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President Donald Trump’s administration on Tuesday conditionally approved Venture Global LNG Inc.’s plan to export natural gas from a planned facility in Cameron Parish, which had stalled under the previous president’s administration, Bloomberg reports.
Energy Secretary Chris Wright authorized the exports from the company’s CP2 project, saying in a statement that the measure was critical to restoring U.S. energy dominance.
“The benefits of expanding U.S. LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy,” Wright says.
The facility is expected to export up to 3.96 billion cubic feet per day of liquefied natural gas once constructed. Venture Global has yet to make a final investment decision on the project, which would be one of the largest LNG plants of its kind, potentially producing 20 million tons of LNG annually and costing an estimated $28 billion to build.
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