Worley has received the Full Notice to Proceed from Venture Global for Phase 2 of the CP2 LNG export project in Louisiana, marking a significant milestone following Venture Global’s Final Investment Decision.
- Full Notice to Proceed granted for CP2 Phase 2 LNG project
- Venture Global’s Final Investment Decision reached on 13 March 2026
- Worley engaged under reimbursable EPC contract
- Phase 1 construction underway since June 2025
- LNG identified as a strategic growth market for Worley
Worley Advances on CP2 LNG Project
Worley Limited (ASX:WOR) has officially received the Full Notice to Proceed from Venture Global for the second phase of the CP2 liquefied natural gas (LNG) export facility located in Cameron Parish, Louisiana. This follows Venture Global’s Final Investment Decision (FID) announced on 13 March 2026, signalling strong confidence in the project’s viability and future prospects.
Previously, Worley had been engaged under a Limited Notice to Proceed, providing engineering, procurement, and construction (EPC) planning services. The transition to a full notice marks the commencement of broader EPC activities under a reimbursable contract, underscoring Worley’s pivotal role as the project delivery partner for this major LNG development.
Strategic Importance of CP2
The CP2 project is a significant expansion of Venture Global’s LNG export capacity in the United States, a region increasingly central to global energy supply dynamics. Phase 1 of the project has been underway since June 2025, with on-site construction progressing steadily. The green light for Phase 2 not only extends Worley’s involvement but also reinforces the company’s established leadership in LNG infrastructure development.
Chris Ashton, Worley’s CEO, highlighted the strategic importance of the CP2 project, describing it as one of the most significant LNG projects globally. He emphasised Worley’s extensive expertise and capability in delivering complex, large-scale LNG projects, positioning the company well to capitalise on growing demand for cleaner energy sources.
Worley’s LNG Market Focus
Worley has identified LNG as a priority market, leveraging its global experience to scale execution capabilities. The company’s involvement in CP2 aligns with its broader strategy to bridge traditional energy needs with the transition towards more sustainable sources. This project not only promises to generate substantial revenue streams but also enhances Worley’s reputation as a trusted partner in the evolving energy landscape.
While the announcement does not disclose specific contract values or detailed financial terms, the confirmation of the Full Notice to Proceed is a clear signal of Worley’s growing footprint in the US LNG sector. Investors will be watching closely for further updates on project milestones and financial impacts in upcoming reporting periods.
Bottom Line?
Worley’s full engagement in CP2 Phase 2 cements its LNG leadership but raises questions on project scale and timelines ahead.
Questions in the middle?
- What is the total contract value and expected revenue contribution from Phase 2?
- How will the CP2 expansion impact Worley’s overall project pipeline and margins?
- What are the anticipated timelines and key milestones for Phase 2 construction and commissioning?