Venture Global LNG is looking to construct a fifth project on the US Gulf Coast, which could position the company to become the “largest” LNG exporter, reported Bloomberg.

Citing a document prepared ahead of the company's potential initial public offering (IPO), the media outlet reported that the proposed project, named CP3, would be located in Louisiana near its existing Calcasieu Pass plant.

Venture Global is also finalising its second project, Plaquemines, at New Orleans in Louisiana state. Furthermore, two projects, CP2 and Delta LNG, are under development in the state.

The proposed CP3 project aims to export 30mtpa of LNG, which has not been publicly disclosed.

If realised, CP3 would be Venture Global's “largest” project so far, with plans to reach a final investment decision by 2027 and a targeted start-up date of 2031.

This expansion is part of the company's strategy to achieve a capacity of 100mtpa, a goal announced in September 2023 after it expanded its partnership with Baker Hughes.

Earlier this month, Reuters reported that Venture Global was planning to raise approximately $3bn through an IPO in New York, potentially occurring this year. The company is working with banks such as Goldman Sachs and JPMorgan Chase for the listing.

Last week, Bloomberg reported that pending arbitration claims against Venture Global LNG have reached almost $6bn.

Stemming from the Calcasieu Pass plant, these claims involve eight companies including oil majors such as BP and Shell.

Although the Calcasieu Pass LNG facility commenced production in early 2022, it is alleged to have not yet fulfilled long-term contract deliveries.