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Venture Global's Plaquemines LNG Phase One starts commercial operations

Venture Global's Plaquemines LNG Phase One starts commercial operations

Built World

A $13.2 billion Louisiana terminal converts from spot-market commissioning cargoes to 20-year contract deliveries, 53 months after its final investment decision

Today: Phase One commercial start reported at 53 months

Overview

Updated 1 hour ago

On October 31, 2026, Venture Global declared commercial operations at the first phase of its Plaquemines LNG terminal in Louisiana, 53 months after the project's May 2022 final investment decision. The first cargo under a long-term contract left the next morning at 3:26 a.m. aboard the carrier Malaga Knutsen, lifted by Shell.

The declaration changes what the plant is. For 22 months Plaquemines had produced and exported LNG while every cargo went to the spot market, because the facility was still in commissioning. Now 13.33 million tonnes a year of nameplate capacity begins flowing to buyers holding 20-year sales and purchase agreements.

Why it matters

Plaquemines turns 13.3 million tonnes a year of US export capacity from spot-market commissioning cargoes into 20-year contract deliveries.

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Key Indicators

53
Months from final investment decision to commercial operations
Venture Global calls this among the fastest greenfield LNG builds ever completed.
$13.2B
Phase One project financing
Closed in May 2022 alongside the Gator Express pipeline.
13.33
Phase One nameplate capacity, million tonnes per year
The full two-phase project is designed for 20 million tonnes a year.
22
Months of commissioning before the first contract cargo
LNG production began in December 2024; all cargoes in that window sold on the spot market.
36
Modular liquefaction trains across the full project
Arranged in 18 blocks, with four storage tanks, three marine berths and two 720-megawatt power plants.

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People Involved

Michael Sabel
Michael Sabel
Chief executive officer, Venture Global
Leading the company through Phase Two construction at Plaquemines

Organizations Involved

Venture Global LNG
Venture Global LNG
Liquefied natural gas developer and exporter
Operator of Plaquemines LNG; publicly traded on the New York Stock Exchange

A US LNG developer building modular export terminals on the Louisiana Gulf Coast.
Shell
Shell
Energy company and LNG buyer
Holder of a 20-year Plaquemines sales and purchase agreement

The first buyer to lift a cargo from Plaquemines under long-term contract terms.
Federal Energy Regulatory Commission (FERC)
Federal Energy Regulatory Commission (FERC)
US federal regulator
Holds the Plaquemines authorization in docket CP17-66

The agency that authorizes construction and in-service dates for interstate LNG terminals.
DE
US Department of Energy, Office of Fossil Energy and Carbon Management
Federal agency
Issues and amends Plaquemines export authorizations

The office that authorizes LNG exports to free-trade and non-free-trade countries.

Timeline

August 2021 November 2026

12 events Latest: Today Showing 8 of 12
Tap a bar to jump to that date

  1. Phase One commercial start reported at 53 months

    Today Milestone

    Trade press confirms the $13.2 billion first phase is selling to contract customers, with Phase Two targeted for mid-2027.

  2. Shell lifts first contract cargo

    Operations

    The Malaga Knutsen departs Plaquemines with the first shipment sold under a long-term sales and purchase agreement.

  3. Phase One reaches commercial operations

    Milestone

    Venture Global declares COD 53 months after the May 2022 final investment decision.

  4. ConocoPhillips signs 20-year supply deal

    Contract

    Venture Global agrees to sell 1 million tonnes a year starting in 2030; the same day it files for Phase One in-service.

  5. Energy Department raises free-trade export limit

    Regulation

    Order No. 3866-C amends Plaquemines' authorized exports to free-trade-agreement nations; the non-FTA request stays pending.

  6. Venture Global seeks higher peak capacity

    Regulation

    The company asks FERC to raise authorized peak output from 27.2 to 35.0 million tonnes a year without new equipment.

  7. FERC extends the in-service deadline

    Regulation

    The commission pushes the deadline to place all Plaquemines facilities in service to December 31, 2027.

  8. First commissioning cargo departs

    Operations

    The terminal exports its first shipment, sold on the spot market rather than to a contract customer.

  9. Plaquemines begins producing LNG

    Operations

    The plant starts making LNG while construction and commissioning continue.

  10. Phase Two financing closes

    Finance

    A second final investment decision adds $7.8 billion, funding the full 20 million-tonne project.

  11. Phase One reaches final investment decision

    Finance

    Venture Global closes $13.2 billion in project financing for the 13.33 million-tonne first phase and the Gator Express pipeline.

  12. Construction begins at Plaquemines

    Construction

    Venture Global starts building the export terminal in Plaquemines Parish, about 20 miles south of New Orleans.

Scenarios

1

Plaquemines Phase Two reaches commercial operations in mid-2027

Likely Resolves by Q3 2027

Discussed by: Venture Global's October 2026 semi-annual report to the Department of Energy

Venture Global has told the Energy Department it expects the second phase to start commercial operations in mid-2027. Phase Two's equipment is already financed and under construction, and the company has said the full 20 million-tonne plant will serve both contract groups at capacity once it is complete. A slip past mid-2027 would push the project's remaining contract volumes into a later window.

2

FERC approves the 35 million-tonne peak capacity amendment

Possible Resolves by Q2 2027

Discussed by: Venture Global's December 2025 application in FERC docket CP26-53

Venture Global asked FERC to raise Plaquemines' authorized peak liquefaction capacity from 27.2 to 35.0 million tonnes a year without adding any equipment, arguing the plant can exceed nameplate under optimal conditions. The Energy Department already granted the matching free-trade-agreement export increase in July 2026. Approval would let the terminal book and ship volumes above its 20 million-tonne nameplate.

3

Energy Department clears non-FTA exports at the higher peak rate

Possible Resolves by Q2 2027

Discussed by: Venture Global's October 2026 semi-annual report, which notes the non-FTA request is still pending

The July 2026 order covered only exports to countries with US free-trade agreements. The larger market is non-FTA buyers in Europe and Asia, and that half of the amendment has sat unanswered since March 2026. Approval would let Plaquemines sell above-nameplate volumes to the destinations that actually drive its economics.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

2022-2025

Calcasieu Pass (2022-2025)

Venture Global's first LNG terminal went from final investment decision to first LNG in 29 months, faster than any comparable project. But the plant then spent another 38 months in commissioning, producing and exporting cargoes that were sold on the spot market rather than delivered to the buyers holding long-term contracts.

Then

Contract customers waited years for volumes they had already agreed to buy, and some pursued arbitration.

Now

The gap between first LNG and commercial operations became the central criticism of Venture Global's construction model.

Why this matters now

Plaquemines ran the same playbook, with a 22-month commissioning window. Its 53-month FID-to-COD timeline is the company's answer to that criticism.

February 2016

Sabine Pass first export (2016)

Cheniere Energy shipped the first LNG export cargo from the lower 48 states out of its Sabine Pass terminal in Louisiana, opening a US export trade that had not existed before.

Then

A single terminal established the United States as an LNG exporter.

Now

The country grew into the world's largest LNG exporter within a decade, with the Gulf Coast as its center.

Why this matters now

Plaquemines is part of the capacity build-out that Sabine Pass started, and its contract customers are the same European and Asian buyers that anchor the US export trade.

2022

Europe's pivot to US LNG (2022)

Russia's full-scale invasion of Ukraine cut pipeline gas flows to Europe, and European buyers signed long-term LNG deals at a pace they had avoided for years.

Then

Spot prices spiked and US cargoes redirected to Europe.

Now

European utilities locked in 15- and 20-year US supply contracts, giving developers like Venture Global the offtake they needed to finance new plants.

Why this matters now

Plaquemines' contract book, including Shell, Orlen and EDF, was assembled during that shift.

Sources

(6)
Venture Global Construction Review Online LNG Journal US Department of Energy Newsbase Balance Point Research