Venture Global will invest more than $10 billion in CP2, a new liquefied natural gas facility in Cameron Parish, according to a statement issued by the company Thursday.

The facility will be built next to Venture Global’s $4.5 billion Calcasieu Pass LNG export facility, which is expected to start commercial operations in the fall of 2022 and produce 10 million tons of LNG annually.

CP2 is expected to create at least 200 direct jobs, with annual salaries averaging $120,000. Another 867 indirect jobs will be generated, according to Louisiana Economic Development estimates. An average of 2,300 construction jobs are anticipated at the peak of building.

CP2 will be built in two phases on 650 acres in Cameron, which includes a marine facility on Monkey Island that offers access to the Calcasieu Ship Channel. It will have a nameplate export capacity of 20 million metric tons per year of LNG. The facility will “include 18 liquefaction blocks, four 200,000 cubic-meter full-containment LNG storage tanks, two marine loading berths, and two on-site combined cycle gas turbine power plants,” the statement reads.

The facility will use carbon capture and sequestration technology to capture and store an estimated 500,000 tons of annual carbon dioxide emissions. Gov. John Bel Edwards said Venture Global’s project will not only benefit Louisiana’s economy, but will provide “clean energy technology” in line with the state working to reach “net-zero emissions by 2050.” Last month, Edwards attended a United Nations climate change conference in Scotland.

“Projects that feature carbon capture and sequestration allow our state to sustain industry without sacrificing our long-term carbon-reduction goals,” the governor said.

Mike Sabel, Venture Global CEO, said CP2, the Calcasieu Pass terminal in Cameron and the LNG facility in Plaquemines Parish “represent over $20 billion of investment” in Louisiana.

Cameron Parish Police Jury Vice President Thomas McDaniel called CP2 a “standout project.”

“CP2 is the kind of private-public partnership that means we can leave Cameron Parish better than we found it,” he said.

U.S. Rep. Clay Higgins, R-Port Barre, said in a statement that Venture Global’s investment “is a significant win and brings jobs and economic prosperity to Southwest Louisiana.”

George Swift, Southwest Louisiana Economic Development Alliance president and CEO, said the $10 billion investment by Venture Global “will further strengthen our region as a global leader in LNG exports.”

“The jobs created will grow Cameron Parish’s workforce significantly and make Cameron Parish the largest LNG exporter in the world,” he said.

Pending action and various approvals by the Federal Energy Regulatory Commission, CP2 is expected to start construction in April 2023 and start initial operations by the second quarter of 2025.