Venture Global Inks 20-Year LNG Agreement With Eni, Expanding European Energy Ties

CP2 LNG, Venture Global’s third major LNG project and the export terminal currently under development in Cameron Parish, Louisiana, will supply LNG to Eni.

Venture Global (VG) and Italy’s Eni S.p.A. (ENI) on Wednesday signed a 20-year agreement for the supply of 2 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Calcasieu Pass 2 LNG.

Venture Global shares were down 2.2% during midday trading.

The Calcasieu Pass 2 (CP2 LNG) is the U.S. company’s third major LNG project with the export terminal, currently under development in Cameron Parish, Louisiana, designed to have an export capacity of at least 20 MTPA, with potential to reach 28 MTPA at full build-out.

The companies said that this deal marks Eni’s first-ever long-term agreement with a U.S. LNG producer and is part of the Italian company’s strategy to expand and diversify its global LNG footprint.

Part of the volume from the supply will contribute to the diversification of Europe’s gas supplies, Eni said.

This also helps Eni grow its LNG portfolio to about 20 MTPA of contracted volumes by 2030 and expand its trading business. 

To date, about 13.5 MTPA of CP2 Phase One has been sold, thereby raising the total contracted capacity for all of Venture Global’s projects to 43.5 MTPA, Venture Global said.

The U.S. LNG producer said it has supplied Italy with nearly 40 cargoes of U.S. LNG from its Calcasieu Pass and Plaquemines LNG facilities.

The deal comes on the heels of Italy's Prime Minister Giorgia Meloni’s talk with U.S. President Donald Trump in April. Meloni said Italy would have to increase its imports of LNG and that Italian firms would invest billions of dollars in the U.S. in the coming years in order to strike a trade deal with the U.S.

Retail sentiment on Venture Global remained in the ‘bullish’ territory compared to a day ago, with chatter at ‘high’ levels, according to Stocktwits data.

Venture Global’s stock has fallen over 35% to $16.21 since its January IPO price of $25.

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