Venture Global announced the contract award in a SEC filing on Monday.
The US LNG exporter entered the EPC agreement with Worley Field Services for certain design, engineering, procurement, construction management, testing, studies, and related services for the construction of Phase 2 of the company’s CP2 project.
Worley’s services under the contract include the design of the balance of the plant and all interconnections including piping, utilities and associated infrastructure, procurement of all items not covered by CP2’s other construction and supply agreements, and scheduling and coordination of the work and services performed by certain subcontractors and other contractors.
Moreover, the services include installation and connection of all equipment supplied by CP2’s equipment suppliers, construction of the power plant forming part of the CP2 project, compliance with Worley’s warranty obligations and all applicable laws, codes, and standards, and provision of project controls and construction performance indicators and invoice reconciliation.
Bonus incentives
Venture Global said that Worley will be paid a reimbursable sum for its scope of work, where CP2 will reimburse Worley for all reimbursable costs incurred in connection with the relevant work.
These include costs for materials, transportation, and equipment, plus a margin to cover overhead costs and expenses as well as an agreed profit margin.
According to Venture Global, the estimated reimbursable sum represents the “target price” for Worley’s scope of work related to Phase 2 of the CP2 project.
Venture Global noted that the CP2 Phase 2 EPC contract establishes an agreed project schedule for Worley’s scope of work related to Phase 2, including substantial completion deadlines and final completion deadlines for their scope.
Each of Worley’s schedule milestones requires that the work performed meets or exceeds requirements under the CP2 Phase 2 EPC contract and certain of such milestones additionally require that the work performed passes performance tests.
“Worley has significant milestone and schedule-driven bonus incentives under the CP2 Phase 2 EPC contract that are intended to promote schedule adherence and a completion mindset,” Venture Global said.
CP2 LNG
In July 2025, Venture Global took FID on the first phase of its CP2 LNG project with a nameplate capacity of 14.4 mtpa. First LNG from this phase is expected in late 2027.
Venture Global recently received the first liquefaction train at its CP2 LNG terminal, just six months after it took FID.
Worley is the EPC contractor for the first phase of the project.
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.
The project is permitted to produce 28 mtpa from both phases and engineered to generate more than 30 mtpa of LNG on a runrate basis.
CEO Mike Sabel said in November last year that Venture Global expects to take FID on the second CP2 LNG phase in the first half of this year.
Venture Global expects a total project cost of $28.5 billion to $29.5 billion, including both CP2 LNG phases.
