Wedoany.com Report-Oct. 24, The United States Department of Energy (DOE) has granted final authorization for Venture Global Inc.’s CP2 LNG project in Cameron Parish, Louisiana, to export liquefied natural gas (LNG) to countries without a free trade agreement (FTA) with the U.S. This follows a conditional permit issued in March. The project, which received an FTA permit on April 22, 2022, is now authorized to export up to 1.45 trillion cubic feet of natural gas annually, equivalent to approximately 28 million metric tons of LNG per year, through 2050.

'Under President Trump's leadership, DOE has authorized more than 13.8 Bcfd of LNG exports - greater than the volume exported today by the world's second-largest LNG supplier'.

The DOE stated: “Under President Trump’s leadership, DOE has authorized more than 13.8 Bcfd [billion cubic feet a day] of LNG exports - greater than the volume exported today by the world’s second-largest LNG supplier. Today, U.S. exports are approximately 15 billion Bcfd, an increase of approximately 25 percent from 2024 levels.” The DOE also noted that the non-FTA export volume is not additive to the FTA volume, as both reflect the project’s maximum liquefaction capacity approved by the Federal Energy Regulatory Commission (FERC).

Venture Global, based in Arlington, Virginia, announced: “The CP2 project construction is well underway and we look forward to continue advancing the project safely and quickly to bring new LNG to the global market at a record pace beginning in 2027.” Site work began on June 3 after FERC granted final clearance.

On July 28, Venture Global secured a positive final investment decision and closed $15.1 billion in financing for phase 1 of CP2 LNG and the CP Express Pipeline. The company stated: “This milestone represents the largest standalone project financing ever, and the second largest project financing after the combined financings of Venture Global’s Plaquemines LNG.” The financing attracted over $34 billion in commitments from global banks, with ING and Santander as lead arrangers for the construction term loan and working capital facility, and Bank of America and Scotiabank for the equity bridge loan.

Chief Executive Mike Sabel said: “We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date. Our significant early investments and work on the project make CP2 the most advanced project at FID to date.”

The project has secured long-term sale and purchase agreements with customers in Europe, Asia, and other regions. The DOE’s final order brings the cumulative approved non-FTA LNG exports from the lower 48 states to 52.81 billion cubic feet per day across 42 projects. This development supports global energy demands while fostering economic growth through significant financial commitments and job creation in Louisiana.