Sabel said on Tuesday during Venture Global’s fourth-quarter earnings call that the company now has 69 percent of expected production capacity contracted, a percentage that “should rise quickly as we anticipate signing additional short- to intermediate- and long-term contracts in the near term.”
The CEO and founder noted during the call that since the company re-entered the contracting market in April last year, Venture Global has signed 9.25 mtps of new 20-year SPAs with a “fantastic portfolio of customers.”
He said this is more volume than any other LNG company in the market.
Venture Global recently announced a 20-year deal with Hanwha AeroSpace and a five-year deal with Trafigura.
These two new binding agreements add to the four the company signed in the fourth quarter of 2025 with Naturgy, Atlantic–See LNG Trade, Mitsui, and Tokyo Gas.
“Very busy”
Asked about the pricing of the Hanwha and Trafigura contracts and signing of further SPAs, Sabel said, the Venture Global has not disclosed any specific prices on the Hawnha contract, “but it is consistent with what we have been doing recently in our contracting.”
“Our 20-year and our midterm contracting activity is very busy, and we expect more deals in the coming quarters on both 20-year and midterm,” he said.
“The midterm contract is, I am not going to give you an exact price, but it is north of a $3 net spread over five years, and so relative to the 20-year contract price, very attractive for us, and again illustrates the demand and pricing in the market relative to what some people view as significant compression coming, which we disagree with,” he said.
“We are very, very busy on both midterm and long-term contracts, and we expect that to continue. We are approaching, we are almost at 50 million tonnes of 20-year contracts, which is right around the nameplate capacity of CP1, Plaquemines, and CP2,” he said.
“On a traditional nameplate capacity, which does not apply to us anymore, we are almost fully contracted on a 20-year basis, which allows us to right-size the construction loans that we use to support those projects at coverage levels that give us the same debt coverage that the rating agencies want to see that will allow us to be investment grade around COD for the projects,” Sabel said.
FID for CP2 second phase this year
Sabel also said that Venture Global expects to make a final investment decision on the second phase of its CP2 LNG project in Louisiana 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 CP2 and Plaquemines.
“The bolt-ons at CP2 and Plaquemines are straightforward liquefaction train and gas turbine additions that should add around 6.4 mtpa each,” he 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.
