Venture Global CEO: We are working with critical LNG cargoes to ship globally

Venture Global, a liquefied natural 'gas exporter, is working with countries all over the world to 'help cover shortages of supply in the short term, said CEO Mike Sabel on Tuesday at.the CERAWeek conference in Houston. The world was reeling from the attacks on energy infrastructure during the U.S. - Israeli war against Iran. The price of oil and gas has risen following the closure of the Strait of Hormuz, and the attacks on energy infrastructure in the Middle East. QatarEnergy reported that a strike on its LNG plant knocked out up to 17% of the capacity, which could last for five years. This would threaten supplies to Europe and Asia.

He said that he was working with other countries to import critical cargos, both this month and the next.

Venture Global is a?second largest LNG exporter from the U.S. It said that 31%?of?its?production this year has not been sold on long-term contracts. This creates an opportunity to sell LNG in Asian countries most affected due to war-related supply interruptions.

The company stated that it had enough short-, mid- and long-term supply to support the LNG market and was willing to enter into contracts for short-term periods with potential LNG purchasers.

Sabel stated that Venture Global is preparing to expand by ordering equipment as it builds its 20 million metric tonnes per annum CP2 liquefied natural gas plant.

Venture 'Global believes it can become America's biggest LNG exporter in 2029 if they expand their?capacity from 37 mtpa up to 85 mtpa. This is based on the expansions of CP2 at Plaquemines and higher production than its nameplate capacity.

Louisiana Governor Jeff Landry also spoke at the event and said that his state will not limit the number LNG plants it accommodates. He added that the state has the infrastructure, such as?pipelines and deepwater ports, to support the investment.

Landry stated that the lack of workers is the biggest obstacle to Louisiana's continued LNG growth. (Reporting and writing by Curtis Williams from Houston; editing by Nia Williams; Rod Nickel; David Gaffen).

(source: Reuters)