Eni, the Italian energy major, has signed a 20-year liquefied natural gas (LNG) sales and purchase agreement with Venture Global, a leading U.S. LNG developer. Under the terms of the agreement, Eni will purchase 2 million tonnes per annum (MTPA) of LNG from the upcoming CP2 LNG Phase 1 terminal in Cameron Parish, Louisiana.

The offtake arrangement is scheduled to begin by the end of the decade, aligning with the expected commercial operations timeline of CP2.

CP2 LNG Project Overview

CP2 LNG Phase 1 is Venture Global’s third LNG export facility, currently under development along the U.S. Gulf Coast. The terminal is expected to reach a peak production capacity of 28 MTPA. Initial exports are targeted for Q3 2027, pending regulatory and construction milestones. Engineering and procurement planning is being led by Worley, which has confirmed that pre-construction work is progressing.

Strategic Significance

This transaction marks Eni’s first long-term LNG agreement with a U.S. producer, and represents a strategic move to bolster the company’s global LNG portfolio. Eni noted that the contracted volumes will contribute to energy security and diversification in Europe, amid continuing efforts to reduce dependency on Russian pipeline gas.

Venture Global CEO Mike Sabel welcomed the agreement, noting: “We are honored to welcome Eni as a long-term customer. This deal reinforces CP2’s position as a key global LNG supply project.”

Expanding Offtake Commitments

With the addition of Eni’s commitment, Venture Global has now secured 13.5 MTPA of long-term contracts for CP2 LNG Phase 1. Other confirmed offtakers include Petronas (Malaysia) and SEFE (Germany). Across its portfolio, Venture Global’s total contracted capacity now exceeds 43.5 MTPA, further solidifying its role in the global LNG supply chain.

Market Outlook

The Eni-Venture Global agreement underscores the continued demand for long-term LNG contracts as buyers seek to lock in stable supplies amid volatile global energy markets. It also reinforces the growing influence of U.S. LNG in shaping international gas trade flows.