Venture Global LNG Inc. said Sunday it would acquire a fleet of nine liquefied natural gas tankers, becoming the first U.S. producer of the super-chilled fuel to own vessels as it continues to integrate its operations.
The vessels are currently under construction in South Korea. Six of them would have the capacity to carry 174,000 cubic meters of LNG, while the other three would have a 200,000 cubic meter capacity.
The ships would burn LNG for propulsion. They would also have both the highest fuel efficiency and lowest greenhouse gas emissions of currently available carrier technology, the company said.
Venture Global brought the 10 million metric tons/year (mmty) Calcasieu Pass terminal online in Louisiana in 2022. It is currently building the 20 mmty Plaquemines LNG export facility and developing the CP2 and Delta projects, as well.
CEO Mike Sabel said the fleet of LNG tankers the company is acquiring builds on its recent 16-year agreement with the Grain LNG terminal in the UK to import 3 mmty of LNG.
“This will be complementary to our core business as a supplier to long-term customers while also enabling optimization and optionality by allowing for the transport of LNG directly to the customer's point of need,” he said of the fleet acquisition.
Venture Global has not started serving its long-term contract holders at Calcasieu Pass, selling instead into the spot market while its facility continues to undergo a prolonged commissioning. The company has argued that the commissioning process means it doesn’t technically have to provide volumes to contract holders, who have strongly objected to its spot market sales.
Having LNG tankers would also increase the company’s competition with its offtakers that serve customers overseas.
At a Sunday press conference, Sabel said the company is aiming to introduce the first gas to the Plaquemines facility in 90 days. He also said the Delta project could start construction sometime in the next 24 months and produce LNG there about two years after that.
The company has pre-filed at FERC for the Delta project. It also continues to wait for the Federal Energy Regulatory Commission to approve its CP2 project, which is also waiting for an export license from the U.S. Department of Energy amid a suspension of those permits for all operators while regulators review whether sending more U.S. LNG overseas is in the public interest.
