Trump to Approve LNG Exports From Venture Global’s CP2 Project

(Bloomberg) -- The Trump administration is prepared to give Venture Global LNG Inc. conditional approval to export natural gas from a planned facility in Louisiana that had stalled under former President Joe Biden.

The Energy Department is set to authorize widespread exports from the company’s CP2 project as soon as Wednesday, according to a person familiar with the matter who asked not to be named because the plan isn’t public. 

Once constructed, the facility in Cameron Parish would be able to export up to 3.96 billion cubic feet per day of liquefied natural gas. The venture is mammoth in scale, potentially producing 20 million tons of LNG annually and costing an estimated $28 billion to build. Venture Global has yet to make a final investment decision on the project, which would be one of the largest LNG plants of its kind. 

Under the coming approval, CP2 would be granted conditional authorization to export LNG to countries that don’t have free-trade agreements with the US. The order is based on the government’s determination that the sales will yield economic benefits for the US, while diversifying global natural gas supplies and bolstering energy security for allies abroad. 

It’s the latest effort by President Donald Trump to bolster US gas exports, following a similar license for Commonwealth LNG, permit extensions for two other projects and an order making it easier to use LNG as a marine fuel. 

But CP2’s authorization would be by far Trump’s biggest move on LNG yet. The project’s scale made it a target for climate activists who pressured the Biden administration to block the venture. Environmental groups argue the plant would prolong the transition to emissions-free energy and produce greenhouse gases equivalent to putting 1.8 million new gasoline-fueled cars on the road. 

By contrast, Venture Global has said the project will export enough natural gas to replace 33 coal-fired power plants, effectively preventing the release of approximately 140 million tons of greenhouse gases per year.

Ultimately, Biden paused the issuance of new LNG export permits in January 2024, stalling licenses for CP2 and other projects. And last December, the administration released a study that found more exports would raise natural gas prices for US consumers and increase global emissions.

Trump rescinded Biden’s moratorium on his first day in office. 

Customers of future LNG supplies from CP2 include Exxon Mobil Corp., Chevron Corp., Inpex Corp. and SEFE Securing Energy for Europe GmbH.

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