-Venture Global and Baker Hughes Announce Expanded Master Equipment Supply Agreement to Support Venture Global's Long-Term Expansion Plan
SINGAPORE, Sept. 5, 2023/PRNewswire/ -- Today, Venture Global LNG announced its long-term expansion plan to increase production from 70 million tonnes per year (MTPA) to over 100 MTPA of LNG export capacity . In support of this initiative, Venture Global and Baker Hughes have executed an expanded master equipment supply agreement for the delivery of additional liquefaction train systems and power island systems for Venture Global's future LNG export projects. The expanded agreement was announced on the sidelines of Gastech in Singapore in the presence of Venture Global CEO Mike Sabel and Baker Hughes Chairman and CEO Lorenzo Simonelli.
Venture Global continues to execute and achieve important milestones in each of its projects. Cargoes from its Calcasieu Pass project have been delivered to 24 countries and accounted for approximately 10% of the LNG exported from the United States to Europe in 2022 and 2023. Venture Global has contracted with FID on both phases of its 20, 0 MTPA, which aims to produce first LNG by 2024. By early September, Plaquemines LNG will have received the first four liquefaction train modules (Blocks 1 and 2) and will have the roof raised on its third LNG storage tank . The company expects to begin construction of its CP2 LNG facility later this year after receiving authorization from FERC. To date, 9.25 MTPA of the nominal 20.0 MTPA capacity of CP2 LNG has been sold under 20-year purchase and sale agreements. Baker Hughes, as Venture Global's strategic LNG equipment provider, provided comprehensive LNG technology solutions to the Calcasieu Pass LNG facility and will provide the same to the Plaquemines LNG facility, currently under construction.
"Venture Global is delighted to announce our long-term plan to expand LNG production both inside and outside of Louisiana, building on momentum from our first three projects: Calcasieu Pass, Plaquemines LNG and CP2 LNG," said Mike Sabel, CEO. of Venture Global. "Now more than ever we are committed to our mission to deliver low-cost LNG on a larger scale to support the growing global demand for energy security, prosperity and environmental progress. We are grateful for our continued partnership with Baker Hughes, a world leader in energy technology, and we look forward to continuing our successful collaboration on our next projects."
"Natural gas will continue to play a critical role as a bridge and destination fuel for the energy transition. We are proud of our longstanding partnership with Venture Global LNG and continue to support their plan to expand LNG production to address global energy demand," he said. Lorenzo Simonelli, Chairman and CEO of Baker Hughes. "Building on our positive track record for the Calcasieu Pass and Plaquemines LNG projects, we look forward to providing VG with our proven technology solutions to enable faster time to LNG, a key advantage to our modular LNG design."
About Venture Global LNGVenture Global is a long-term, low-cost provider of US LNG from resource-rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, began LNG production in January 2022. The company's second facility, Plaquemines LNG, is under construction and is expected to produce first LNG in 2024. Venture Global is also building o developing more than 70 MTPA of additional production capacity to provide clean and affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.
About Baker Hughes Baker Hughes (NASDAQ: BKR) is an energy technology company providing solutions to energy and industrial customers around the world. Drawing on a century of experience and doing business in more than 120 countries, our innovative technologies and services are advancing energy, making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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