Venture Global Takes FID on CP2 Phase 2, Files for Third-Phase Expansion
According to Offshore Energy and regulatory filings, Venture Global has taken a final investment decision (FID) on Phase 2 of its CP2 LNG project in Cameron Parish, Louisiana, closing an $8.6 billion project financing in March 2026 and bringing total CP2 financing to $20.7 billion. The company subsequently secured a FERC pre-filing waiver in April 2026 for a third-phase bolt-on expansion, and CEO Mike Sabel announced in May 2026 that four additional liquefaction trains have been added to the expansion plan due to strong demand for American LNG.
Phase 2 Details
CP2 Phase 2 adds ten liquefaction trains and two 200,000-cubic-meter LNG storage tanks to the approximately 1,150-acre site on the Calcasieu Ship Channel, bringing total CP2 nameplate capacity to 29 million tonnes per annum (mtpa). The trains use the same mid-scale, modular design as Venture Global’s operational Calcasieu Pass terminal, providing construction repeatability that has attracted 26 international lenders to the financing.
Worley received full notice to proceed under its reimbursable EPC contract for Phase 2 on March 19, 2026, having already completed major engineering for Phase 1. Phase 1 site construction mobilized in June 2025.
Venture Global’s CEO Mike Sabel commented: “We are extremely proud to have taken FID on the second phase of CP2, our third greenfield project, bringing Venture Global’s executed capital markets transactions to more than $95 billion. The tireless dedication of our team has enabled us to reach five final investment decisions in less than seven years.”
Phase 3 Expansion Filing
In April 2026, Venture Global secured a FERC pre-filing waiver for a third phase of CP2, a procedural step that allows the company to begin formal federal review before submitting a full application. Sabel confirmed in May 2026 that the bolt-on expansion will include four more liquefaction trains, driven by continued high demand from European and Asian buyers.
Venture Global now holds contracted capacity across all three of its Louisiana projects exceeding 49 mtpa, covering nearly all nameplate capacity.
What It Means for Subcontractors
- CP2 Phase 1 mobilized in June 2025 and Phase 2 NTP was issued March 2026. The site is in active construction, and the sub-trade pipeline, mechanical, instrumentation, and electrical scopes for Phase 2 are entering execution.
- The modular, repeating train design means specialty subcontractors who established a work history on Phase 1 trains have a direct advantage competing for Phase 2 and bolt-on expansion scopes.
- The CP Express pipeline, which originates in Jasper and Newton County, Texas, will carry feed gas to the site. Midstream pipeline subcontractors in east Texas and southwest Louisiana should monitor this corridor for right-of-way and hydrostatic testing work.
- A third-phase FERC pre-filing sets up another round of contractor procurement in 2027 or 2028, extending the Gulf Coast LNG construction cycle well into the end of the decade.
