Venture Global LNG, which is developing a natural gas export project in Cameron Parish, LA, agreed Friday to supply Repsol SA with 1 million metric tons/year (mmty) over 20 years.
The binding sales and purchase agreement (SPA) is to provide liquefied natural gas (LNG) from the Venture Global Calcasieu Pass LNG export project now on the drawing table. A final investment decision (FID) for the 10 mmty facility is expected in 2019.
“Our contract execution with Repsol, an industry leader across the LNG value chain, represents another significant milestone as we accelerate the development of our Calcasieu Pass project,” co-CEOs Mike Sabel and Bob Pender stated.
Under the agreement, Repsol would purchase LNG on a free-on-board basis over 20 years, beginning with commercial start up. If Venture pulls the trigger with the FID, exports could begin in 2022.
Calcasieu Pass, to be sited on the Gulf of Mexico, obtained a draft environmental impact statement in June and is preparing for authorization by the Federal Energy Regulatory Commission.
Venture has a second Louisiana export project under development for Plaquemines Parish to be sited on the Mississippi River that would, if it moves forward, export up to 20 mmty.
Venture already has secured SPAs for its proposed export facilities with a who’s who of global operators including BP plc, Edison SpA, Galp, Royal Dutch Shell plc and PGNiG of Poland.