Large LNG Venture Global has quietly begun producing LNG from Phase 2 of its Plaquemines export terminal in Louisiana, sources told Reuters.
The move allows the LNG export plant developer to sell cargoes at elevated spot market prices—reportedly earning $7.09 per MMBtu in 2Q25—well above the $2.66 per MMBtu earned under fixed-fee contracts at its now-commissioned Calcasieu Pass facility.
Plaquemines Phase 2 buyers, including ExxonMobil, Chevron, Petronas, and Excelerate, aren’t expected to receive their first contracted cargoes until mid-2027.
Venture Global has long defended its extended commissioning periods as deliberate, allowing plants to be operational years before contractual obligations kick in.
The company’s Block 14, part of Phase 2, recently received federal approval for gas introduction.
The overall Plaquemines facility is now approved to export up to 27.2 mill tonnes per year. That capacity boost came with FERC’s approval earlier this year, despite concerns over increased greenhouse gas emissions.
While the engineering is ambitious, the business model remains divisive. European majors have repeatedly accused Venture Global of exploiting commissioning status to sidestep long-term delivery obligations, which results in spot profits surging, while long-term customers holding billion-dollar contracts wait their turn.
Plaquemines exported 51 cargoes in 2Q25 alone, despite still being at the commissioning phase.
Critics claimed that the business model jeopardises trust in US LNG. However, supporters call it capitalism at its finest. (July 15, 2025, Source: https://lngjournal.com/index.php/latest-news-mainmenu-47/item/113966-plaquemines-lng-phase-2-up-and-running)
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