Venture Global Announces Final Investment Decision And Financial Close For Phase Two Of Plaquemines LNG

Today Venture Global LNG is announcing a final investment decision (FID) and successful closing of the $7.8 billion project financing for the second phase of the Plaquemines LNG facility. Together, phase one and phase two represent approximately $21 billion of investment, the largest project financing ever done. The proceeds of the debt and equity financing fully fund the balance of construction and commissioning of the second phase of the 20MTPA nameplate capacity project. Today, the company also issued a full notice to proceed to KZJV to continue construction on phase two of Plaquemines LNG.

“Venture Global is proud to announce a positive Final Investment Decision (FID) for phase two of Plaquemines LNG, less than 10 months after sanctioning phase one,” said Mike Sabel, CEO of Venture Global LNG. “Our company’s continued ability to commercialize, obtain financing and build our projects in an extremely competitive market is a testament to our team’s proven track record of discipline and execution. I would like to thank our customers, lenders, advisors, construction partners and local partners in Louisiana for their continued support. Our team will continue to deliver on our mission to bring more clean, low-cost US LNG to the global market in the coming years to support the world’s rapidly growing demand for energy.”

Plaquemines LNG has received all necessary permits, including FERC authorization and non-FTA export authorization from the U.S. Department of Energy. Plaquemines LNG phase two customers include ExxonMobil, Chevron, EnBW, New Fortress Energy, China Gas, PETRONAS and Excelerate Energy. Marketing is actively underway for the company’s third facility, CP2 LNG, and SPAs have been signed by CP2 LNG with Exxon Mobil, Chevron, EnBW, INPEX, China Gas and New Fortress Energy.

The lender group for the construction financing includes the world’s leading banks. The lenders who provided funding at closing are: BBVA, Banco Santander, Bank of America, Bank of China, Caixa Bank, Deutsche Bank, Goldman Sachs, ICBC Standard, ING, J.P. Morgan Chase, LBBW, Mizuho, MUFG, Natixis, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, Wells Fargo Bank, National Bank of Canada, KfW Ipex-Bank, Helaba, DZ Bank and Regions Bank.

ING, Santander, Mizuho, Scotia, and SMBC served as Lead Banks to Venture Global for the transaction. Latham & Watkins LLP served as counsel to Venture Global and Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to the lenders.

Chesapeake Energy Corporation And Gunvor Sign Long-Term LNG Supply Agreement Indexed To Japan Korea Marker

Chesapeake Energy Corporation (NASDAQ: CHK) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd ("Gunvor") has entered into a Heads of Agreement ("HOA") with Chesapeake Energy Marketing L.L.C. ("Chesapeake") a subsidiary of Chesapeake Energy Corporation.

Under the HOA, Chesapeake will supply up to 2 million tonnes of LNG per annum to Gunvor with the purchase price indexed to Japan Korea Marker ("JKM") for a period of 15 years. Following the execution of the HOA, Chesapeake and Gunvor will jointly select the most optimal liquefaction facility in the United States to liquify the gas produced by Chesapeake and deliver the LNG to Gunvor on a Free-on-Board ("FOB") basis with a targeted start date in 2027.

Nick Dell'Osso, Chesapeake President and Chief Executive Officer, said "This agreement reflects the powerful combination of the premium rock, returns, and runway of our competitively positioned Haynesville natural gas assets combined with the strength of our balance sheet and financial position to securely supply global LNG markets. We are pleased to partner with Gunvor, a leading global commodity and energy logistics company with a deep LNG track record, to deliver independently certified reliable, affordable, lower carbon energy to markets in need. Today marks an important initial step on our path to being LNG ready and we look forward to entering into additional agreements while export capacity continues to come online."

Kalpesh Patel, Co-Head of LNG Trading and a member of the Executive Committee of Gunvor, said, "We are excited to establish this partnership with Chesapeake which will further enhance our global LNG portfolio. We believe our trading expertise together with our robust shipping fleet will not only contribute to the competitive shipping costs, but also ensure reliable offtake operations for Chesapeake and the liquefaction facility which we will jointly select. We very much look forward to the long-term relationship with Chesapeake."

Excelerate Energy and Venture Global Announce Sales and Purchase Agreement

Excelerate Energy, Inc. (the “Company” or “Excelerate”) (NYSE: EE) and Venture Global LNG announced today the execution of a 20-year LNG Sales and Purchase Agreement (SPA). Under the SPA, Excelerate will purchase 0.7 million tonnes per annum (MTPA) of liquefied natural gas (LNG) on a free on board (FOB) basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana.

“We are proud to enter this new strategic partnership with Venture Global, which supports our efforts to enhance energy security and accelerate the energy transition by delivering natural gas to our customers worldwide,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “This agreement is an important milestone for Excelerate as we continue to execute our growth strategy. Building a diversified LNG supply portfolio with strong partners like Venture Global will allow us to offer more flexible and cost-effective products to existing and new customers in downstream markets.”

“Venture Global is thrilled to launch this new collaboration with Excelerate, a leader in the FSRU industry, as their inaugural long-term LNG supplier,” said Mike Sabel, Chief Executive Officer of Venture Global. “Their foresight and transformational work to bring much needed energy infrastructure to markets around the globe has enabled countries from Europe, the global south, and the developing world to fuel switch from coal to natural gas while lifting millions out of energy poverty. We look forward to many years ahead of working together as strategic partners to fuel these diverse markets worldwide.”

bp and partners progress concept for Greater Tortue Ahmeyim (GTA) Phase 2 to next phase of evaluation

bp and partners today confirmed the development concept for the second phase of the bp-operated Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project that they will take forward to the next stage of evaluation.

The partnership – composed of bp, PETROSEN, Société Mauritanienne des Hydrocarbures (SMH) and Kosmos Energy – will evaluate a gravity-based structure (GBS) as the basis for the GTA Phase 2 expansion project (GTA2) with total capacity of between 2.5-3.0 million tonnes per annum.

GBS LNG developments have a static connection to the seabed with the structure providing LNG storage and a foundation for liquefication facilities.

The concept design will also include new wells and subsea equipment, integrating with and expanding on existing GTA infrastructure. The partnership will consider powering LNG liquefication using electricity to help drive operational emissions lower. bp and its partners are now working with contractors to progress the concept towards the pre-FEED stage.

Gordon Birrell, bp’s executive vice president for operations and production, said: “We aim to build on our strong collaboration with our partners, and the Governments of Mauritania and Senegal, to further develop a long-term, successful energy hub in West Africa. GTA continues to underpin our strategy to develop the most resilient hydrocarbons to help provide energy security today.”

GTA is located 120km offshore in water depth of 2850m, one of the deepest subsea developments in Africa. Phase 1 – currently under development - will export gas to an FPSO approximately 40km offshore where the gas will be processed and liquids separated, before exporting gas onward to floating LNG facilities 10km offshore. It is expected to produce around 2.3 million tonnes of LNG per year when operations commence.

In July 2021, the GTA project was granted the status of ‘National Project of Strategic Importance’ by the Presidents of Mauritania and Senegal. This recognition demonstrates the commitment of the host governments and the significance of the project to both countries.

bp and the two Governments already have a long-standing and wide-ranging cooperation encompassing the GTA project and other potential energy developments. In October 2022, bp announced the signature of an exploration and production sharing contract for the BirAllah gas resource in Mauritania. In addition, bp continues to work with partners on the development of a major gas-to-power project in Senegal, Yakaar Teranga.

Most recently, bp signed a memorandum of understanding (MoU) with the Government of Mauritania to deliver a programme exploring the potential for large-scale production of green hydrogen in the country.

Enagás has acquired the Reganosa network of natural gas pipelines, which will enter into the shareholding of El Musel Regasification Plant with 25%

Enagás and Reganosa have signed an agreement by which Enagás has acquired a network of 130 km of natural gas pipelines from Reganosa for 54 million euros. In return Reganosa has purchased a 25% stake in the El Musel Regasification plant in Gijon for 95 million euros.

According to the agreement terms, Enagás acquires the whole of the transmission network which up to now was owned by Reganosa and consists of 130 km of gas pipelines of 80 bar. This network is included in the Backbone network and is key to guarantee the security of supply as well as the proper functioning of the Iberian gas market. It connects to the LNG terminal of Mugardos and the Tui - Llanera gas pipeline in Guitiriz and Abegondo. It has three measuring stations, three regulation and measurement stations and thirteen valve positions. The transmission network brings natural gas directly to the combined cycle power plants of As Pontes (800 MW) and Sabón (400 MW), to the refinery of A Coruña (120.000 barrels/day) and the towns of As Pontes and Cerceda.

In addition, Reganosa has given Enagás its position as promoter of the hydrogen pipeline between Guitiriz (Lugo) and Zamora, candidate for Project of Common Interest (PCI). Enagás, for its part, undertakes to promote the development of this transmission infrastructure and its connection to the interconnection with Portugal, ensuring the full integration of renewable hydrogen production in the area with the future hydrogen corridors in the Iberian Peninsula, with the aim of it becoming operational by 2030. Enagás will promote and give continuity to the processing of this infrastructure as PCI and will have the support of Reganosa to expedite its approval. The agreement favours the creation of a large energy hub in the north-west of the peninsula which will reinforce Spain’s role as the hub for renewable hydrogen in Europe.

For its part Reganosa enters the shareholding with a 25% of the El Musel Terminal in Gijon, which until now was solely the property of Enagás and which has a storage capacity of 300,000m3 of LNG, shared between two tanks of 150,000 m3 each. It also has mooring and unloading installations designed for the largest methane vessels in the world, the QMAX of up to 266,000 m3.


The El Musel terminal, as contemplated in the Government’s Plan for More Energy Security, is ready to be put into operation for logistical use soon, once the current administrative procedures are completed. Once in operation, it can provide up to 8 billion cubic meters (bcm)/year of liquefied natural gas (LNG) to strengthen Europe’s energy security of supply.

This agreement reinforces both companies, allowing to take advantage of their synergies and work together on new possibilities for collaboration to strengthen security of supply and progress with the decarbonisation objectives of Spain and Europe.


The CEO of Enagás, Arturo Gonzalo, highlighted that “this is a historical agreement that reinforces the strategy of both companies and strengthens the Spanish Gas System. The agreement will also contribute to reinforce the terminal’s potential of the El Musel and promotes our investment plan in Galicia”. “There are many synergies between the two companies and this operation makes us better prepared to face the challenges we have ahead of us such as continuing to guarantee the energy supply in Spain and Europe and contribute to decarbonisation. In this line, this alliance is also a boost to Spain’s role as a hub for renewable hydrogen in Europe". Arturo Gonzalo added that “together, Reganosa and Enagás, will continue to explore new possibilities for collaboration”.


“The public-private collaboration and the cooperation between companies are in the origin of Reganosa, are part of its DNA. This is one more example, a historical one”, stated the general director of Reganosa, Emilio Bruquetas. “We are proud to be able to contribute, together with Enagás, to the development of the north-west of the peninsula, to the strengthening of the Spanish energy system, to increasing security of supply and to achieving the objectives of decarbonisation of the economy".

Finally, Bruquetas added: “The north-east of Spain has exceptional conditions for the production of green hydrogen and biogas. This alliance strengthens the future, lays the foundations for all the key infrastructures in the development of renewable gases to be built and operate at the service of the system".

The transaction is subject to approvals and suspensive conditions of such operations.

Freeport LNG Receives Regulatory Approval for Commercial Operations of its Liquefaction Facility

Freeport LNG Development, L.P. (Freeport LNG) today announced that it has received regulatory approval to commence commercial operations of the company’s natural gas liquefaction and export facility. Today’s authorization provides for the immediate full return to service of one liquefaction train, that has already restarted, and the incremental restart and full return to service of a second train. The
restart and return to service of Freeport LNG’s third liquefaction train will require subsequent regulatory approval once certain operational conditions are met. A conservative ramp-up profile to establish three-train production of approximately 2.0 billion cubic feet per day is anticipated to occur over the next several weeks as stable operation of each incremental train is established and maintained. Operations are initially utilizing two of Freeport LNG’s three LNG storage tanks and one of its two LNG berths. The second LNG berth and third LNG storage tank are expected to return to service in May. First LNG production and ship loading from the facility began on February 11.

“Returning to liquefaction operations is a significant achievement for Freeport LNG,” said Michael Smith, Freeport LNG Founder, Chairman and CEO. “Over the past eight months, we have implemented enhancements to our processes, procedures and training to ensure safe and reliable operations, and significantly increased staffing levels with extensive LNG and petrochemical operating experience to reduce overtime, enhance operational excellence, and improve quality assurance and business performance. Eight months of diligence, discipline and dedicated efforts by our teams, working collaboratively alongside the regulatory agencies and local officials, have positioned us to resume LNG production and commence ramp-up to the safe establishment of commercial operations of our liquefaction facility.”

Cheniere Initiates Permitting Process for Significant Expansion of LNG Export Capacity at Sabine Pass

Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP), a subsidiary of Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG), announced today that certain of its subsidiaries have initiated the pre-filing review process under the National Environmental Policy Act with the Federal Energy Regulatory Commission (“FERC”) for the proposed Sabine Pass Stage 5 Expansion Project (the “SPL Expansion Project”) adjacent to the existing Sabine Pass Liquefaction Project (the “SPL Project”). The SPL Expansion Project is being designed for total production capacity of approximately 20 million tonnes per annum (“mtpa”) of liquefied natural gas (“LNG”).

The SPL Expansion Project is being designed to include up to three large-scale liquefaction trains, each with a production capacity of approximately 6.5 mtpa of LNG, a boil-off-gas (“BOG”) re-liquefaction unit with an approximate production capacity of 0.75 mtpa of LNG, and two 220,000m3 LNG storage tanks. The SPL Expansion Project is being designed with accommodations for waste heat recovery as well as carbon capture from acid gas removal units.

The SPL Expansion Project is expected to benefit from the significant existing infrastructure at the SPL Project and contemplates various enhancements to its current capabilities, including optimized ship loading at the existing marine facilities. Feed gas related to the SPL Expansion Project is expected to be transported via a combination of new and existing pipelines currently supplying the SPL Project.

Cheniere Partners has engaged Bechtel Energy, Inc. to complete a Front-End Engineering and Design (FEED) study of the SPL Expansion Project.

“As the first and largest LNG export facility in the Lower 48, Sabine Pass has pioneered an industry critical to supplying reliable, flexible, and cleaner burning natural gas to markets and customers around the world, and we look forward to significantly growing those capabilities through the SPL Expansion Project,” said Jack Fusco, Chairman, President and CEO of Cheniere Partners. “The SPL Expansion Project is being designed to leverage the infrastructure platform we’ve built at Sabine Pass to deliver economically advantaged incremental LNG capacity in a safe and environmentally responsible manner. We are committed to developing the SPL Expansion Project utilizing the same rigorous and financially disciplined approach to project development and capital investment that’s become synonymous with the Cheniere brand.”

The development of the SPL Expansion Project, and any necessary supporting infrastructure, is subject to receipt of all required regulatory approvals and permits, and sufficient commercial and financing arrangements before a final investment decision (“FID”) can be reached.