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Cheniere Energy expects first LNG production from its Corpus Christi Liquefaction Stage 3 (CCL Stage 3) project to be achieved by the end of 2024, the company’s CEO Jack Fusco said during its Aug. 8 quarterly earnings call.
“We expect to begin taking first gas into Train 1 in the next couple of months, which will begin the commissioning and start up process and will give us added visibility into the end of the year target for first LNG,” Fusco said in the webcast with analysts.
Fusco added: “We continue to target first LNG from Train 1 by the end of the year and to bring the first three trains online by the end of 2025.”
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Fusco said the contractor for CCL Stage 3, Bechtel, continues to progress the project “on budget and on an accelerated schedule.”
The site currently employs about 4,000 construction workers with a 62.4% project completion mark as of June 30, Fusco said.
“We expect to spend between $1.5 million to $2 billion on Stage 3 capex this year before accounting for any draws on the term loan,” Cheniere CFO Zach Davis said during the webcast.
In Corpus Christi, Cheniere operates three liquefaction trains with a combined production capacity of 15 million tonnes per annum (mtpa). CCL Stage 3 is an expansion adjacent to the original CCL project and will consist of seven midscale trains with an expected total production capacity of more than 10 mtpa.
Midscale trains 8 and 9
Cheniere is also developing two additional midscale trains in Corpus Christi with an expected total production capacity of approximately 3 mtpa.
In June 2024, Cheniere received a positive environmental assessment from the Federal Energy Regulatory Commission and anticipates receiving all remaining necessary regulatory approvals for the project in 2025.
Cheniere is targeting a final investment decision (FID) for Trains 8 and 9 in 2025, Fusco said. The company is also while also targeting an FID at its Sabine Pass Expansion project located in Cameron Parish, Louisiana, in 2026.
In Sabine Pass, Cheniere operates six liquefaction trains with a total production capacity of 30 mtpa. The Sabine Pass LNG (SPL) expansion, which is being developed on an expansion adjacent to the SPL project, will have a total production capacity of up to 20 mtpa, inclusive of estimated debottlenecking opportunities.
During second-quarter 2024, Cheniere reported net income of $880 million, down 36% compared to $1,369 million in the second quarter 2023, primarily due to lower total margins per MMBtu of LNG delivered, the company said in its quarterly press release.
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