, while causing losses for the long-term clients, which contributed with the funding of the U.S. company's first LNG plant. The CP2 plant will add 28 million metric tons to the U.S. total LNG export capacity and will become the biggest LNG plant in the country. Currently, Venture Global is the second-largest LNG producer in the U.S., behind Cheniere Energy. Both have benefited from the surge in demand for LNG from Europe after the axing of Russian pipeline imports. By Irina Slav for More Top Reads From this article on
Reuters
13-05-2025
- Business
- Reuters
LNG firm Venture Global forecasts full-year core profit above expectations
May 13 (Reuters) - Venture Global (VG.N), opens new tab forecast higher-than-expected current-year core profit on Tuesday, on the back of higher LNG demand and shipments from its projects. The U.S. became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. The firm expects to export 145 to 150 cargos from the Calcasieu project and 222 to 239 cargos from the Plaquemines project this year. Its previous forecasts were 140 to 148 cargos from the Calcasieu project and 219 to 239 cargos from the Plaquemines project this year. While the company lowered its current year adjusted core profit forecast to be between $6.4 billion and $6.8 billion from its previous expectation of between $6.8 billion and $7.4 billion, its midpoint was still above Wall Street expectations of $6.54 billion according to data compiled by LSEG.
Business Recorder
04-05-2025
- Business
- Business Recorder
US natgas prices climb on lower output, higher demand
NEW YORK: US natural gas futures climbed about 4% to a three-week high on Friday on a drop in output over recent days and forecasts for more demand this week than previously expected. Gas futures for June delivery on the New York Mercantile Exchange rose 15.1 cents, or 4.3%, to $3.63 per million British thermal units, their highest close since April 9. For the week, the front-month was on track to jump about 24% after dropping 29% over the prior four weeks. Analysts said mild weather expected to last through mid-May should keep heating and cooling demand low, allowing utilities to continue injecting more gas into storage than normal for this time of year. Gas stockpiles were around 1% above the five-year normal. Gas stockpiles had been below normal from mid-January through late April after utilities pulled a monthly record 1.013 billion cubic feet of gas from storage in January to keep homes and businesses warm during extreme cold weather this winter. Some analysts said mild weather and record output this spring could allow energy firms to add record amounts of gas into storage in May. The current all-time monthly injection high of 494 bcf was set in May 2015. Financial firm LSEG said average gas output in the Lower 48 US states fell to 103.0 billion cubic feet per day so far in May, down from a monthly record of 105.8 bcfd in April. On a daily basis, gas output was on track to drop by 2.8 bcfd over the last five days to a preliminary two-month low of 102.6 bcfd on Friday. That, however, is a smaller daily decline than LSEG forecast on Thursday. Analysts have noted that preliminary data - especially for the first day of the month - is often revised later in the day. Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through May 17. LSEG forecast average gas demand in the Lower 48, including exports, will slide from 98.8 bcfd this week to 96.0 bcfd next week and 95.5 bcfd in two weeks. The forecast for this week was higher than LSEG's outlook on Thursday. The average amount of gas flowing to the eight big liquefied natural gas export plants operating in the US fell to 15.5 bcfd so far in May, down from a monthly record of 16.0 bcfd in April on rising flows to Venture Global's 3.2-bcfd Plaquemines export plant under construction in Louisiana. The LNG feedgas decline so far this month was mostly due to a drop in flows to Cameron LNG's 2.0-bcfd export plant in Louisiana to 1.5 bcfd for a second day in a row on Friday, down from an average of 2.2 bcfd over the prior seven days. Officials at Cameron LNG were not immediately available for comment on the feedgas reduction. The company, however, has told customers that it will conduct maintenance next week on a pipeline that supplies gas to the plant, which will reduce flows on the pipe. The US became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports, due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. Gas was trading around $11 per mmBtu at both the Dutch Title Transfer Facility benchmark in Europe and the Japan Korea Marker benchmark in Asia.
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
Reuters
01-05-2025
- Business
- Reuters
Venture Global raises $3 billion towards building CP2 Louisiana LNG plant
HOUSTON, May 1 (Reuters) - Venture Global (VG.N), opens new tab has raised $3 billion in debt finance towards the construction of its CP2 LNG plant in Louisiana, which would be the largest single liquefied natural gas plant in the U.S., the company said on Thursday. Venture Global is the U.S.' second-largest LNG exporter and has played a key role in making the country the world's largest exporter of the superchilled gas. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The money raised will be used as part of the construction costs for the CP2 facility, which will have capacity to produce 28 million tonnes per annum of LNG, Venture Global said. "This new capital, on top of the more than $4 billion we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines," said Venture Global's CEO Mike Sabel, referring to another of the company's LNG export facilities. Two of the processing plants, also called trains, for the CP2 export facility will arrive in the U.S. in the coming months from Europe, Venture Global said in a statement. The project is yet to receive a final financial go-ahead from Venture Global.
