The remaining construction work at US LNG developer Venture Global's 12.4mn t/yr Calcasieu Pass export terminal is set to end by February, according to US energy regulator Ferc, which could allow the facility to start commercial operations.
Calcasieu Pass loaded its first LNG cargo in March 2022. But the terminal has not yet been fully commissioned because of "performance deficiencies" with the facility's heat recovery steam generators, Venture Global told Ferc in February 2024.
Calcasieu Pass has five heat recovery steam generators, four of which have been repaired, Ferc said following an inspection of the terminal on 22 January. Repair work on the fifth generator is scheduled to be completed by February, Ferc added.
Venture Global said in late December that it expects to start commercial operations at Calcasieu Pass by the end of March 2025, at which point the terminal's long-term offtake agreements will begin to apply.
Calcasieu Pass has exported 418 cargoes since March 2022, according to data from ship-tracking firm Vortexa. The sale of these commissioning cargoes had generated Venture Global a revenue of $19.6bn by the end of September, the company said in December, ahead of its initial public offering.
Venture Global has signed offtake agreements for all of Calcasieu Pass' 10mn t/yr of base capacity, as well as for 50pc of the volumes produced in excess of its nameplate capacity (see table).
Seven long-term offtakers have launched arbitration proceedings against Venture Global over an alleged breach of contract for deliveries from the terminal.
Calcasieu Pass offtake agreements | mn t/yr | |
Offtaker | Volume | Duration (yrs) |
Nameplate capacity | ||
Shell | 2.0 | 20 |
BP | 2.0 | 20 |
Orlen | 1.5 | 20 |
Edison | 1.0 | 20 |
Galp | 1.0 | 20 |
Repsol | 1.0 | 20 |
Unipec | 1.0 | 3 |
CNOOC Gas and Power Singapore Trading | 0.5 | 5 |
Excess capacity | ||
BP | 1.2 | 20 |
— Venture Global |