Overview
- An ICC tribunal issued a partial final award finding Venture Global breached its SPA with BP by failing to declare commercial operations at Calcasieu Pass in a timely manner and by not acting as a reasonable and prudent operator.
- BP is seeking more than $1 billion in damages plus interest, costs and attorneys’ fees, with the amount to be determined at a separate hearing expected in 2026.
- Venture Global said based on the award’s terms it does not expect the SPA’s aggregate liability cap to limit the final award and it is evaluating options while continuing to defend its position.
- Venture Global shares fell nearly 25% to a five‑month low after the ruling, renewing investor concern over pending customer arbitrations that the company has said could exceed $4 billion.
- The outcome contrasts with Venture Global’s August win against Shell; the company says the BP SPA remains in force, notes 14 cargoes delivered since April 2025 COD, and separately resolved another arbitration that sources identify as involving Unipec.