Eni S.p.A. has formalised the signing of a liquefied natural gas (LNG) sales and purchase agreement with the US company Venture Global LNG Inc., securing a twenty-year contract for an annual volume of two mn tonnes. Supply will be provided from the first phase of the CP2 LNG project, currently under development in Cameron Parish, Louisiana, United States, with total capacity potentially reaching twenty-eight mn tonnes per year.
A strategic step for supply diversification
According to the group’s statement, this is the first long-term agreement signed by Eni S.p.A. for the direct import of LNG from the United States. Deliveries are scheduled to begin before the end of the decade, subject to the full commissioning of the terminal’s first phase. A portion of the secured volumes is expected to reinforce the diversification of Europe’s gas supply sources amid ongoing changes in energy flows across the continent.
The CP2 LNG project by Venture Global LNG Inc. has been designed to meet growing global demand, with a peak capacity announced at twenty-eight mn tonnes per year, making it one of the largest liquefied natural gas export projects in North America. The signed contract will allow Eni S.p.A. to increase the flexibility of its LNG portfolio while extending its presence in international markets.
LNG market outlook and growth ambitions
Based on published information, this partnership should enable Eni S.p.A. to approach its target of around twenty mn tonnes of contracted volumes by 2030, supporting its growth strategy in the liquefied natural gas market. Venture Global LNG Inc. highlights its experience in delivering large-scale projects, which is seen as crucial for the long-term security of supply for European stakeholders.
The contract comes in a context of greater agility in gas markets and evolving client needs as Europe continues to diversify its sources of energy imports. “Venture Global LNG Inc.’s proven success in project delivery will support Eni S.p.A.’s international growth ambitions,” the statement said.
