BP has prevailed in an arbitration against Venture Global over missed LNG cargoes tied to the Calcasieu Pass plant, after a tribunal of the ICC International Court of Arbitration found the U.S. exporter breached contractual obligations.
The award, issued as a partial final decision, addresses liability; a separate hearing to determine damages is expected in 2026. BP is seeking more than $1 billion plus interest and costs.
In a regulatory filing, Venture Global said the tribunal found it had failed to declare commercial operations at Calcasieu Pass in a timely manner and to act as a “Reasonable and Prudent Operator” under its long-term Sales and Purchase Agreement with BP.
Venture Global added that it “does not anticipate that the final award will be subject to the seller aggregate liability cap” in the contract, and said the award “does not impact the terms of the SPA as entered into and presently performed by the parties,” pointing to 14 cargoes delivered to BP to date.
BP said it was pleased with the outcome of this phase and looked ahead to damages being set in the next stage. Venture Global called the ruling “disappointing,” said it contradicts an earlier win it secured in August in a separate Shell case, and stated it is evaluating options while continuing to defend its position.
The decision adds a new twist to a multi-year dispute between Venture Global and several customers over the timing of Calcasieu Pass’s commercial operations; customers including BP, Edison and Galp accused the company of selling commissioning cargoes on the spot market at higher prices rather than supplying them under long-term contracts.
Venture Global has argued the delay stemmed from power-island issues and said the project officially entered commercial service in April 2025; since then it has been delivering under long-term deals.
Venture Global also disclosed it reached a separate resolution with another post-COD customer related to Calcasieu Pass, saying that settlement has no material impact on the company.
BP p.l.c. is a publicly listed British multinational energy company organized as a public limited company, engaged in oil, gas and LNG production, trading and related activities.
Venture Global LNG, Inc. is a privately held U.S. corporation that develops and operates liquefied natural gas export projects.
