Venture Global Inc has made a final investment decision (FID) to proceed with the second phase of the CP2 LNG project in Cameron Parish, Louisiana, whose phase 1 is still under construction.
Concurrently the Arlington, Virginia-based developer said it has sealed $8.6 billion in financing for phase 2, which according to Venture Global would make the company the biggest exporter of United States liquefied natural gas (LNG).
“When combined with the phase 1 financing for CP2 announced July 2025, this milestone represents the largest standalone project financing in the U.S. bank market”, Venture Global said in an online statement. “The transaction garnered enormous interest from the world’s leading banks, resulting in over $19 billion of commitments for phase 2 in addition to the previous $34 billion of commitments for phase 1, and required no outside equity investment”.
Venture Global said CP2 LNG’s support from some of the world’s biggest banks signal “significant demand for U.S. LNG investment not only in the United States but also in Europe and Asia”.
The lenders include Banco Santander, Bank of America, Bank of China, Barclays, CaixaBank, Canadian Imperial Bank of Commerce, Deutsche Bank, Goldman Sachs, Industrial and Commercial Bank of China, Intesa Sanpaolo, J.P. Morgan Chase, Landesbank Baden-Wuttemberg, Mizuho, National Bank of Canada, National Westminster Bank, Natixis, PNC Bank, Regions Bank, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui, The Bank of Nova Scotia, The Huntington National Bank, Truist, U.S. Bank National Association and Wells Fargo.
CP2 LNG has contracted “nearly all of its nameplate capacity on a long-term basis with customers predominantly located in Europe and Asia”, Venture Global said.
“Venture Global now has a total contracted capacity of over 49 MTPA [million metric tons per annum], or nearly all of its nameplate capacity, across all three of its projects in Louisiana”, it added.
On July 28, 2025 Venture Global announced a positive FID on phase 1 and the associated CP Express Pipeline. It expects to start up phase 1 next year.
On October 21, 2025 the U.S. Department of Energy (DOE) granted authorization for CP2 LNG to export to countries without a free trade agreement (FTA) with Washington.
CP2 LNG already secured an FTA permit 2022. With the non-FTA portion granted, CP2 LNG has a total permitted capacity of 1.45 trillion cubic feet (Tcf) a year of natural gas equivalent or about 28 million metric tons per annum (MMtpa) of LNG.
On December 29, 2025 Venture Global filed an application with the Federal Energy Regulatory Commission for an amendment to CP2 LNG’s permit for construction and operation. The amendment seeks to raise the facility’s permitted export volumes to 35 MTPA or approximately 1.87 Tcf per year.
On February 20, 2026 Venture Global filed an application with the DOE for an amendment to its export permit for the increase to 35 MTPA. Venture Global said the increase does not require building new infrastructure. Rather, “it reflects a refined analysis of the peak liquefaction capacity of the authorized project facilities under optimal conditions”, Venture Global stated in the application.
To contact the author, email jov.onsat@rigzone.com
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