Eni signs 20-year LNG SPA deal with Venture Global

Eni has made its first deal with a US LNG producer in a 20-year offtake agreement with Venture Global LNG.

The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the US Gulf Coast.

With the Eni deal involving LNG volumes from Venture Global’s third project, CP2, the companhy said it had, to date, sold approximately 13.5 MTPA of CP2 Phase One. The deal raised the total contracted capacity for all of Venture Global’s projects to 43.5 MTPA. To date, Venture Global has supplied Italy with nearly 40 cargoes of US LNG from its Calcasieu Pass and Plaquemines LNG facilities.

"This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution," Venture Global CEO Mike Sabel said.

In early July, Venture Global reached a second 1M tonnes per annum (mta) LNG supply deal with Malaysian national oil major Petronas for volumes from CP2. 

Also in early July, Venture Global LNG subsidiary Venture Global Plaquemines LNG closed an offering of US$4.0Bn in senior secured notes to fund further development of its LNG liquefaction and export facility in Plaquemines Parish, Louisiana, approximately 32 km south of New Orleans.

And in April 2025, Venture Global Plaquemines LNG closed an initial offering of US$2.5Bn in senior secured notes to fund further development. 

Plaquemines LNG now has US$6.5Bn in senior secured notes out on its Plaquemines LNG facility since the plant’s commercial start-up, also in April 2025.

Once complete, Plaquemines LNG is expected to have an export capacity of at least 20 mta.

In January 2025, following an initial target of US$110.0Bn and share price range of US$40 and US$46 in its IPO, Venture Global lowered the price per share and increased the number of shares, while still aiming to raise up to US$1.9Bn in its initial public offering. Ultimately, the company raised US$1.8Bn, falling short of its goal.