Venture Global starts commercial operations at Plaquemines LNG
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Venture Global (VG) said Sunday it has launched commercial operations at Phase 1 of its Plaquemines LNG export project in Louisiana; Shell (SHEL) loaded the first cargo from the project under a long-term sales and purchase agreement.
The commercial operations date for Phase 1 was declared just over 53 months after the project's final investment decision, which the company said makes it among the fastest built greenfield liquefied natural gas export projects.
Phase 1 customers including Shell, Orlen, Sinopec, CNOOC, and EDF are expected to receive LNG under long-term contracts, but pricing will be significantly discounted from near 46-month highs of ~$34/MMBtu at the Dutch TTF benchmark in Europe and $32/MMBtu at the Japan-Korea Marker benchmark in Asia.
Venture Global's (VG) first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana; Plaquemines LNG is expected to have an export capacity exceeding 28M metric tons/year, with potential for further expansion.
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