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.
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“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.