Venture Global to invest $10bln on new LNG facility in Louisiana

Venture Global LNG

Venture Global, top US provider of liquified natural gas (LNG) announced this Thursday that it will heavily invest in building a new LNG terminal in Louisiana. The state’s governor, John Bel Edwards, jointly announced the proposed project.

Firstly, the total investment for the CP2 LNG project will be $10 billion. It will be the fourth LNG terminal from Venture Global in the state. The new CP2 project will locate in Cameron Parish, adjacent to Venture Global’s first facility, Calcasieu Pass.

Moreover, this announcement will increase Venture Global’s investment in the state to $20 billion. The company expects that the CP2 project will result in thousands of good-paying jobs; and an estimated $2 billion in new local revenue during the project’s life. It will have a liquefaction capacity of 20 million metric tons per annum (MTPA) of LNG. The CP Express pipeline will provide natural gas to the CP2 LNG facility.

In addition, the direct new jobs created by the project will have average annual salaries of $120,000 plus benefits. Venture Global CEO Mike Sabel said about the matter. “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.”

The executive also remarked that the CP2 project advances the company’s goal to produce the cleanest, low-cost LNG in North America. He also remarked that the company established a partnership with the state. This, to deploy carbon capture solutions on the LNG facilities.

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“Under the leadership of Governor John Bel Edwards, Louisiana is enhancing its status as an international hub for innovation to tackle the energy and climate challenges of our time.” Sabel commented.

On the other hand, Louisiana Governor John Bel Edwards remarked. “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.”

He also said. “It is also 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.”

Finally, Venture Global recently inked LNG deals with China, with potential billionaire contracts. This would add resilience to the Asian economy facing challenges as they switch from coal to cleaner sources. As for the CP2 project, the company has submitted authorization to FERC to build and construct the facility.

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