Venture Global invests $10B in Louisiana’s new LNG export facility CP2 LNG
U.S. LNG export project developer Venture Global and Louisiana governor John Bel Edwards announced the company will invest more than $10 billion to develop CP2 LNG, a fourth LNG export facility in Louisiana.
The new project CP2 LNG will be adjacent to Venture Global’s first facility, Calcasieu Pass (CP) in Cameron Parish. It will build, own and operate an LNG terminal with a liquefaction capacity of 20 mpta of LNG. Also, the CP Express pipeline will provide natural gas to the facility.
Venture Global CEO Mike Sabel says that these two (CP and CP2), combined with Plaquemines LNG facility, represent more than $20 billion of investment in Louisiana.
“Venture Global is on a mission to produce the cleanest, low-cost LNG in North America. We are proud to partner with LA in these efforts and in developing CCS for our facilities…LA is enhancing its status as an international hub for innovation to tackle the energy and climate challenges of our time.”
“Venture Global has invested significantly in Louisiana’s economy,” said the governor John Bel Edwards. “It is incorporating clean energy technology that reduces the amount of CO2 released into the atmosphere, which is significant for our environment. .”
As the state strives towards net-zero emissions by 2050, projects that feature carbon capture and sequestration are of special importance. Above all, they allow it to maintain industries, without sacrificing the climate goals.
In addition, the company also submitted a formal application for authorisation from the regulatory commission (FERC) for the project.