Venture Global has entered a 20-year sales and purchase agreement (SPA) with Eni, the Italian energy company’s first long-term contract with a US liquefied natural gas (LNG) producer.
The agreement entails the purchase of two million tonnes per annum (mtpa) of LNG from Venture Global’s CP2 LNG project.
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The CP2 LNG facility, with a nameplate capacity of 20mtpa, is being developed adjacent to Venture Global’s Calcasieu Pass LNG facility in Cameron Parish, Louisiana.
The deal will bolster Eni’s goal to expand its LNG portfolio to around 20mtpa of contracted volumes by 2030, while growing its trading business and addressing the changing demands of customers in key global markets.
Eni said in a statement: “The agreement is Eni’s first long-term LNG supply from the United States and represents a significant milestone in Eni’s strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility. Part of these volumes will contribute to the diversification of Europe’s gas supplies.”
The deal with Eni contributes to the 13.5mtpa of CP2 phase one already sold, bringing Venture Global’s total contracted capacity to 43.5mtpa.
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By GlobalDataVenture Global’s portfolio of LNG customers continues to expand across Europe, Asia and other regions.
Venture Global CEO Mike Sabel said: “We are honoured that Eni, a leading innovator and global gas player, has chosen Venture Global as their first American LNG supplier. Italy is an important ally and trading partner to the United States, and we are grateful for the trust of Eni as our newest customer.
“This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution.”
In addition to the Eni agreement, Venture Global has signed a deal with a Securing Energy for Europe subsidiary to purchase an additional 750,000 tonnes per annum of LNG from the CP2 LNG project for 20 years.
