A long-term Sales and Purchase Agreement (SPA) for the purchase of one million tonnes of liquefied natural gas (LNG) annually (1MTPA) for 20 years was signed by Venture Global LNG and INPEX CORPORATION (INPEX). According to the agreement, CP2 LNG, Venture Global's third project, whose development is anticipated to begin in 2023, would supply 1MTPA of LNG to INPEX Energy Trading Singapore Pte. Ltd. (IETS), a Singapore-based subsidiary of INPEX. In addition to ExxonMobil, Chevron, EnBW, and New Fortress Energy, INPEX is now a customer of CP2 LNG.
"Venture Global is delighted to welcome INPEX, Japan's largest gas exploration and production company, as a customer at CP2 and expand our customer base in Asia," said Venture Global CEO Mike Sabel. "We are honored to provide security of LNG supply to this key market and look forward to supporting INPEX as it delivers our competitive lower carbon energy to the region."
"This agreement will enable the INPEX Group to procure LNG from the United States on a long-term basis, expand its LNG supply capacity, and diversify its supply sources to further contribute to the stable supply of energy," said Hiroshi Kato, Executive Officer and Senior Vice President of Global Energy Marketing at INPEX.
Venture Global is a long-term, low-cost supplier of U.S. LNG from naturally gas basins in North America that are rich in resources. Calcasieu Pass, Venture Global's first project, started producing LNG in January 2022. In order to supply the entire world with clean, inexpensive energy, the business is also building or developing an additional 60 MTPA of production capacity in Louisiana. At each of its LNG facilities, the corporation is developing Carbon Capture and Sequestration (CCS) projects.