Venture Global Announces New Sales Agreements for Plaquemines and CP2 LNG, Releases Update on Pre-FID Milestones
PR95021
ARLINGTON, Va., March 16, 2022 /PRNewswire=KYODO JBN/ --
Today, Venture Global LNG announced that it has executed two new long-term
20-year Sales and Purchase Agreements (SPAs) with New Fortress Energy Inc.
(NASDAQ: NFE), including 1 million tonnes per annum (MTPA) from Plaquemines LNG
and 1 MTPA from CP2 LNG. This is the first SPA for the CP2 LNG facility, which
the company expects to commence construction on in 2023. With these agreements,
Venture Global has now executed over 80% of long-term 20-year contracts signed
by US LNG companies since 2017.
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"Venture Global is proud to enter into a long-term LNG partnership with New
Fortress Energy. Our companies share a commitment to keeping energy markets
well supplied while also advancing clean energy goals, through the export of
low-cost US LNG to emerging economies," said Mike Sabel, Chief Executive
Officer (CEO) of Venture Global LNG. "The CP2 LNG facility, adjacent to
Calcasieu Pass, will build on our vision of making Louisiana an international
hub for innovation to enhance global energy security."
Today, the company is also announcing several milestones in its pre-FID
activities for Plaquemines LNG:
-- Expected to soon take formal FID and close project financing.
-- Launched construction in August 2021 due to historic market demand
and robust financial support for the project.
-- Sold 14 million tonnes of the 20 MTPA nameplate capacity. The company
expects to announce contracts for the remaining capacity in the
coming weeks.
-- Awarded engineering and procurement contracts to world class companies
including KZJV, Baker Hughes, UOP Honeywell and CB&I.
"In today's global market, execution and speed matter, and Venture Global is
uniquely positioned to quickly deliver US LNG capacity to meet the world's
growing demand for energy," said Mike Sabel, CEO of Venture Global. "With that
in mind-and building on the successful record of 29 months from FID to first
LNG production at Calcasieu Pass- our company has moved forward with an
expedited schedule for Plaquemines. While we conclude the project financing
process, we have taken a number of steps to accelerate our project, including
the award of major EPC contracts and launching construction in the fall of
2021."
About Venture Global LNG
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 first
facility, Calcasieu Pass, commenced producing LNG in January 2022. The company
is also constructing or developing an additional 60 MTPA of production capacity
in Louisiana to provide clean, affordable energy to the world. The company is
developing Carbon Capture and Sequestration (CCS) projects at each of its LNG
facilities.
SOURCE Venture Global LNG
CONTACT: Leah Woodward, +1 202 920-0964, lwoodward@vglng.com,
Shaylyn Hynes, shynes@vglng.com
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