ARLINGTON, Va., June 22, 2022 /PRNewswire/ -- Today Venture Global announced the execution of two long-term Sales and Purchase Agreements (SPAs) for the purchase of two million tonnes per annum (2MTPA) of liquefied natural gas (LNG) for 20 years. Under the agreements, Chevron U.S.A. Inc. will purchase 1MTPA from the Plaquemines LNG facility and 1MTPA from CP2 LNG. Plaquemines LNG has been under full construction since August of 2021 and the construction of CP2 LNG is expected to commence in 2023.
"Venture Global is delighted to begin a long-term LNG agreement with Chevron, one of the world's premier integrated energy companies," said Venture Global CEO Mike Sabel. "This is an outstanding addition to our growing customer portfolio at CP2. Our innovative and proven approach for the deployment of LNG trains enables us to deliver energy to our customers faster and at the lowest cost. As we prepare to roll out trains number 55 through 90 at CP2, we are honored that this competitive advantage has been recognized by Chevron."
"Our agreements with Venture Global allow Chevron to deliver affordable, reliable, and ever cleaner energy to meet long-term demand," said Colin Parfitt, Chevron Vice President, Midstream. "This is part of Chevron's strategy to connect and strengthen relationships across the natural gas value chain – from natural gas production and lower carbon initiatives, to transportation, marketing and delivery to the customers who need it most."
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.