Venture Global LNG will invest more than $10 billion to develop a fourth LNG export facility in Louisiana. The plans were revealed by the company and Louisiana Governor John Bel Edwards this week. The new project, CP2 LNG (CP2) will be in Cameron Parish, adjacent to Venture Global’s first facility, Calcasieu Pass. The announcement brings Venture Global’s total planned capital investment in Louisiana to more than $20 billion.
The company has submitted a formal application requesting authorization from the Federal Energy Regulatory Commission to site, construct, and operate the CP2 facility and the CP Express pipeline. CP2 will build, own, and operate a LNG terminal with a nameplate liquification capacity of 20 mtpa. The CP Express pipeline will provide natural gas to the CP2 facility.
“Venture Global is proud to continue our expansion in Louisiana with the launch of our next project, CP2 LNG,” said Venture Global CEO Mike Sabel. “CP2 will be in Cameron Parish, adjacent to our existing Calcasieu Pass terminal. With two major LNG export projects currently under active construction, Venture Global is on a mission to produce the cleanest, low-cost LNG in North America. We are proud to partner with Louisiana in these efforts and in developing carbon capture and sequestration for our facilities.”
CP2 will result in an estimated $2 billion in new local revenue during the life of the project. The direct new jobs created by the project will have average annual salaries of $120,000 plus benefits, according to Venture Global.
“Venture Global has invested significantly in Louisiana’s economy, and I am proud to celebrate this exciting new project with them,” said Louisiana Governor John Bel Edwards. “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. And it is 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.”
Venture Global is currently constructing or developing 70 mtpa of LNG production capacity in Louisiana, including facilities in Plaquemines Parish and Calcasieu Pass.
