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☆ Watch CNBC's full interview with Venture Global LNG's Michael Sabel
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Venture Global LNG's Michael SabelCNBC's Brian Sullivan interviews Michael Sabel, Executive Co-Chairman and Founder of Venture Global LNG, from the CERAWeek conference in Houston, Texas.

Persons: Michael Sabel CNBC's Brian Sullivan, Michael Sabel Organizations: Venture, Venture Global Locations: Houston , Texas

PLAQUEMINES PARISH, La.— Michael Sabel and his partner, both industry novices, have made a fortune virtually overnight by building from scratch one of the world’s largest gas exporters. They have also made some powerful enemies. Here at this sprawling facility spanning about 630 acres in the wetlands outside New Orleans, Sabel said his company, Venture Global LNG , is on pace to leapfrog competitors and rival Qatar as one of the world’s top exporters of liquefied natural gas by 2030.

Persons: — Michael Sabel, Sabel Organizations: Venture Global, Qatar Locations: PLAQUEMINES, La, New Orleans

☆ BP, Edison, Shell ask US, EU to intervene in Venture Global LNG dispute
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +3 min

Venture Global LNG has said the Louisiana plant is not fully operational due to faulty power equipment that is being repaired. Their appeals sought to get The Hague and Washington to pressure Venture Global LNG on the contracts. In its letter, Shell accused Venture Global LNG of diverting resources into building a second LNG export plant rather than completing repairs to its first plant. Officials from the EU and U.S. indicated they view the dispute as "a contractual matter between commercial parties," a Venture Global LNG spokesperson said on Saturday. Venture Global LNG is operating the Calcasieu Pass plant at capacity, it has told U.S. regulators.

Persons: Chris Helgren, Carol Howe, Michael Sabel, Robert Pender, Gary McWilliams, Diane Craft Organizations: BP, REUTERS, Rights, Edison, Shell, Venture Global LNG, U.S, EU, Force, Energy Security, Venture Global, Global, Reuters, Venture Global Co, Energy Regulatory, Thomson Locations: Vancouver , British Columbia, Canada, U.S, EU, Arlington , Virginia, Louisiana, Hague, Washington, Calcasieu, Europe

But they are going only as far as the safest bets in the junk category, bonds rated BB and B. Junk bond spreads, the additional interest rate investors demand over safe Treasury bonds, tightened sharply. The spreads of those rated BB and B, or the higher rungs of junk, had tightened 47-52 basis points last week, according to Informa Global Markets data. Four junk bond issuers – Bombardier (BBDb.TO), Venture Global LNG, Smyrna Ready Mix Concrete and InfraBuild Australia - announced bond offerings on Monday. The spotty access to bond markets does not bode well for poorly rated companies.

Persons: Rick Wilking, ”, Edward Marrinan, Peter Knapp, Winnie Cisar, bode, Morgan Stanley, Moody's, Manuel Hayes, Shankar Ramakrishnan, Paritosh Bansal, Andrea Ricci Organizations: REUTERS, Federal, Nikko Securities Americas, Investors, JPMorgan, Informa, CCC, Bombardier, Venture Global LNG, “, London, Insight Investment, Barclays, Thomson Locations: Westminster , Colorado, Smyrna, Australia

☆ Chevron opted to buy vs build US LNG processing - gas executive
▼ + stars: | 2023-07-14 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - Chevron Corp (CVX.N) is comfortable with buying U.S. liquefied natural gas (LNG) on long-term contracts rather than constructing its own U.S. domestic export facility, said Freeman Shaheen, the company's head of global gas. The second largest U.S. oil and gas producer in June 2022 signed agreements with LNG developers Cheniere Energy (LNG.A) and Venture Global LNG for a combined 4 million tonnes per annum (MTPA) of the super-chilled natural gases. The Cheniere and Venture Global LNG deals will provide an outlet for natural gas flowing from its Permian Basin shale holdings in West Texas and New Mexico. It opted not to build an export terminal in the U.S., where several major plants are already under construction. Top LNG traders Shell (SHEL.L) and BP (BP.L) separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared last year.

Persons: Freeman Shaheen, Shaheen, Curtis Williams, Josie Kao Organizations: Chevron Corp, Cheniere Energy, Venture Global LNG, Chevron, Venture Global, Reuters, Top, Shell, BP, Thomson Locations: U.S, Angola, Australia, Israel, West Texas, New Mexico, Argentina, West Africa, Calcasieu, Houston

A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA (REP.MC), has asked U.S. regulators to release confidential records that would shed light on the plant's startup. Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities.

Persons: Costas Baltas, Ira Joseph, Marwa Rashad, Curtis Williams, Scott DiSavino, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Top, Shell, BP, U.S, Venture Global LNG, Venture Global, London Court, International, Edison SpA, Repsol SA, Columbia University's Center, Global Energy, Thomson Locations: Bermuda, Revithoussa, Greece, Europe, Calcasieu, London, Houston

HOUSTON, July 10 (Reuters) - A coming wave of North American liquefied natural gas (LNG) export projects faces staffing challenges that are prompting some of the biggest developers to expand training and coordinate projects to keep construction workers. WORKERS NEEDEDAt present Bechtel has more than 3,000 professionals working on its LNG projects. Two other projects - Golden Pass LNG and Plaquemines LNG - have added workers and are moving to 24-hour work schedules. Cheniere and Bechtel are training workers using virtual simulations or via partnerships with local schools. Venture Global LNG stitched together 18 liquefaction units in its highly modular Calcasieu Pass LNG plant, allowing it to open the facility in what it said was record time.

Persons: Paul Marsden, Marsden, Alex Munton, Bechtel, Corey Grindal, Grindal, Cheniere, Jason Klein, Klein, Paul Varello, Curtis Williams, Nia Williams, Matthew Lewis Organizations: Bechtel Corp's Energy, Labor, Rapidan Energy, Bechtel, Cheniere Energy, Corpus, Plaquemines, Canada, Reuters, Commonwealth LNG, Venture, Columbia, Thomson Locations: U.S, Port Arthur, Christi, Kitimat, British Columbia, China, Calcasieu, Houston

☆ Exclusive: LNG developer Venture Global spars with customers over cargoes
▼ + stars: | 2023-06-09 | by ( Curtis Williams | ) www.reuters.com time to read: +5 min

Italian electric utility company, Edison SpA (EDNn.MI), in May brought an arbitration proceeding against Venture Global over its failure to supply cargoes, Edison's spokeswoman said. Venture Global described the complex at the time of its first cargo shipment last year as holding "the global record for the fastest large-scale greenfield LNG facility to ever be built." Edison and Repsol signed purchase contracts with Venture Global in 2017 and 2018, respectively. That volume irked contract customers who believe Venture Global took advantage of high spot LNG prices at their expense. In its reply to DOE, Venture Global chastised Repsol as an "impatient" customer.

Persons: Shaylyn Hynes, Hynes, Repsol, Portugal's, Edison, Venture Global's Hynes, Curtis Williams, Gary McWilliams, Paul Simao Organizations: HOUSTON, Venture Global LNG, U.S, LNG, Edison SpA, Venture Global, Repsol SA, U.S . Department of Energy, DOE, Venture, Reuters, Edison, Shell, Federal Energy Regulatory Commission, General Electric Co, Thomson Locations: Calcasieu, Spanish, Arlington , Virginia, Cameron Parish , Louisiana, Europe, Russia, Ukraine

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

That outage dropped the United States behind top exporter Australia as global demand for the fuel boomed. In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd, just shy of Australia's 10.7 bcfd. The United States remained ahead of Qatar, which in third place shipped 10.5 bcfd, according to data provider Refinitiv. CROWN WITHIN SIGHTHowever, the loss of Freeport LNG's supply at mid-year took away the U.S. chance to take the crown as top exporter in 2022. In 2021, when prices in Asia were higher, just 35%, or about 3.3 bcfd, of U.S. LNG exports went to Europe.

☆ Japan's Inpex signs 20-year LNG deal with Venture Global
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Dec 27 (Reuters) - Inpex Corp (1605.T), Japan's biggest oil and gas explorer, said on Tuesday that it has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with U.S.-based Venture Global LNG. Under the agreement, Inpex will buy one million tonnes per annum (mtpa) of LNG for 20 years on a free-on-board basis, Inpex said in a statement. The agreement was signed between the subsidiaries of the two companies, INPEX Energy Trading Singapore Pte Ltd (IETS) and Venture Global CP2 LNG LLC. IETS will buy the LNG from Venture Global LNG's CP2 LNG project in Louisiana, which is expected to begin construction in 2023, according to Inpex's statement. The LNG will be delivered to INPEX's Naoetsu LNG terminal and other terminals in Japan.

☆ Japanese firms sign multi-year agreements to buy LNG from Oman, U.S.
▼ + stars: | 2022-12-27 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Global LNG supply has been tight since Russia invaded Ukraine and cut gas supply flows to Europe, leading European nations to import record amounts of LNG cargoes, straining global supplies and elevating prices. Mitsui and Itochu confirmed signing basic agreements with Oman LNG, but declined to give details. Other Japanese companies were also in talks with Oman LNG about term contracts, a government official told Reuters without naming the firms. If successful, they could take Japan's LNG imports from Oman above 3 million tonnes a year, he added. The agreements with Oman LNG were signed during a visit to Oman by Japanese industry minister Yasutoshi Nishimura.

SummarySummary Companies Chevron sees continuing strong demand for LNG in EuropeEurope's high prices to lure most U.S. LNG in the short termChevron expected to boost Permian Basin output 15% this yearLONDON, Oct 12 (Reuters) - U.S. oil major Chevron Corp (CVX.N) expects high European prices for liquefied natural gas (LNG) to attract a majority of U.S. LNG exports in the short term, a top executive told Reuters on Wednesday. Its commitment to building import terminals and regasification facilities shows the region's demand for U.S. exports could last. The major also produces LNG in Australia and Angola, and recently carved out a foothold in U.S. LNG through purchase agreements with LNG producers Cheniere Energy Inc (LNG.A) and closely-held Venture Global LNG. "Gas demand in the United States is roughly flat," said Parfitt. "What's growing in the United States is demand for exports," he said.

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