Worley, an engineering firm, has successfully secured a reimbursable engineering, procurement, and construction (EPC) contract for the initial phase of Venture Global's planned CP2 LNG terminal in Louisiana.
The agreement on substantive terms for the reimbursable EPC contract between Worley and Venture Global was announced in May of this year, with the expectation of finalizing and signing the contract shortly. On December 21, Worley confirmed the execution of the reimbursable EPC contract for Phase 1 of Venture Global's CP2 LNG terminal in Louisiana.
However, it is important to note that the Venture Global CP2 LNG terminal is still pending final approval from the Federal Energy Regulatory Commission (FERC) and non-FTA export authorization from the Department of Energy. Worley has committed to notifying the market upon Venture Global's receipt of the FERC authorization.
In the interim, Worley is actively collaborating with Venture Global under the EPC contract to advance the engineering, procurement, and construction services necessary to prepare the project for the commencement of construction.
Venture Global, a US LNG exporter, has expressed confidence in starting construction later this year for the proposed CP2 LNG terminal. This follows the receipt of a positive final environmental impact statement from the FERC. The CP2 LNG plant, situated adjacent to Venture Global's existing Calcasieu Pass liquefaction plant in Louisiana, is part of the company's broader expansion efforts, which also include the construction of the Plaquemines LNG plant in Louisiana.
The CP2 LNG facility is designed to feature 18 liquefaction blocks, each with a capacity of approximately 1.1 million metric tons per annum (mtpa) of LNG, along with four 200,000-cubic-meter full containment LNG storage tanks.
In June, Venture Global secured a sales and purchase deal with German gas importer Securing Energy for Europe (SEFE). SEFE joins a roster of CP2 LNG customers, including ExxonMobil, Chevron, Jera, New Fortress Energy, Inpex, China Gas, and EnBW. As of now, 9.25 mtpa of the 20 mtpa nameplate capacity for CP2 has been sold, according to previous statements from Venture Global.
