Decoding the news. The supply of US LNG is part of the Italian and European energy diversification plan, contributing to the diversification of Brussels’ gas supplies and strengthening the continent’s energy security.
- Eni’s first-ever agreement with Venture Global will address shortfalls caused by the war in Ukraine.
What’s on the table? According to the Italian company, “Venture Global’s proven success in project delivery will support Eni’s ambitions to grow its LNG portfolio to approximately 20 million tonnes per annum (MTPA) of contracted volumes by 2030.”
- Venture Global’s facility, which will have a maximum production capacity of 28 MTPA, is currently under development in Cameron Parish, Louisiana, United States.
The geopolitical factor. The agreement is Eni’s first long-term LNG supply from the United States. It represents a “significant milestone” in Eni’s strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility.
- Part of these volumes will contribute to the diversification of Europe’s gas supplies.
- The agreement strengthens energy cooperation between the US and Europe.
What we’re watching. This move reflects a shifting energy geopolitics, with Brussels accelerating its pivot away from Russian gas, in favour of long-term partnerships with Washington.
