Worley awarded CP2 expansion EPC contract by Venture Global

By Daniel Okafor

What has changed?

$8.6 billion in Phase 2 project financing closed in March 2026, and Venture Global has now awarded Worley a reimbursable engineering, procurement and construction (EPC) contract for the separate CP2 expansion.

The award covers the liquefied natural gas (LNG) export facility in Cameron Parish, Louisiana. It follows Worley’s early-stage engineering under a Master Services Agreement.

Worley has already provided EPC services for CP2’s first and second phases. The new scope therefore extends an existing delivery relationship rather than establish a new one.

The Houston, Baton Rouge and Reading offices will lead the current work. Worley’s Global Integrated Delivery team will support them.

Takeaway: Worley has moved from early engineering into EPC delivery on another CP2 scope.

Where does the work sit?

CP2 occupies an estimated 1,150-acre site adjacent to Venture Global’s Calcasieu Pass LNG terminal in Cameron Parish, Louisiana, where the facility combines storage, marine access and on-site power.

The site includes:

• Marine facility on Monkey Island
• LNG storage tanks
• Marine berths
• Combined-cycle gas turbine power plant

The associated CP Express pipeline delivers natural gas from Texas to the terminal.

Takeaway: The expansion sits within an integrated terminal footprint for storage, berths, marine facilities and gas supply.

How does Phase 2 financing stand?

March 2026 brought a final investment decision on CP2’s second phase and the close of its project financing.

The disclosed financing has three separate figures:

• $8.6 billion in closed project financing for Phase 2
• More than $19 billion in international bank commitments attracted for Phase 2 financial transactions
• $34 billion in Phase 1 funding

Venture Global described Phase 2, together with the $34 billion Phase 1 funding package, as the largest single project financing completed in the US bank sector.

The company said the financing arrangements required no external equity investment.

Takeaway: Phase 2 reached final approval and bank funding without outside equity.

What capacity is in the plan?

Once operational, CP2 is expected to reach peak production capacity of 29 million tonnes per annum, a figure that applies to CP2 as a whole rather than a separately stated expansion increment.

The majority of its LNG output is contracted to long-term customers, primarily based in Europe and Asia.

Venture Global now holds more than 49 million tonnes per annum of total contracted capacity across its three Louisiana projects. That portfolio measure is broader than CP2’s production target.

Takeaway: CP2 targets 29 million tonnes a year, inside a contracted Louisiana portfolio above 49 million tonnes.

What does Worley say about the award?

Worley CEO Chris Ashton said: “We are proud to have extended our relationship with Venture Global on one of the most strategically important LNG projects globally, which is set to provide energy supply and security at an important time.”

He added: “Worley has identified LNG as a priority growth market where we have an established leadership position and demonstrated execution capability at scale.”

The comments frame continuity and LNG strategy as the basis for the award. The announcement provides no contract value, separate expansion capacity or startup schedule.

Takeaway: Worley cites continuity and execution, while contract value and schedule remain undisclosed.

What is the next decision?

Venture Global targets a final investment decision for the CP2 expansion in early 2027. The EPC award does not replace that sanction step.

The announcement gives no startup date for the expansion. Phase 2 already has a March 2026 FID and an $8.6 billion financing close, while CP2 carries a 29 million tonne annual peak target once operating.

Takeaway: Watch the early-2027 FID. Until then, the expansion remains unsanctioned and without a stated startup date.