Eni signs a 20-year LNG deal with Venture Global, boosting U.S. LNG imports and expanding its global energy portfolio.
Eni has announced the signing of a landmark 20-year sales and purchase agreement (SPA) with U.S.-based LNG producer Venture Global. Under the terms of the agreement, Eni will acquire 2 million tonnes per annum (MTPA) of liquefied natural gas (LNG) over two decades. The LNG will be sourced from Phase 1 of Venture Global’s CP2 LNG project, a facility currently under development in Cameron Parish, Louisiana. First offtake under the contract is expected to begin before the end of this decade.
The CP2 LNG facility, once operational, will have a peak production capacity of 28 MTPA, positioning it as one of the significant contributors to global LNG supply. This agreement marks Eni’s first long-term LNG procurement deal with a U.S. supplier, signifying a major step forward in the company’s efforts to strengthen and diversify its LNG sourcing portfolio on a global scale.
By entering into this long-term deal, Eni underscores its commitment to enhancing flexibility in its LNG supply strategy. The newly secured volumes will not only support Eni’s global portfolio diversification but will also play a crucial role in improving Europe’s energy security by contributing to the continent’s broader strategy to diversify natural gas sources in the face of ongoing geopolitical uncertainties.
The collaboration with Venture Global, a company known for its reliable and timely project execution, aligns well with Eni’s ambitious goal of expanding its contracted LNG portfolio to approximately 20 MTPA by 2030. This target reflects Eni’s broader strategy of strengthening its position in the global LNG market, both through long-term supply agreements and active participation in the trading sector.
In addition to supporting its growth in LNG volumes, the agreement enables Eni to better respond to shifting market dynamics and evolving customer needs in various regions. The increased access to flexible U.S. LNG volumes further empowers Eni to deliver reliable and diversified energy solutions to customers across Europe and other key global markets.
This deal also highlights the strategic importance of U.S.-based LNG projects in ensuring global energy security and stability. As energy demand continues to evolve in line with economic growth and decarbonization trends, partnerships like this one are crucial for building resilient and adaptable energy portfolios.
Overall, the agreement between Eni and Venture Global not only reinforces transatlantic energy cooperation but also sets the stage for further long-term investments that will shape the future of the LNG landscape.
