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Venture Global & BP Enter into LNG Sales & Purchase Agreement

Source: www.gulfoilandgas.com 5/21/2018, Location: North America

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Venture Global Calcasieu Pass, LLC, a subsidiary of Venture Global LNG, Inc., and BP(BP LN)have entered into a 20-year Sales and Purchase Agreement (SPA) for the supply of two million tonnes per annum (MTPA) from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.

Under this agreement, BP will purchase LNG on a free on board basis (FOB) for a 20-year term starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022.

Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly announced “We are delighted that BP, one of the world’s leading international oil and gas companies, has committed to purchase 2 MTPA from our Calcasieu Pass LNG export facility, bringing our total contracted quantity under binding 20-year SPAs to 6 MTPA. BP joins Venture Global’s other world-class LNG partners, including Shell, Edison S.p.A. and Galp. As we finalize our arrangements for Calcasieu Pass and proceed towards financing, we have now begun to execute binding commitments for our Plaquemines project, which will also supply low-cost, long-term LNG to our global customers.”

Venture Global LNG is developing both the 10 MTPA Venture Global Calcasieu Pass facility on an approximately 1,000-acre site located at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico and the 20 MTPA Venture Global Plaquemines LNG facility in Plaquemines Parish, Louisiana on an approximately 630-acre site on the Mississippi River, 30 miles south of New Orleans, Louisiana. Venture Global has raised $525 million of capital to-date to support the development of its projects.

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