Allstream Insiders Summary
Venture Global reported $5.618 billion of capital expenditures at its CP2 LNG project during the first six months of 2026 as construction advanced toward first LNG in the second half of 2027. The company’s August 11 project update said 16 liquefaction modules are on site, roofs have been raised on all four LNG tanks, and five gas and steam turbines have been set on foundations at the Louisiana development.
At the Plaquemines LNG project, Venture Global is completing the remaining construction, commissioning and assurance-testing work required before commercial operations for Phase 1. The company continues to target Phase 1 commercial operations in the fourth quarter of 2026 and Phase 2 commercial operations in mid-2027.
Venture Global is also progressing proposed brownfield expansions at both sites. Subject to regulatory approvals, the company is targeting a first-half 2027 final investment decision for the first phase of the Plaquemines expansion, with first LNG in 2029. It is separately targeting an early 2027 FID for the 11.7-million-tonne-per-year CP2 expansion, with first production in late 2028.
Venture Global LNG Project Tracker
| Project | Company-reported scope or milestone | Current stage | Target schedule |
|---|---|---|---|
| Plaquemines LNG Phase 1 | Remaining construction, commissioning and assurance testing | Final work before commercial operations | Commercial operations targeted for the fourth quarter of 2026 |
| Plaquemines LNG Phase 2 | Construction and commissioning continue | In execution | Commercial operations targeted for mid-2027 |
| Plaquemines Expansion Phase 1 | Proposed brownfield expansion using existing-site infrastructure | Early development; FERC and DOE applications filed | Final investment decision—not commercial operations—targeted for the first half of 2027, subject to approvals; first LNG targeted for 2029 |
| CP2 LNG | 16 liquefaction modules on site; roofs raised on four LNG tanks; five gas and steam turbines on foundations | Under construction | First LNG targeted for the second half of 2027 |
| CP2 Expansion | Proposed 11.7 mtpa brownfield expansion | FERC application filed in May 2026; DOE export application filed in July 2026 | FID targeted for early 2027, subject to approvals; first production targeted for late 2028 |
| Calcasieu Pass LNG | Major scheduled gas-turbine maintenance completed | Operating | Maintenance milestone completed during the second quarter of 2026 |
How Much Capital Did Venture Global Direct to CP2?
Venture Global’s Form 10-Q reports $5.618 billion of CP2 capital expenditures for the six months ended June 30, 2026, compared with $1.437 billion in the same period of 2025. The segment-level capital figure includes financed capital expenditures.
The filing separately states that Venture Global incurred approximately $6.1 billion of CP2 project costs during the first half of 2026, primarily for construction activities and equipment purchases. These are separate company-reported accounting measures and should not be treated as interchangeable figures.
CP2’s financing also should not be presented as its total construction cost. Following the March 2026 FID for Phase 2, Venture Global increased the CP2 construction term loan to $19.1 billion and the working-capital facility to $1.6 billion. The resulting $20.7 billion of aggregate commitments is intended to fund a portion of the costs for CP2 Phases 1 and 2, CP Express and certain CP2 expansion activities.
What Construction Milestones Has CP2 Reached?
Venture Global said 16 liquefaction modules had arrived at CP2 by August 11, with roofs raised on all four LNG storage tanks and five gas and steam turbines placed on foundations. Those milestones show active execution across the liquefaction, storage and power-generation portions of the development.
The company continues to target first LNG in the second half of 2027. First LNG refers to the beginning of LNG production during commissioning; it is not the same milestone as the commercial operations date.
Venture Global’s Q2 filing currently estimates that sales agreements scheduled to begin after commercial operations will commence in 2029 for Phase 1 and 2030 for Phase 2. Those dates reflect the company’s current estimate for the commencement of contractual commercial deliveries and should not be interpreted as a revision to the separately stated second-half 2027 first-LNG target.
Venture Global describes CP2 construction as being driven by its in-house EPC efforts. The company’s SEC filings identify Worley Field Services as the EPC contractor for CP2 Phase 2. Under that agreement, Venture Global directly contracts for most critical equipment and modules, while Worley provides integration and related EPC services. The Q2 filing also identifies Baker Hughes Energy Services as a counterparty on CP2 liquefaction-train system purchase orders.
When Will Plaquemines Reach Commercial Operations?
Plaquemines Phase 1 remains targeted to reach commercial operations in the fourth quarter of 2026, followed by Phase 2 in mid-2027. Venture Global said Phase 1 is in the final stages of construction, commissioning and assurance testing.
Plaquemines is already producing LNG during its commissioning period. The upcoming Phase 1 commercial operations date therefore represents completion of the contractual commercial-readiness requirements, not the project’s first production of LNG.
The Q2 filing reports $604 million of Plaquemines capital expenditures during the first half of 2026. It also identifies KZJV as the counterparty to the project’s amended EPC agreement and Baker Hughes as a counterparty on its liquefaction-train system purchase order.
What Brownfield Expansions Is Venture Global Advancing?
Venture Global is developing bolt-on expansions at Plaquemines and CP2 that could use infrastructure at the existing project sites. Both remain proposed developments and require additional regulatory and investment decisions.
For the Plaquemines expansion, Venture Global said it is progressing early development after filing applications with FERC and the Department of Energy in late 2025. Subject to regulatory approvals, the company is targeting FID on the expansion’s first phase in the first half of 2027 and first LNG in 2029.
For the CP2 expansion, Venture Global’s 10-Q specifies a proposed capacity of 11.7 mtpa. The company filed its FERC application in May 2026 and the corresponding DOE export application in July 2026. Subject to regulatory approval, it is targeting FID in early 2027 and first production in late 2028.
These targets are forward-looking development schedules. Neither expansion has reached FID, and the filings should not be interpreted as construction authorization or evidence that major expansion contracts have been awarded.
Calcasieu Pass Completes Scheduled Turbine Maintenance
Venture Global completed major scheduled maintenance on the gas turbines at Calcasieu Pass during the second quarter. The company did not identify contractors, individual turbine work packages or a maintenance budget in the August 11 release.
The completed outage is relevant to industrial readers because it confirms that Calcasieu Pass has entered a recurring major-maintenance cycle for its turbine fleet. The release, however, supports only the completed maintenance milestone and does not establish the timing or scope of a future outage.
Allstream Perspective
Venture Global’s update identifies active construction and commissioning work at two Louisiana LNG sites while placing two additional brownfield projects on potential 2027 FID schedules. CP2’s disclosed physical progress is the clearest near-term indicator for contractors and suppliers: liquefaction modules are arriving, tank roofs are complete and rotating equipment is moving onto foundations.
As CP2 and Plaquemines advance, the confirmed project scopes could support continued work involving:
- Liquefaction- module fabrication, module setting, tie-ins and systems integration
- LNG tank completion, piping and instrumentation
- Gas- and steam-turbine installation, alignment and testing
- Electrical, controls, fire-and-gas and safety systems
- Mechanical completion, quality assurance and commissioning support
- Inspection, insulation, coatings and site logistics
- Pipeline and interconnection work associated with project feed-gas systems
These categories are Allstream analysis based on the disclosed construction and commissioning stages. They are not announced bid packages, procurement solicitations or contractor awards.
The brownfield expansions could create additional opportunities because they are intended to leverage infrastructure at operating or already-developed sites. For now, the most meaningful milestones to monitor are regulatory progress, commercial commitments, financing, FID and any formal EPC or equipment awards. Until those steps occur, the expansion schedules and associated work remain contingent.
