Venture Global has received the final green light from the U.S. Federal Energy Regulatory Commission (FERC) to begin construction on its CP2 LNG export terminal in Cameron Parish, Louisiana. The long-awaited FERC approval clears the path for a final investment decision (FID) on the first 14.4 million metric tons per year phase of the project, with the company indicating it is ready to commence on-site work immediately. In a statement, CEO Mike Sabel expressed appreciation for the commission’s efforts and emphasized CP2’s role in supplying affordable and reliable LNG to global markets beginning in 2027.
The FERC decision, issued on May 23, included favorable findings in a supplemental environmental impact statement that addressed concerns raised in court rulings about cumulative air emissions. The commission concluded that emissions from the CP2 project and related infrastructure, including the Moss Lake Compressor Station, would not have significant environmental impacts when considered in the broader regional context. The order also validated Venture Global’s air monitoring approach and noted reliance on guidance from the Environmental Protection Agency and Louisiana authorities.
Just two months prior, the U.S. Department of Energy (DOE) conditionally approved CP2’s LNG export license to non-free trade agreement countries. The DOE determined that the project would benefit the U.S. economy, improve global energy security, and diversify LNG supplies. Principal Deputy Assistant Secretary Tala Goudarzi highlighted that the project had been delayed for too long and welcomed the resolution. DOE officials signaled that a final export authorization is expected soon, following the Biden administration’s review of LNG exports.
The CP2 project represents Venture Global’s third U.S. LNG export terminal, following Calcasieu Pass and Plaquemines LNG, and is designed to reach a peak production capacity of 28 million metric tons per year. The project employs a modular train construction strategy, which has already proven successful in expediting development timelines. The company stated that 12 of the 36 liquefaction units have begun manufacturing, with the first slated for delivery in mid-2025. Venture Global has also minimized tariff exposure on the first phase to between $210 million and $350 million — around 1% of the total $28 billion project cost.
Commercially, CP2 is gaining momentum, with Venture Global securing long-term contracts totaling 9.75 million mt/year. Buyers include major global players such as JERA, Inpex, SEFE, EnBW, Chevron, ExxonMobil, and China Gas Holdings, reported S&P Global. The facility’s progress positions it to be the second U.S. LNG export project to reach FID in 2025, trailing only Woodside’s recently sanctioned Louisiana LNG terminal. With regulatory and commercial milestones aligned, Venture Global now shifts its focus to executing one of the largest LNG projects in the world.
