The BP ruling contrasts with a decision in August that saw Venture Global prevail in a similar complaint from Shell. BP is seeking damages of more than $1 billion plus interest, costs and attorneys’ fees.
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“The company is disappointed by the arbitration tribunal’s decision in the proceeding with BP, which it believes contradicts the decisive findings in the prior arbitration involving Shell,” Venture Global said in a regulatory filing.
Shares of Venture Global were down 10% in after-hours trade.
A separate hearing is expected in 2026 to determine the extent of the damages the U.S. operator will have to pay BP, and the damages are unlikely to be limited to a cap on how much BP and other customers can claim, as was included in the original sales agreement, Venture Global said.
BP said it was pleased with the outcome of this phase of the arbitration and looked forward to determination of the damages to be paid to BP as a result of Venture Global’s breach of contract.
Venture Global said it was currently evaluating all available options in response to the tribunal’s ruling and it would continue to vigorously defend its position.
Other companies, including Edison and Galp, have also filed claims against Venture Global, accusing it of profiting from the sale of LNG on the spot market instead of providing them with contracted cargoes from the Calcasieu Pass export facility in Louisiana.
Venture Global also reported on Thursday that it reached a resolution with another Calcasieu Pass customer that had taken it to arbitration, without naming the company. That settlement has no material impact on the company, Venture Global said in a filing.
(Reporting by Curtis Williams in Houston, Stephanie Kelly in London and Sumit Saha in Bengaluru; Editing by Nathan Crooks, Rod Nickel and Jamie Freed)
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