Venture Global Announces $10 Billion LNG Export Facility In Louisiana
Venture Global LNG and Louisiana Gov. John Bel Edwards announced December 2 that the company will invest more than $10 billion to develop a fourth LNG export facility in the state of Louisiana. The new project, CP2 LNG, will be located in Cameron Parish, adjacent to Venture Global’s first facility, Calcasieu Pass. The company has said it expects to begin construction in the second quarter of 2023 for the first phase of the project and to start shipping cargoes of LNG in 2025.
Venture Global has submitted a formal application requesting authorization from the Federal Energy Regulatory Commission to site, construct and operate the CP2 LNG facility and the CP express pipeline. CP2 LNG will build, own and operate a liquefied natural gas terminal with a nameplate liquefaction capacity of 20 million metric tons per year of LNG. The CP Express pipeline will provide natural gas to the CP2 LNG facility.
This announcement brings Venture Global’s total planned capital investment in Louisiana to more than $20 billion. CP2 will result in thousands of good paying jobs and an estimated $2 billion in new local revenue during the life of the project, the company said. The direct new jobs created by the project will have average annual salaries of $120,000 plus benefits.“Venture Global is proud to continue our expansion in Louisiana with the launch of our next project, CP2 LNG. CP2 will be located in Cameron Parish, adjacent to our existing Calcasieu Pass terminal. These two projects, combined with our Plaquemines LNG facility now under construction, represent more than $20 billion of investment in the state of Louisiana and will create thousands of jobs—including both permanent and construction jobs,” Venture Global CEO Mike Sabel said.
“With two major LNG export projects currently under active construction, Venture Global is on a mission to produce the cleanest, low-cost LNG in North America. We are proud to partner with Louisiana in these efforts and in developing carbon capture and sequestration for our facilities. Under the leadership of Gov. John Bel Edwards, Louisiana is enhancing its status as an international hub for innovation to tackle the energy and climate challenges of our time.”
“Venture Global has invested significantly in Louisiana’s economy, and I am proud to celebrate this exciting new project with them,” Edwards said. “The CP2 facility in Cameron will create more than 1,000 new permanent jobs and thousands of construction jobs in the area, which will have a significant impact on our economy. And it is incorporating clean energy technology that reduces the amount of CO2 released into the atmosphere, which is significant for our environment. As Louisiana pursues a goal of net-zero emissions by 2050, projects that feature carbon capture and sequestration allow our state to sustain industry without sacrificing our long-term carbon-reduction goals.”