Venture Global Launches Commercial Operations at Plaquemines with Shell as First Customer
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Venture Global completed the commissioning of Phase 1 of its Plaquemines LNG export facility in Louisiana, United States, and moved into commercial operations. Shell became the first customer to receive liquefied natural gas under a long-term sale and purchase agreement from this facility.
End of Commissioning
According to the company, Phase 1 commissioning concluded on Saturday, 22 months after the plant produced its first LNG volumes. Portal Portuario specified that this completion took place on Saturday, October 31. The tanker Malaga Knutsen loaded the first commercial cargo destined for Shell and departed on Sunday, November 1 at 3:26 a.m. (09:26 GMT).
CEO Statements
Venture Global CEO Mike Sabel stated that achieving commercial operations in the first phase of the company's second LNG project in 53 months is a testament to his team's dedication and hard work.
Customers and Pricing
In addition to Shell, Orlen, Sinopec, CNOOC Gas & Power and EDF are expected to receive LNG from Phase 1 under long-term contracts. The pricing of these agreements will carry a significant discount to the nearly 46-month highs of around USD 34 per mmBtu at Europe's Title Transfer Facility and USD 32 per mmBtu at Asia's Japan-Korea Marker.
Company Background
Venture Global benefited from extended commissioning periods at its plants, during which it was able to sell Plaquemines cargoes on the spot market, which saw price increases due to the ongoing conflict in the Middle East. The company, which was a startup five years ago, is now the second-largest LNG producer in the United States and contributes to the country's global leadership in LNG exports.
