Venture Global Backs New Phase at CP2 LNG Project in Louisiana

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

Venture Global's approval of a new phase at its CP2 project heralds a major step forward for U.S. LNG production.

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A Milestone in LNG Investment

Venture Global Incorporated announced Friday it is moving forward with the second phase of its CP2 LNG project in Cameron, Louisiana. The company made its final investment decision (FID) after it reached an $8.6 billion financial close, with the support of a staggering list of global banks and investment firms. Altogether, Industrial Info is tracking more than $88 billion worth of active and proposed projects from Venture Global.

Phase I of the massive project, for which Venture Global announced financing in July, has been under construction since the third quarter of 2025. It comprises nine liquefaction blocks, each with a nameplate production capacity of 1.1 million metric tons per year of liquefied natural gas (LNG), for a total output of 9.9 million metric tons per year, according to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database. It also features a pair of LNG storage tanks, each with a 200,000-cubic-meter capacity.

Phase II is designed for identical production and storage capacity, which means it would double nameplate output at the CP2 complex upon completion. Venture Global said in a press release the two phases combined could have a peak production capacity of 29 million tons per year.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Plant and Project databases can learn more about CP2--including key components, investment values and necessary equipment--from a plant profile and detailed reports on Phase I and Phase II.

"When combined with the Phase I financing for CP2 announced July 2025, this milestone represents the largest standalone project financing in the U.S. bank market," Venture Global said in the press release. "With the Phase Two financing secured, we will build on the strong construction progress already underway and deliver reliable American LNG to customers around the world."

Venture Global said it has signed 20-year offtake agreements for CP2 with ExxonMobil Corporation, New Fortress Energy, EnBW Energie, INPEX and China Gas, among others. For the broader U.S. LNG market, 2025 proved to be a record-setting year for offtake agreements; for more information, see March 4, 2026, article - 2025 a Record for U.S. LNG Offtake Agreements.

By the Numbers

• $8.6 billion: Financial close reached by Venture Global for its CP2 projects, triggering a final investment decision
• 19.8 million metric tons per year: Combined nameplate capacity for Phase I and Phase II of CP2
• About 49 million metric tons per year: Total contracted capacity across all three of the company's projects in Louisiana

More on the Way in Louisiana

Venture Global's other projects under construction include Phase I and Phase II of its Plaquemines LNG Production Terminal in Davant, Louisiana, each of which has a nameplate capacity of 13.6 million metric tons per year of LNG for export. As with CP2, ExxonMobil and New Fortress have signed offtake agreements with Venture Global for Plaquemines; other customers include Electricite de France S.A., CNOOC and Shell plc.

"At Plaquemines, after producing our first cargo in December 2024, we have ramped up commissioning activities and are now generating more than one commissioning cargo per day," said Michael Sabel, the chief executive officer of Venture Global, in a recent quarterly earnings-related conference call. "Phase I of Plaquemines is on track for COD [commercial operations date] this year."

Subscribers can learn more about Plaquemines from a plant profile and detailed reports on Phase I and Phase II.

Sabel said his company anticipates its Calcasieu Pass, Plaquemines and CP2 projects in Louisiana, when complete, will generate about 68 million metric tons per year on an annual run-rate basis, "with room for upside from optimization efforts and peak production opportunities." Sabel said Venture Global has contracted about 72% of this capacity on a long-term basis.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for active and proposed projects from Venture Global.

Subscribers can click here for a full list of detailed reports for projects mentioned in this article and click here for a full list of related plant profiles.

Key Takeaways

• The second phase of Venture Global's CP2 LNG project in Cameron, Louisiana, has been approved by the company.
• Venture Global has signed 20-year agreement offtake agreements for CP2 with several major global players.
• Venture Global has contracted about 72% of its capacity in Louisiana on a long-term basis.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).