Venture Global reaches ‘major regulatory milestone’ for CP2 LNG

July 31, 2023, by Ajsa Habibic

US-based Venture Global LNG has received a positive final environmental impact statement (FEIS) from the Federal Energy Regulatory Commission (FERC) for its third project, CP2 LNG.

Venture Global welcomed the FEIS, which was issued last week, as a major regulatory milestone for the project that will pave the way for a Commission vote and the start of construction later this year.

“Venture Global thanks the Commission as well as the other cooperating NEPA agencies, including the US Army Corps of Engineers, Department of Energy, Coast Guard, PHMSA and the National Marine Fisheries Service, for their hard work to complete the Final Environmental Impact Statement (FEIS) for CP2 LNG,” said Mike Sabel, CEO of Venture Global LNG.

“This is a major regulatory milestone for the project that puts us on track for a Commission vote and the commencement of construction later this year. CP2 continues to have robust commercial and financial momentum with approximately half of the project already sold out. This export facility will be vital to supporting long-term energy security and emissions reductions in both Europe and Asia for many years to come.”

The CP2 LNG project proposes to build, own and operate an LNG terminal in Cameron Parish, Louisiana, with a nameplate liquefaction capacity of 20 million metric tonnes per annum (mtpa) of LNG and a peak capacity of approximately 24 mtpa.

To date, 9.25 mtpa of the 20 mtpa nameplate capacity for CP2 has been sold under 20-year sale and purchase agreements. According to Venture Global, active discussions are underway for the remaining capacity.

Over half of the contracted capacity has been committed to German and Japanese customers. Namely, CP2 LNG customers include ExxonMobil, Chevron, JERA, New Fortress Energy, INPEX, China Gas, EnBW and SEFE.