2021. This is despite any significant commercial progress in more than twelve months. What gives them so much confidence? • Venture Global has secured more than $1.1 billion in capital and debt over the last two years for Plaquemines LNG, its second export project. Early construction works are underway. The company’s first export terminal at Calcasieu Pass LNG is making good progress and is reported to be on schedule for start up in 2022, or potentially earlier. • Tellurian has recovered from the difficult financial position it was in last year and is reinvigorated under new leadership and stronger cash flow from upstream operations. • Next Decade’s CCS project at Rio Grande LNG continues to build momentum. In March, the company signed a term sheet with Oxy Low Carbon Ventures for the offtake and permanent geological storage of more than 5 million tonnes of CO2 per year from Rio Grande LNG, and raised some $34.5 million to support commercial and other development activities.