Venture Global previously expected a total project cost of $28.5 billion to $29.5 billion, including both CP2 LNG phases.
However, the company said in its annual results report filed with the SEC that it currently estimates the total project costs will range between approximately $32.5 billion and $33.5 billion, including EPC contractor profit and contingency, owners’ costs, and financing costs.
According to Venture Global, the estimated total project cost for the first and second phases of the CP2 project has increased due to “factors including design modifications to accommodate increased production levels and allow for potential future bolt-on expansions to the CP2 project.”
“Additional drivers include increased contingency reserves for the potential impact of tariffs in place as of December 31, 2025, but does not reflect potential incremental tariff exposure that may arise as a consequence of evolving tariff policies,” it said
“Our estimated total project cost is based upon our experience to date and reflects the current inflationary environment and current known tariff exposure. However, the costs to complete the CP2 project have increased in the past, and may increase further in the future, potentially materially, compared to our current estimates as a result of many factors,” the company said.
Capacity addition
Venture Global CEO Mike Sabel said during the company’s earnings call last week that Venture Global expects to make a final investment decision on the second phase of its CP2 LNG project in the first half of this year.
Venture Global took FID on the first phase of its CP2 LNG project in July last year. First LNG from this phase is expected in late 2027.
The CP2 LNG plant site is situated adjacent to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana, which commenced commercial operations in April last year.
Phase One has a nameplate capacity of 14.4 mtpa, but following improvements, Venture believes the peak run rate production level of Phase 1 should be closer to 20 mtpa.
Including Phase two, the 36 factory-built liquefaction trains from both phases should be capable of production of 28 mtpa once completed and commissioned.
However, Venture Global expects to be able to add approximately 13 mtpa of bolt-on capacity at both CP2 and its Plaquemines LNG plant.
“The bolt-ons at CP2 and Plaquemines are straightforward liquefaction train and gas turbine additions that should add around 6.4 mtpa each,” Sabel said.
“The additions leverage the benefits of our modular approach, resulting in what we expect to be much lower cost and much shorter construction timelines,” Sabel said.
Venture is targeting FID for the CP2 bolt-on in early 2027 and for the Plaqumines bolt-on in mid-2027.
