U.S. liquefied natural gas (LNG) producer Venture Global has entered into a long-term supply agreement with Spain’s Naturgy Energy Group, further solidifying Europe’s efforts to diversify energy sources and reduce dependency on Russian gas. The 20-year contract will see Venture Global deliver up to 1 million metric tons of LNG annually to Spain.
The deal, signed in Washington, underscores the growing transatlantic energy collaboration that has accelerated since the 2022 European energy crisis. Naturgy officials highlighted that the agreement would enhance Spain’s position as a major LNG gateway for southern Europe, supporting regional energy security and price stability.
Venture Global CEO Mike Sabel described the agreement as “a significant milestone in our mission to provide reliable, low-cost American LNG to global partners.” He noted that the deal complements the company’s expansion of its Plaquemines and Calcasieu Pass export facilities in Louisiana.
Energy analysts say the move benefits both parties: Naturgy secures a stable supply amid fluctuating global prices, while Venture Global strengthens its foothold in the European market. The deal also signals confidence in LNG as a transitional energy source during the shift to renewables.
Spain currently operates six LNG regasification terminals, the highest in Europe, and is emerging as a key re-export hub. The new contract positions the Iberian nation to meet rising energy demands across the continent while contributing to emissions reduction goals.