Venture Global has commenced commercial operations of the $13.2 billion Plaquemines LNG Phase One. The company declared commercial operations just over 53 months after the final investment decision. The timeline places Plaquemines among the fastest greenfield LNG projects ever completed.
Phase One now sells low-cost US LNG to its long-term customers under contract. The first post-commercial operations cargo departed on November 1 at 3:26 AM, and Shell lifted it. Before this, the facility produced LNG from December 2024, and Venture Global sold commissioning cargoes on the spot market.
“Achieving commercial operations at the first phase of our second LNG project in 53 months is a testament to our team’s relentless dedication and hard work,” said Venture Global CEO Mike Sabel. “We are thrilled to hit another major milestone that enables us to continue delivering reliable, affordable American LNG to the global market. We deeply appreciate the collaboration of our regulators and supply chain partners, whose shared commitment helped us deliver this project safely and on schedule.”
Scope of Implementation on the Plaquemines LNG Phase One Development
The Plaquemines facility sits in Plaquemines Parish, Louisiana, about 20 miles south of New Orleans. Phase One holds a nameplate capacity of 13.33 million tonnes per annum. The full two-phase project reaches 20 million tonnes across 36 modular liquefaction trains in 18 blocks. It also includes four 200,000-cubic-metre storage tanks, three marine berths and two 720-megawatt power plants.
Venture Global closed the $13.2 billion project financing for Phase One and the Gator Express pipeline in May 2022. In March 2023, the company took a second final investment decision with $7.8 billion in financing for Phase Two. Together, the two phases represent about $21 billion of investment. Venture Global has called this the largest project financing ever arranged.
Phase One buyers include Shell, Poland’s Orlen, China’s Sinopec and CNOOC Gas & Power, and France’s EDF. These customers hold 20-year sales and purchase agreements, and long-term contracts cover 80 percent of the full 20-million-tonne project. Once Phase Two reaches commercial operations, expected in mid-2027, the plant will serve both contract groups at full capacity.
Other Projects
Another project making headway is the Coastal Bend LNG project. The project selected KBR and Tecnicas Reunidas for front-end engineering and design (FEED) phase. The award also marks a step toward final investment decision (FID) for the 22.5 million tonnes per annum (mtpa) export facility. Designed around ConocoPhillips’ Optimized Cascade Process technology, Coastal Bend aims to supply cost-competitive, lower-emissions liquefied natural gas (LNG) to markets around the world. Other than the Coastal Bend LNG, the Rio Grande LNG Train 1 is also taking shape in fine style.
Outlook for the Venture Global LNG Portfolio
Venture Global positions the new volumes as a stabilising force for a volatile global LNG market. The company now runs two exporting facilities. Calcasieu Pass began exports in 2022 and declared commercial operations in April 2025. Plaquemines therefore becomes its second project to complete the full cycle from financing to contract deliveries.
Moreover, the company is developing CP2 LNG, also in Louisiana, with a nameplate capacity of 20 million tonnes per annum. Across production, construction and development, Venture Global controls more than 100 million tonnes of annual capacity. The company is also advancing carbon capture and sequestration projects at each facility.
For now, the schedule holds: Phase One delivers under contract from November 2026, and Phase Two follows in mid-2027.
Project Overview
- Project Value: About $21 billion combined
- Location: Plaquemines Parish, Louisiana
- Developer: Venture Global (NYSE: VG)
- Status: Phase One commercial operations
Scope
- Phase One capacity: 13.33 million tonnes
- Full project: 20 million tonnes
- 36 modular trains in 18 blocks
- Four tanks, three berths, two power plants
Project Highlights
- COD in just over 53 months
- Among fastest greenfield projects ever
- First SPA cargo lifted by Shell
- 20-year contracts cover 80 percent
Key Developments
- Phase One FID May 2022
- Phase Two FID March 2023
- First LNG December 2024
- COD declared October 31, 2026
Key Challenges
- Global LNG market volatility
- Commissioning cargoes delayed contract sales
- Phase Two construction must finish
- Carbon capture still in development
Outlook
- Phase Two operations expected mid-2027
- CP2 LNG in development
- Portfolio exceeds 100 million tonnes
- Contract deliveries run for decades
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