CP2 begins on-site work in Cameron Parish, Louisiana (Image courtesy of Venture Global).Venture Global Inc. (Venture Global) and Securing Energy for Europe GmbH (SEFE) have finalized an agreement under which SEFE’s subsidiary, SEFE Energy GmbH, which will purchase an additional 0.75 MTPA of liquefied natural gas (LNG) from CP2 LNG, Venture Global’s third project. The agreement is for 20 years. The announcement amends the existing sales and purchase agreement signed by the companies in 2023, increasing the total volume of LNG purchased by SEFE from CP2 LNG to 3 MTPA.
Venture Global is expected to become Germany’s largest LNG supplier, with a combined 5 MTPA of 20-year offtake agreements signed with SEFE and EnBW. In addition to its existing long-term agreements, Venture Global to date has supplied Germany with almost 80 cargoes of LNG from its Calcasieu Pass and Plaquemines LNG facilities, enough to power 8 million German homes for one year.
SEFE, a German state-owned company, is among numerous LNG customers for CP2 in Europe, Asia, and the rest of the world. Accordingly, CP2 is a strategically important project to global energy supply and security. To date, approximately 11.5 MTPA of CP2 Phase One has been sold, raising the total contracted capacity for all of Venture Global’s projects to 41.5 MTPA.
The news follows Venture Global’s June announcement that it has initiated full mobilization and started site work at CP2 LNG. The launch of the site work comes shortly after CP2 received final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC) on the project, and weeks after receiving its non-free trade agreement export authorization from the US Department of Energy.
According to Venture Global, CP2 is a strategically important project that is expected to provide US LNG to its customers in Europe, Japan, and other allies around the world.
The project is expected to support approximately 3000 new jobs in Louisiana. 400 of these jobs will be direct, permanent employees of CP2. The company also expects to pay more than US$4 billion in local property taxes during its operation. At peak construction, CP2 is expected to employ approximately 7500 direct construction jobs and support tens of thousands of indirect subcontractor part-time and full-time jobs in over 30 states.
Building off Venture Global’s “design one, build many” modularized LNG facility strategy, CP2 is already well advanced in engineering, procurement, and contracting. Separate from the site work commencing now, the project already has significant off-site work underway on the project modules and equipment. Venture Global said that it expects to become one of the largest US LNG exporters based on its engineering and off-site progress on CP2. It is expected to begin delivering LNG in 2027.