Venture Global announces $10 billion investment in Cameron LNG facility

(Courtesy Venture Global)

Venture Global LNG CEO Mike Sabel announced Dec. 2 that his company would invest more than $10 billion in a new liquefied natural gas facility in Cameron Parish. The facility will employ carbon capture and sequestration technology (CCS) to reduce carbon dioxide (CO2) emissions, according to a press release.

The project will result in at least 200 direct new jobs, with average annual salaries of $120,000, plus benefits. Louisiana Economic Development estimates the project will result in 867 indirect jobs, or a total of 1,067 jobs in Southwest Louisiana. At the peak of construction, an average of 2,300 construction jobs will be created.

Venture Global’s new facility, named CP2, will have a nameplate capacity of 20 million metric tons per annum (MTPA) of LNG. The CCS process will be used to capture and store underground an estimated 500,000 tons of CO2 emissions from the facility annually. The complex will be located on 650 acres in Cameron, including 170 acres on Monkey Island, providing CP2 with direct access to the deep-water Calcasieu Ship Channel. Read the entire press release.