Venture Global LNG has been granted federal approval to introduce natural gas into the seventh block of its Plaquemines plant in Louisiana, US, reported Reuters.
This move is part of the company’s ongoing efforts to escalate its liquefied natural gas (LNG) production capabilities.
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The Arlington-based company, reputedly the second-largest LNG exporter in the US, is witnessing a production surge at Plaquemines, one of two LNG facilities it operates.
On Tuesday, the plant’s gas intake was reported at 1.1 billion cubic feet (bcf), slightly down from the 1.3bcf recorded last Wednesday.
The figures are approaching the 1.5 billion cubic feet per day (bcf/d) capacity of its Calcasieu Pass plant, as per data from LSEG Data & Analytics.
Venture Global raised $1.75bn in an initial public offering during President Donald Trump’s second term.
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By GlobalDataThe Plaquemines facility is projected to yield more than 27 million tonnes per annum (mtpa), although full commissioning is not expected until 2027.
The company’s strategy involves prolonged commissioning phases to capitalise on spot market sales, which often command higher prices than long-term contracts, thus maximising profits.
However, Venture Global is currently embroiled in contract arbitration with several leading oil and gas producers including BP, Shell, Edison, Orlen and Repsol.
These disputes concern cargoes from the Calcasieu Pass plant, which the producers claim should have been sold to them under long-term agreements.
Representatives from Shell, Orlen and Edison have confirmed the ongoing arbitration but declined to comment further.
As of December 2024, Venture Global LNG seeks to extend the force majeure at its Calcasieu Pass LNG plant in Louisiana until 2025.
The company reported a drop in operating profit to $1.17bn in the first nine months of 2024, down from $4.1bn a year earlier.
