Trump administration approves Venture Global LNG exports from Louisiana project

US President Donald Trump's administration granted Venture Global LNG approval on Wednesday to export natural gas from a proposed Louisiana facility that had faced delays under former President Joe Biden, Report informs via Reuters.

The approval comes as Trump seeks to vastly expand US oil and gas production and exports as part of what he calls his "energy dominance" agenda. The US is already the world's top producer of oil and the No. 1 LNG exporter.

The Department of Energy said in a press release on Wednesday that it has authorized widespread exports from Venture Global's CP2 project in Cameron Parish.
Venture Global's share price, which has fallen 60% since its initial public offering in January, was trading higher on Wednesday afternoon, up 6.5% from Tuesday's close.

"The benefits of expanding US LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy," said Energy Secretary Chris Wright.

The export permit approval is the fifth LNG-related approval from the Department of Energy since Trump took office and lifted a freeze on new export permits that had been imposed by the previous administration to allow time to study the environmental impacts of projects.

"We are grateful for the Trump Administration’s return to regular order and regulatory certainty that will allow us to further expand US LNG exports," said Venture Global in a press release.