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    Venture Global, Petronas in LNG deal

Summary

Offtake of 16mn mt/yr from the 20mn mt/yr Plaquemines facility in Louisiana has now been contracted. [Image: Venture Global]

by: Dale Lunan

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Complimentary, Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Contracts and tenders, News By Country, United States

Venture Global, Petronas in LNG deal

US LNG developer Venture Global and Malaysia’s Petronas announced new 20-year sales and purchase agreement (SPA) May 11 covering 1mn mt/yr of LNG from Venture Global’s Plaquemines LNG facility in Plaquemines Parish, Louisiana.

On the heels of a similar SPA with ExxonMobil on May 10, Venture Global has now executed 20-year SPAs covering 16mn mt/yr of offtake from the planned 20mn mt/yr Plaquemines facility. Early site construction began last year, and a final investment decision is expected soon.

“This contract represents a significant expansion of our existing customer base in Asia and we particularly look forward to Petronas bringing our competitive, lower carbon energy into Southeast Asia, a region with rapidly growing gas demand,” Venture Global CEO Mike Sabel said.

Venture Global began producing LNG at its first facility, the 10mn mt/yr Calcasieu Pass LNG terminal in Louisiana, in January. It has also proposed a second 20mn mt/yr project in Plaquemines Parish, the Delta LNG project, and the 20mn mt/yr CP2 LNG project adjacent to the operating Calcasieu Pass terminal. All of Venture Global’s projects will incorporate carbon capture and sequestration technology.