BofA Forecasts Strong 2026/27 for Venture Global as LNG Capacity Ramps Up

Bank of America’s recent spotlight on Venture Global, Inc. (VG) underscores a pivotal shift in the liquefied natural gas (LNG) sector, positioning the company as a primary beneficiary of the second wave of U.S. export capacity. The investment bank’s optimism for the 2026 and 2027 fiscal years is rooted in the massive capital expenditure cycle currently nearing completion, which is expected to transition Venture Global from a high-growth developer into a dominant, cash-flow-positive operator. As global energy markets continue to seek stable alternatives to piped Russian gas and volatile coal prices, Venture Global’s aggressive expansion strategy appears timed to capture a structural deficit in the mid-to-late decade.

Central to the BofA thesis is the Plaquemines LNG facility in Louisiana. This project, which secured a record-breaking $21 billion in project financing, represents one of the largest private infrastructure investments in U.S. history. By 2026, the facility is expected to be operating at or near its full 20 million tonnes per annum (MTPA) nameplate capacity. Unlike traditional LNG projects that rely on massive, custom-built 'trains,' Venture Global utilizes a modular design strategy. By using smaller, factory-fabricated liquefaction trains provided by partners like Baker Hughes, the company has consistently demonstrated an ability to reach first gas faster and at a lower capital cost per ton than its peers. This 'copy-paste' engineering model is a core differentiator that BofA analysts believe will drive superior margins as the 2026/27 window opens.

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This project, which secured a record-breaking $21 billion in project financing, represents one of the largest private infrastructure investments in U.S.

However, the path to 2027 is not without its complexities. Venture Global has been embroiled in high-profile contract disputes with European energy majors, including Shell and BP, over the delivery of 'commissioning cargoes' from its Calcasieu Pass facility. While these legal battles have created headline volatility, BofA’s long-term outlook suggests that the fundamental demand for U.S. LNG outweighs these short-term litigation risks. The market is increasingly looking toward the CP2 project, Venture Global’s next mega-development, which is slated to double the company’s total export capacity. BofA views the 2026/27 period as the timeframe where regulatory hurdles for CP2 will likely be cleared, providing a secondary catalyst for valuation expansion.