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Shell challenges arbitration decision on Venture Global LNG supply contracts
Shell alleges Venture Global withheld key information during arbitration over LNG contract breaches, following similar cases involving BP and others since 2023.
- On Tuesday, Shell PLC filed an appeal in the New York Supreme Court after losing arbitration, alleging Venture Global, Inc. concealed key information; a Shell spokesperson confirmed the filing on Monday.
- The dispute began in 2023 when Shell PLC and others accused Venture Global, Inc. of selling contracted LNG from Calcasieu Pass on the spot market instead of honoring long-term deals and using a commissioning-delay loophole to avoid delivery.
- In August, a tribunal found that Venture Global, Inc. had not violated obligations, with the company stating it had no duty to supply until commissioning earlier this year and launched a second LNG facility producing first LNG at the end of 2024.
- SHEL shares reacted by trading lower premarket, down 0.34% to $76.30 at last check Tuesday, while Venture Global, Inc. did not immediately respond and trimmed its Consolidated Adjusted EBITDA guidance to $6.35 billion- $6.50 billion.
- Last month, Shell PLC reported mixed Q3 results with adjusted EPS $1.86 beating $1.71 but revenue $68.15 billion missed $72.81 billion forecasts, amid industry fallout.
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Shell Challenges Arbitration Decision on Venture Global LNG Supply Contracts
·New York, United States
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Shell challenges arbitration decision on Venture Global LNG supply contracts
Shell has challenged its defeat in an arbitration case against U.S. liquefied natural gas producer Venture Global in the New York Supreme Court, a legal filing seen by Reuters shows, weeks after rival BP won a similar $1 billion-plus arbitration.
·United Kingdom
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Shell Challenges Venture Global Arbitration Loss in NY Court - Marcellus Drilling News
Venture Global’s Calcasieu Pass (CP) LNG export facility in Louisiana began operations in March 2022 (see Calcasieu Pass LNG Loads Inaugural Cargo; Sabine Pass LNG Expands). Typically, a new LNG facility will load and ship several (maybe two or three) cargoes to “work out the kinks” and ensure everything is working as advertised. Venture Global,...
Coverage Details
Total News Sources14
Leaning Left1Leaning Right0Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
L 17%
C 83%
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