Overview

• An ICC tribunal found Venture Global breached obligations by failing to timely declare commercial operations and to act as a reasonable and prudent operator at Calcasieu Pass.
• BP is seeking more than $1 billion plus interest, costs and attorneys’ fees, with remedies to be determined in the next phase.
• The decision contrasts with an August ruling that favored Venture Global in a similar case brought by Shell, highlighting unresolved legal risk for long‑term LNG contracts.
• Venture Global said it will evaluate options and continue to defend its position; its shares fell more than 10% after hours, wiping about $3.3 billion from its market value.
• Calcasieu Pass entered commercial service in April 2025 with 14 cargoes delivered to BP since, while other customers such as Edison and Galp continue to pursue claims or reach settlements.