The global LNG industry is entering its most consequential growth cycle in decades.
After years of underinvestment, geopolitical disruption, and surging energy security concerns, the market is now being reshaped by two distinct development phases: Wave 3 LNG, currently under construction, and Wave 4 LNG, representing the next generation of large-scale export capacity expected later this decade.
Few companies are positioned as centrally in both waves as Venture Global LNG.
In less than a decade, Venture Global has assembled one of the largest LNG development portfolios in the world — not through legacy infrastructure or national backing, but through an aggressive, modular, and execution-focused development strategy that has redefined how U.S. LNG projects are built.
Understanding Wave 3 and Wave 4 LNG
Before examining Venture Global’s role, it’s important to distinguish the two development cycles now underway.
Wave 3 LNG (2024–2028)
Wave 3 represents the projects currently under construction or reaching final investment decision, driven by:
- Europe’s post-Ukraine energy security requirements
- Long-term Asian demand growth
- Replacement of declining domestic gas production in importing countries
- Buyers prioritizing reliability over price optimization
Wave 3 projects are largely fully contracted, supported by long-term SPAs, and already integrated into pipeline and upstream supply planning.
Wave 4 LNG (Post-2028)
Wave 4 reflects the industry’s next inflection point:
- Projects not yet sanctioned
- Larger individual capacities (15–25+ MTPA)
- Increased reliance on portfolio buyers rather than utilities
- Heavy exposure to global price signals and geopolitics
- Rising competition for capital, labor, and long-lead equipment
Wave 4 LNG will determine whether global supply keeps pace with expected demand from:
- Asia (China, India, Southeast Asia)
- Europe’s permanent shift away from Russian pipeline gas
- Emerging demand from data centers, hydrogen, and industrial electrification
Venture Global’s LNG Portfolio at a Glance
Venture Global operates one of the most concentrated LNG portfolios in North America:
Project Status Capacity Calcasieu Pass LNG – Phase 1 Operating / Ramp-Up 10.0 MTPA Plaquemines LNG – Phase 1 Early Operations 13.3 MTPA Plaquemines LNG – Phase 2 Under Construction 13.3 MTPA CP2 LNG Permitted / Pre-FID 20.0 MTPA
Total Portfolio: 56.6 MTPA
At full build-out, Venture Global’s export capacity would rival — and in some cases exceed — the total LNG export capacity of several established exporting nations.
Venture Global’s Role in Wave 3 LNG
Venture Global is already one of Wave 3’s largest contributors.
Plaquemines LNG: The Backbone of Wave 3 Growth
With 26.6 MTPA under construction, Plaquemines LNG stands as:
- One of the largest LNG facilities currently being built globally
- A cornerstone of U.S. LNG supply growth between 2025–2028
- A key source of incremental LNG volumes entering the Atlantic Basin
Unlike earlier U.S. export terminals that relied on brownfield expansions, Plaquemines represents new-build scale rarely seen outside Qatar or Australia.
This capacity alone places Venture Global among the most important suppliers supporting:
- Europe’s long-term gas diversification strategy
- Asian utilities locking in 15–20-year LNG supply
- Portfolio traders managing global LNG flows
Execution Speed as Competitive Advantage
Venture Global’s modular construction model — first deployed at Calcasieu Pass — has allowed the company to:
- Accelerate early cargo deliveries
- Reduce reliance on single mega-train construction schedules
- Ramp production incrementally rather than waiting for full completion
This execution model has reshaped expectations across the LNG sector and materially influenced how Wave 3 projects are financed and sanctioned.
Why Venture Global Is Central to Wave 4 LNG
If Wave 3 is about execution, Wave 4 is about scale — and this is where Venture Global’s influence becomes even more pronounced.
CP2 LNG: A Wave 4 Anchor Project
The proposed CP2 LNG project in Cameron Parish, Louisiana represents:
- 20.0 MTPA of permitted export capacity
- One of the largest single LNG projects awaiting FID globally
- A direct extension of Venture Global’s existing Gulf Coast infrastructure footprint
Once sanctioned, CP2 would immediately rank among the largest LNG export terminals in North America.
Supply Basin Advantage
Every Venture Global project is anchored by Haynesville shale gas, offering:
- Dry gas economics with minimal liquids exposure
- Proximity to Gulf Coast terminals
- Extensive pipeline interconnectivity
- High deliverability for baseload LNG demand
Supplemental supply from the Permian, Anadarko, Eagle Ford, and Midcontinent basins further strengthens reliability during price volatility and maintenance cycles.
This multi-basin access is precisely what Wave 4 buyers are demanding.
Positioning Against Global Competitors
If fully built, Venture Global’s 56.6 MTPA portfolio would place it alongside:
- Cheniere Energy
- QatarEnergy
- Shell LNG
- ExxonMobil LNG
Unlike national oil companies, Venture Global’s model is:
- Fully merchant-oriented
- Infrastructure-driven
- Optimized for global portfolio trading
This flexibility aligns directly with Wave 4 LNG market dynamics, where buyers increasingly seek optional volumes rather than rigid destination-locked contracts.
What Venture Global Signals for the LNG Market
Venture Global’s rise reflects broader structural shifts underway in LNG:
- U.S. LNG is becoming the marginal global supplier, not just swing supply
- Project scale is increasing, not shrinking
- Buyers are prioritizing supply security over carbon optics alone
- Gas basin depth and pipeline access now matter as much as liquefaction technology
Wave 3 solved the immediate supply crisis.
Wave 4 will determine whether global gas markets remain balanced into the 2030s.
Venture Global sits at the center of both.
Bottom Line
Venture Global LNG has rapidly evolved from a new market entrant into one of the most influential forces in global LNG development.
- Wave 3: Anchored by Plaquemines LNG, delivering material near-term supply
- Wave 4: Led by CP2 LNG, capable of reshaping post-2028 export growth
- Supply Backbone: Haynesville-first strategy with multi-basin redundancy
- Scale: 56.6 MTPA — rivaling national LNG programs
As global LNG demand accelerates toward the end of the decade, Venture Global is no longer simply participating in the next build cycle.
They are helping define it.
