As Venture Global continues to progress through phase 1 of construction on their $8.5 billion liquefied natural gas (LNG) terminal lower Plaquemines Parish, Venture Global signs an agreement to move natural gas for yet another international energy company.
Specifically, on January 21, Venture Global executed an agreement with Repsol S.A. (an international energy corporation based out of Madrid, Spain). In this agreement, Repsol will provide Venture Global with 18,250,000 million British thermal units (mmBtu) of natural gas per year. The agreement will last three years until 2025.
According to reporting by Reuters, the specifics of this deal only became public after Venture Global’s filing with the US Department of Energy was made available to the public on February 14.
This deal represents the latest step in the development of Venture Global’s Plaquemines LNG facility—which has already begun construction. Also, Repsol is not the first energy company to enact a deal with Venture Global; in a November 4, 2021 press release, Venture Global announced that they had signed “two 20-year Sales and Purchase Agreements (SPA) for the supply of a total of 4 million tonnes per annum (MTPA) of LNG” with China Petroleum & Chemical Corporation (Sinopec).
When complete, the Venture Global LNG export facility could produce up to 20 MTPA of LNG. And, if everything develops as planned, operations could begin sooner rather than later, with the LNG export terminal beginning to produce its first LNG in 2024.