CEO of Venture Global LNG Michael Sabel speaks on a panel during CERAWeek by S&P Global in Houston, Texas, U.S. March 19, 2024.
As the largest LNG exporter in the world, the U.S. aims to maintain its position at the top, and the proposed CP2 plant, with a capacity of 28 million metric tons per annum (MTPA), will play a key role in achieving this goal. Venture Global has stated that it intends to greenlight the financial commitment for the project by mid-2025. However, it currently lacks the necessary construction authorization due to the rescinding of its original approval by FERC, which required an additional environmental study to assess the plant's impact on air quality.
The environmental study, completed by FERC last Friday, concluded that the CP2 project would not cause significant cumulative air quality impacts, a crucial finding for the project's future. Following this, Venture Global's CEO, Mike Sabel, emphasized the company's readiness to move forward. In his letter to Christie, he stated: "We have clearly made the decision to invest our own capital and do everything we can do to move the Project forward... but we need the Commission to act."
Venture Global, currently the second-largest U.S. LNG exporter, has played a significant role in the industry's growth since 2023, according to data from LSEG. If the CP2 plant is built, it will become the largest LNG export facility in the United States, marking a major milestone in the country's energy sector.
