Owner of the Company
Michael Sabel is a Co-CEO, Co-Chairman, and founder of Venture Global. He has over 24 years of experience in capital markets transactions, including initial public and secondary offerings, public and private M&A transactions, and private equity.
He also has other experiences in energy technology and financial service sectors in new company formation, technology licensing, and corporate business development. He has invested in several companies in the U.S., Europe, and Asia. Michael Sabel was previously Executive Vice President of First Sierra Financial.
Venture Global and When Was It Introduced?
Michael Sabel first introduced venture Global in 2014. Venture Global LNG is a long-term, low-cost producer of North American liquified natural gas (LNG). Venture Global is located in Arlington, VA, United States, and is part of the Oil and Gas Extraction Industry. The company makes $3.06 million ANNUAL in sales (USD).
What Are the Upcoming Projects?
Venture Global’s new facility, named CP2, will have a capacity of 20 million metric tonnes per annum (MTPA) of LNG. CP2 is expected to bring at least 200 jobs, with annual salaries of around $120,000.
CP2 will be built on 650 acres in Cameron, which has a marine facility on Monkey Island that gives access to the Calcasieu Ship Channel. The facility will “include 18 liquefaction blocks, four 200,000 cubic-meter full-containment LNG storage tanks, two marine loading berths, and two on-site combined cycle gas turbine power plants,” the statement reads.
“Projects that feature carbon capture and sequestration allow our state to sustain industry without sacrificing our long-term carbon-reduction goals,” the governor said. Mike Sabel, Venture Global CEO, said CP2, the Calcasieu Pass terminal in Cameron, and the LNG facility in Plaquemines Parish “represent over $20 billion of investment” in Louisiana.
With the pending approvals by the Federal Energy Regulatory Commission, CP2 is being expected to start construction from April 2023 and start operations by 2025. Venture Global announced on Thursday that the facility would also incorporate carbon capture and sequestration into its operations, a key element of Edwards’ climate change mitigation strategy.
This brings Venture Global’s total planned capital investment in the State of Louisiana to be more than $20 billion.
What Impact Has Climate Change Had on the Industry?
However, climate change activists have been opposing Louisiana’s emphasis on natural gas and carbon capture and sequestration in its long-term climate strategy. They disagree with the fossil fuel industry’s practices to greenwash their images without ample investing in truly clean energy alternatives.
Gas and LNG companies that meet the energy transition head-on will have both economic and environmental benefits. Companies need to communicate a clear plan, bold actions that can be taken today rather than announcing long-term goals that overlook the short term. The adverse effects of global climate change become more critical with each passing day.
Therefore, an increasing number of countries and companies are promising to become carbon neutral by 2050, and fossil-fuel supply and demand are set to reduce, particularly in oil and gas. Of the two, gas appears to be more flexible in the years to come, especially liquefied natural gas.
Positive Retaliation of the Announcement:
Gov. John Bel Edwards and company officials celebrated the announcement of the new project as a job creator for many and a blessing to the state’s efforts to attract investment in the state’s expanding liquified natural gas industry.
Institutional investment banks are so optimistic about Venture Global LNG’s plans for export facilities in Louisiana that the company notably oversubscribed its most recent investment round.