Venture Global, Eni sign agreement for long-term LNG supply

Venture Global, Inc., a U.S. producer and exporter of liquefied natural gas (LNG), and Eni S.P.A., a global energy tech company based in Italy, announced the signing of a new Sales and Purchase Agreement (SPA) for the purchase of 2 million tonnes per annum (MTPA) of LNG from Venture Global’s CP2 LNG export facility over a 20-year period.

The SPA marks Eni’s first long-term agreement with a U.S. LNG producer. and represents a significant milestone in Eni’s strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility. Part of the volumes will contribute to the diversification of Europe’s gas supplies.

Eni will purchase 2 MTPA for 20 years with offtake starting by the end of the decade from Phase 1 of CP2 LNG. The CP2 LNG facility, with a peak production capacity of 28 MTPA, is currently under development in Cameron Parish, Louisiana, United States. It is the third project to be built by Venture Global in the last five years, and it is expected to deliver low-cost LNG to the global market starting in 2027.

Approximately 13.5 MTPA of CP2 Phase One has already been sold, raising the total contracted capacity for all of Venture Global’s projects to 43.5 MTPA. To date, Venture Global has supplied Italy with nearly 40 cargoes of U.S. LNG from its Calcasieu Pass and Plaquemines LNG facilities.

“We are honored that Eni, a leading innovator and global gas player, has chosen Venture Global as their first American LNG supplier,” said Mike Sabel, CEO of Venture Global. “Italy is an important ally and trading partner to the United States, and we are grateful for the trust of Eni as our newest customer. This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution.”

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