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    Venture Global sells LNG to BP on Term Contract


The UK major joins other European companies as foundation buyers, as the seller moves towards financing.

by: William Powell

Posted in:

NGW News Alert, Americas, Corporate, Import/Export, Contracts and tenders, Infrastructure, Liquefied Natural Gas (LNG), News By Country, United States

Venture Global sells LNG to BP on Term Contract

Venture Global has sold 2mn metric tons/year of LNG to the UK major BP from its Calcasieu Pass export facility, now under development in Cameron Parish, Louisiana, USA, it said May 21. The latest contract brings the total sold to 6mn mt/yr, out of the planned 10mn mt/yr.

Under the agreement, BP will purchase LNG on a free-on-board basis for a 20-year term when the plant enters commercial operations, expected in 2022.

Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly said that BP "joins Venture Global’s other world-class LNG partners, including Shell, Edison and Galp. As we finalise our arrangements for Calcasieu Pass and proceed towards financing, we have now begun to execute binding commitments for our Plaquemines project, which will also supply low-cost, long-term LNG to our global customers.”

The capacity of the second plant is to be 20mn mt/yr. Venture Global has raised $525mn of capital to-date to support the development of its projects.