- Long-term Expansion plan will increase Venture Global's
production to more than 100MTPA across its current and future
projects both in and outside of Louisiana
- Expanded Master Equipment Supply Agreement with Baker Hughes
to support expansion
SINGAPORE, Sept. 5, 2023 /PRNewswire/ -- Today, Venture
Global LNG announced its long-term expansion plan to increase
production from 70 million tonnes per annum (MTPA) to more than
100MTPA of nameplate LNG export capacity. To support this
initiative, Venture Global and Baker Hughes have executed an
expanded master equipment supply agreement for the delivery of
additional liquefaction train systems and power island systems for
Venture Global's future LNG export projects. The expanded
agreement was announced on the margins of Gastech in Singapore in the presence of Venture Global
CEO Mike Sabel and Baker Hughes
Chairman and CEO Lorenzo Simonelli.
Venture Global continues to execute and achieve major milestones
at each of its projects. Cargoes originating from its Calcasieu
Pass project have been delivered to 24 countries
and accounted for approximately 10% of the LNG exported from
the United States to Europe in 2022 and 2023 . Venture Global
has taken FID on both phases of its 20.0 MTPA nameplate Plaquemines
LNG facility, which is on target to produce first LNG in
2024. By early September, Plaquemines LNG will have received
the first four liquefaction train modules (Blocks 1 and 2) and the
roof will be raised on its third LNG storage tank. The company
expects to commence construction of its CP2 LNG facility later this
year following receipt of FERC authorization. To date, 9.25 MTPA of
CP2 LNG's 20.0 MTPA nameplate capacity has been sold under 20-year
sales and purchase agreements. Baker Hughes, as a strategic
LNG-equipment supplier to Venture Global, provided
comprehensive LNG technology solutions to the Calcasieu
Pass LNG facilities, and will provide the same to the currently
under-construction Plaquemines LNG facility.
"Venture Global is thrilled to announce our long-term plan to
expand LNG production both in and outside of Louisiana, building on the momentum of our
first three projects – Calcasieu Pass, Plaquemines LNG and CP2
LNG," said Mike Sabel, CEO
of Venture Global. "Now more than ever we are committed to
our mission of delivering low-cost LNG at a larger scale to support
the world's growing demand for energy security, prosperity, and
environmental progress. We are grateful for our continued
partnership with Baker Hughes, a world leader in energy technology,
and look forward to building on our successful collaboration in our
upcoming projects."
"Natural gas will continue to play a critical role as a bridging
and destination fuel for the energy transition. We are proud of our
longstanding collaboration with Venture Global LNG and continue to
support their plan to expand LNG production to address global
energy demand," said Lorenzo
Simonelli, chairman and CEO of Baker Hughes. "Building
on our positive track record for the Calcasieu Pass and Plaquemines
LNG projects, we look forward providing VG with our proven
technology solutions to enable faster time to LNG, a key advantage
to our modular LNG design."
About Venture Global LNG
Venture Global is a
long-term, low-cost provider of U.S. LNG sourced from resource rich
North American natural gas basins. Venture Global's first facility,
Calcasieu Pass, commenced LNG production in January 2022. The company's second facility,
Plaquemines LNG, is under construction and expected to produce
first LNG in 2024. Venture Global is also constructing or
developing over 70 MTPA of additional production capacity to
provide clean, affordable energy to the world. The company is
developing Carbon Capture and Sequestration (CCS) projects at each
of its LNG facilities.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an
energy technology company that provides solutions to energy and
industrial customers worldwide. Built on a century of experience
and conducting business in over 120 countries, our innovative
technologies and services are taking energy forward – making it
safer, cleaner and more efficient for people and the planet. Visit
us at bakerhughes.com.
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