Venture Global announced on Monday that the SPA is for the purchase of 1 million tonnes per annum (mtpa) of LNG for a 20-year term, commencing in 2030.
The agreement represents Spain’s first long-term contract for American LNG since Venture Global’s first contract in 2018, the company said.
To date, Venture Global has supplied Spain with 35 cargoes from its Calcasieu Pass and Plaquemines facilities.
Additionally, Venture Global signed 5.75 mtpa of long-term LNG contracts to date in 2025.
Venture Global plans to build more than 100 mtpa of LNG export capacity.
The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America.
On the other hand, this deal follows a memorandum of understanding Naturgy recently signed with state-owned producer Oman LNG on LNG supplies and a potential joint investment in an LNG carrier.
The company buys LNG from all over the globe, including via long-term deals for volumes from Cheniere’s Sabine Pass and Corpus Christi plants in the US.
Venture Global CEO Mike Sabel said this contract will “positively impact the US balance of trade with Spain and enhance energy security across the region.”
“The signing of this agreement, along with the strong commercial momentum we’ve achieved over the past six months, reflects the continued customer confidence in our company and the robust demand for LNG globally,” he said.
He said later on Monday during Venture Global’s earnings call that the volumes under this agreement with Naturgy would be sourced from the planned second phase of the CP2 LNG project.
Venture Global expects to take FID on the expansion in the first half of next year.
