7/31/2025

Venture Global greenlights CP2 LNG Phase 1, unlocking billions in contracting opportunities

Venture Global has officially taken Final Investment Decision (FID) and achieved financial close for Phase 1 of its CP2 LNG export facility in Cameron Parish, Louisiana. The announcement, made on July 28, marks the launch of one of the most significant new LNG projects on the U.S. Gulf Coast and signals the start of a procurement wave that could exceed $5 billion for subcontractors and equipment suppliers.

Phase 1 of CP2 LNG will include 9.25 million tonnes per annum (MTPA) of liquefaction capacity and involves a total investment of more than $10 billion. The project is fully permitted and fully financed at FID, supported by long-term offtake agreements with major buyers including Chevron, ExxonMobil, JERA, and New Fortress Energy. In a financing environment that has become increasingly cautious, Venture Global’s ability to close on the full capital stack upfront is a strong vote of confidence in both the project and the broader U.S. LNG sector.

The engineering, procurement, and construction (EPC) contract for CP2 Phase 1 has been awarded to Worley, a firm that brings deep experience in modular project delivery and LNG infrastructure. Worley’s involvement gives subcontractors a clearer picture of the execution model and the likely structure of downstream contracting packages.

Subcontractors & equipment vendors: get ready

Venture Global is known for its modular approach to LNG construction, a strategy that compresses timelines by assembling liquefaction trains and utilities as prefabricated modules. This execution method helped the company deliver its Calcasieu Pass project with record speed and will likely follow a similar playbook at CP2.

Based on the announced project scope and historical benchmarks, EPCIntel.com estimates that $4 to $6 billion in subcontracts and equipment packages will be issued across the life of Phase 1. These will be spread across a wide range of work scopes, including:

$1.2 to $1.5 billion in process equipment such as gas turbines, compressors, cryogenic heat exchangers, and pressure vessels
$800 million to $1 billion in civil and marine infrastructure, including dredging, piling, concrete, and structural steel
$1 billion or more in electrical, instrumentation, and control systems
$500 to $700 million in piping, insulation, valves, and coatings
$300 to $500 million in site services and specialty subcontracts like scaffolding, logistics, painting, and quality control

Much of this spend will be distributed across module fabrication yards, component manufacturers, and field installation contractors. Major fabrication packages are expected to be split between domestic yards in Texas and Louisiana, and overseas module builders in Southeast Asia and the Middle East.

Procurement timeline will move quickly

With financing locked in and Worley already engaged, CP2 Phase 1 is expected to move into early works and site mobilization within the next few months. Venture Global “is expected to deliver reliable American LNG to the world beginning in 2027”, which means major procurement decisions must be finalized quickly. For subcontractors and suppliers, the window to engage with EPC teams and secure prequalification is now.

Given the size of CP2 and the condensed timeline, this project may offer more volume and velocity of work than any U.S. LNG development since 2019. Venture Global’s experience with rapid execution and Worley’s global procurement reach mean that major equipment packages could begin moving by the end of this year.

A milestone for U.S. LNG despite policy uncertainty

CP2 LNG received its key permits before the Biden administration’s pause on new LNG export approvals, allowing the project to proceed while others remain stalled. Its successful FID underscores the staying power of U.S. LNG, even as policy debates continue in Washington. For the Gulf Coast supply chain, this is the first of what many hope will be a new wave of LNG construction in the second half of the decade.