Venture Global is advancing the second phase of its Calcasieu Pass 2 (CP2) liquefied natural gas project, with a financial close and final investment decision anticipated in the coming weeks. The company has already invested $1.7 billion in equity into Phase 2 and has secured sales and purchase agreements totaling 5 million tonnes per annum, with expectations for more contracts in the near future.

Project Financing and Construction Status

Long-term contracts are foundational for financing such projects. The first phase of CP2, which began construction last summer, is reported to be on schedule and on budget, supported by a $15.1 billion financing package. Venture Global spent $6.5 billion on CP2's first phase in 2025. The total estimated cost for the entire CP2 project ranges from $32.5 billion to $33.5 billion, with approximately $9.9 billion already expended by the end of 2025. The first LNG from CP2 is scheduled for 2027.

Recent Financial Performance and Offtake Agreements

The company reported strong financial results for the fourth quarter, with net income of $1.1 billion marking a 23% year-over-year increase. Revenue grew 192% to $4.4 billion, and consolidated adjusted EBITDA surged 191% to $2 billion. Recently, Venture Global announced two new offtake deals: a 20-year contract with Hanwha for 1.5 million tpa and a five-year deal with Trafigura for 500,000 tpa.

Aggressive Expansion Plans

Venture Global is pursuing significant capacity increases across its Louisiana facilities. For CP2, it has filed applications with the Federal Energy Regulatory Commission and the Department of Energy to increase peak capacity by 7 million tpa to 35 million tpa. Furthermore, the company's annual report details a separate CP2 expansion project to add 11.7 million tpa across 12 new liquefaction trains, with applications planned for the first half of 2026.

Expansion efforts extend to the Plaquemines LNG terminal, where a FERC application was filed in December to increase peak export capacity by nearly 11 million tpa to 35 million tpa, with a similar DOE filing planned for the first half of the year. In November, applications were filed for a separate 31 million tpa expansion at Plaquemines.

The company also has plans for a third development, Calcasieu Pass 3 (CP3), which could feature 60 trains with over 58 million tpa in capacity, though no federal applications have been made for this project yet. If all proposed developments are realized, Venture Global estimates its total peak export capacity across all facilities would reach 183.4 million tpa.