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48 min ago 2 min read
Venture Global has signed two deals with TotalEnergies and Vitol for US liquefied natural gas (LNG) as companies seek to firm up energy security amid ongoing global supply volatility from the Middle East conflict.
The French multinational operator will buy around 0.85 million tonnes per annum for approximately five years starting this year, while Vitol has agreed to increase its existing five-year binding LNG agreement to 1.7 mtpa, up from the previous agreement of 1.5 mtpa announced in March.
Mike Sabel, Venture Global CEO, said the agreements reflect its ability to deliver “reliable, low-cost US LNG to global markets quickly and at scale” as demand for energy security continues to grow.
“By offering customers short-, medium-, and long-term supply options, we are providing the flexibility and certainty they need to deliver LNG where it is needed most,” he said.
TotalEnergies had previously purchased individual cargoes of LNG from Venture Global on the spot market but did not have a binding long-term contract.
Venture Global took final investment decision on the second phase of its in Cameron Parish, Louisiana, in March.
It will sell nearly all LNG produced on a long-term basis with customers primarily based in Europe and Asia. The company now has a total contracted capacity of over 49 mtpa across its three projects in Louisiana.
US LNG exports are projected to increase by 15% in 2026. In just 10 years, it has grown into , and its status is being bolstered by the Middle East crisis, with spot market profits soaring and rising demand for long-term supply contracts.
