Venture Global's Plaquemines LNG plant is expected to begin production soon, but buyers under long-term contracts might not see deliveries until 2026 due to an extended commissioning phase and ongoing legal disputes.
U.S. LNG developer and producer Venture Global is set to produce the first liquefied natural gas from its newest project, Plaquemines LNG , as soon as this week, but the commissioning phase will last up to two years during which Venture Global will keep all revenues. The first production at Plaquemines LNG , possibly this week, would be the first new LNG output from a U.S. facility in two years, according to data from LSEG cited by Reuters.
Venture Global acquired some notoriety over the past two years after Big Oil majors accused it of withholding LNG volumes contracted under long-term deals in order to sell them on the spot market for a fatter profit. To do this, Venture Global used a loophole that allowed it to keep its one operating facility in Calcasieu Pass formally categorized as under construction, which relieved it of its supply commitments under long-term contracts.
Venture Global Plaquemines LNG Calcasieu Pass Commissioning Phase Long-Term Contracts Legal Battle Big Oil Spot Market Foundation Buyers
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Venture Global launches new LNG plant ahead of IPOGulf Coast producer’s share listing expected to be among biggest in sector
Read more »
Venture Global to Launch New LNG Plant Within DaysVenture Global plans to start production at its Plaquemines LNG facility in Louisiana imminently, ahead of its IPO, despite facing lawsuits and controversy over past business practices.
Read more »
Venture Global LNG Project Faces Major Cost OverrunsVenture Global's Plaquemines LNG project faces budget overruns and potential legal issues due to prioritizing spot market sales over fulfilling long-term contracts.
Read more »
Global LNG Exports Hit A Record High in Q1Global exports of liquefied natural gas LNG reached a record high of 106.4 million tons in the first quarter of 2024
Read more »
New Study Reveals Lower Than Expected Emissions for LNGA new study reveals that the greenhouse gas emissions associated with liquefied natural gas LNG may be lower than previously estimated, emphasizing the importance of precise data and pathway-specific analysis for informed decision-making in the energy sector.
Read more »
Russia's Yamal LNG Deploys New Tanker for Barents Sea TransshipmentsRussia's Yamal LNG plant is using a shadowy tanker for ship-to-ship transfers in the Barents Sea, potentially to circumvent sanctions targeting its Arctic LNG 2 project.
Read more »