HOUSTON, Jan 28 (Reuters) - Federal regulators on

Tuesday gave Venture Global LNG permission to introduce

natural gas into the seventh block of its Plaquemines plant in

Louisiana as the company continues to ramp up production of the

superchilled gas.

The Arlington, Virginia-based company is the second-largest

U.S. liquefied natural gas (LNG) exporter and has been quickly

increasing production from its second LNG plant, Plaquemines.

On Tuesday the facility was on track to pull 1.1 billion

cubic feet (bcf) of gas, down from a high of 1.3 bcf last

Wednesday, and just short of its Calcasieu Pass plant's 1.5 bcfd

nameplate capacity, according to data from financial firm LSEG.

Venture Global ( VG ) last Thursday became the U.S. most valuable

pure LNG company when it raised $1.75 billion in the first big

initial public offering of President Donald Trump's second term.

That pushed the company's valuation above rival Cheniere

Energy.

At peak production, the Plaquemines facility could

produce over 27 million metric tonnes per annum (MTPA),

according to the company. The entire facility will not be fully

commissioned until 2027, it said.

Venture Global ( VG ) has said its strategy is to have extended

commissioning periods so that it can maximize its profits

through sales on the spot market at higher prices than it can

get under long term contracts. It will then produce well above

its name plate capacity so that it can sell those additional

non-contracted cargoes.

Venture Global ( VG ) is involved in contract arbitration cases

brought by some of the world's top oil and gas producers,

including BP, Shell, Edison, Orlen ( PSKOF )

and Repsol for cargoes exported from the

company's first project, the Calcasieu Pass plant, which they

say should have been sold to them under long-term contracts.

Shell, Orlen ( PSKOF ) and Edison confirmed that the arbitration is

ongoing and could not comment. Venture Global ( VG ) was not

immediately available for comment.

Venture Global's ( VG ) shares were trading at $19.26 in afternoon

trading on Tuesday. It's shares were down 23% from its IPO

price.