Venture Global Produces LNG from Phase 2 of Plaquemines Facility

Venture Global has started producing liquefied natural gas from Phase 2 of its Plaquemines export facility in Louisiana, according to two people familiar with its operations as well as LSEG ship tracking data and federal filings.

In the last six months, the United States' second-largest LNG producer has exported LNG from Phase 1 of its Louisiana facility, and has now begun producing the superchilled gas from Phase 2, allowing it to sell the LNG at higher spot market prices for the next two years, two people familiar with the project told Reuters.

Plaquemines has two phases with different customers and timelines for delivery of LNG. The Phase 2 customers include ExxonMobil, Chevron, EnBW, New Fortress Energy, China Gas, Petronas and Excelerate Energy. They are not expected to receive their LNG until the company completes its commissioning in the middle of 2027, Venture Global has previously said.

By producing LNG from Phase 2 now, Venture Global should be able to export the gas for two years at higher liquefaction fees before it is required to provide its long-term customers with LNG at lower fees.

On Sunday, Plaquemines pulled a record 2.9 billion cubic feet of gas, according to preliminary data from financial firm LSEG.

Venture Global did not respond to a request for comment.

On Friday, the company asked federal regulators for permission to introduce natural gas into Block 14, according to a filing with the Federal Energy Regulatory Commission.

Block 14 is in Phase 2 of the 27.2 million metric tons per annum Plaquemines export facility, with Phase 1 consisting of 12 blocks, according to Venture Global's website.

The entire Plaquemines facility is designed to have 18 blocks, with 12 in Phase 1 and six in Phase 2. Each block has two liquefaction trains.

Venture Global has said its strategy is to have extended commissioning periods by completing construction of its plants years ahead of when it expects to make LNG available at lower costs to contracted customers, allowing it to earn higher revenue by selling its cargoes on the spot market.

Last week it revealed that in the second quarter of 2025 it made $7.09 per million British thermal units (mmBtu) in liquefaction fees from spot market sales of LNG from Plaquemines Phase 1. That is more than double the fees it received from selling LNG to its long-term customers from its Calcasieu Pass facility, which averaged $2.66 per mmBtu.

Venture Global's stock price has climbed almost 18% in the last week, trading this morning at just under $18, up more than 150% from a low of $7 on April 7.

(Reuters)