Today, Venture Global announced the commercial operation date for its inaugural LNG export project – Calcasieu Pass – and the commencement of the sale of low-cost, U.S. LNG to the project's long-term customers. Calcasieu Pass has reached this milestone in just 68 months from the final investment decision on the project, making it among the fastest greenfield LNG projects completed. The project's multi-billion-dollar contracts will have a significant positive impact on the US balance of trade with several European allies.
Due to its innovative, first-of-its kind configuration consisting of many mid-scale, modular liquefaction trains and process facilities that are delivered and installed sequentially, as well as Venture Global's owner-led approach to construction, the project was able to overcome significant unforeseen challenges, including a global pandemic, two hurricanes, and a force majeure event that arose due to major manufacturing issues with the facility's power island. Having completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, Calcasieu Pass is now ready to operate safely and reliably.
"I am incredibly proud of our team who have worked relentlessly and diligently to successfully construct and commission our first LNG project," said Venture Global CEO Mike Sabel. "We are excited to reach this milestone and are grateful for our regulators and supply chain partners who have worked with our team to reach commercial operations as efficiently and safely as possible."
Notwithstanding the construction progress that we have achieved, the Calcasieu Pass project has maintained an exemplary safety record, outperforming the industry average Total Recordable Incident Rate, which represents US Bureau of Labor Statistics Heavy Construction Industry recordable incidents per one hundred workers per year, by a considerable margin.
The long-term sales and purchase agreements at Calcasieu Pass are among the most attractive price points for customers in the world, with average liquefaction fees under $2/mmbtu. Its long-term customers will benefit from low-cost North American LNG for the full duration of their 20-year contracts.
About Venture Global
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities.
Forward-looking Statements
This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included herein are "forward-looking statements." In some cases, forward-looking statements can be identified by terminology such as "may," "might," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology.
These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include significant operational risks related to our natural gas liquefaction and export projects, the risk that the natural gas liquefaction system and mid-scale design we utilize at our projects will not achieve the level of performance or other benefits that we anticipate, the potential risk that our customers or we may terminate our SPAs if certain conditions are not met or for other reasons, the uncertainty regarding the future of international trade agreements and the United States' position on international trade, including the effects of tariffs, and potential effects of existing and future environmental and similar laws and governmental regulations on compliance costs, operating and/or construction costs and restrictions. Those factors are more fully detailed in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") and any subsequent reports filed with the SEC.
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