Eni signs first long-term US LNG deal with Venture Global

Eni has signed its first long-term liquefied natural gas (LNG) supply agreement with a US producer, securing a 20-year deal with Venture Global worth 2 million tonnes per annum.

The agreement, will see Eni purchase LNG from Venture Global's CP2 facility in Cameron Parish, Louisiana, with deliveries beginning by the end of the decade. The CP2 plant, currently under development, has a peak production capacity of 28 million tonnes per annum.

This milestone deal represents a significant step in Eni's strategy to expand and diversify its global LNG portfolio whilst enhancing supply flexibility. Part of the contracted volumes will contribute to diversifying Europe's gas supplies, supporting the continent's energy security objectives.

Mike Sabel, CEO of Venture Global, said the company was "honoured" that Eni had chosen them as their first American LNG supplier. He described Italy as "an important ally and trading partner to the United States" and highlighted the deal as recognition of Venture Global's "growing global energy leadership."

For Eni, the agreement supports ambitious plans to grow its LNG portfolio to approximately 20 million tonnes per annum of contracted volumes by 2030. The Italian company aims to expand its trading business whilst meeting evolving customer needs across key markets worldwide.

Venture Global has already supplied Italy with nearly 40 cargoes of US LNG from its existing Calcasieu Pass and Plaquemines facilities. The new deal raises the total contracted capacity for all of Venture Global's projects to 43.5 million tonnes per annum, with approximately 13.5 million tonnes of CP2 Phase One now sold.

The agreement underscores strengthening trans-Atlantic energy ties and reflects Europe's continued efforts to diversify its gas supply sources.