Venture Global is working to reassure major clients—including BP, Shell, Chevron and Poland’s Orlen—that it will honor long-term LNG supply contracts from its Plaquemines export terminal in Louisiana, The Financial Times writes.
The U.S. exporter faces backlash after selling more than 100 cargoes on the spot market before declaring the facility operational, echoing disputes tied to its Calcasieu Pass terminal. Last week, an arbitration panel ruled Venture Global breached its obligations to BP, prompting over $1 billion in damages claims and additional lawsuits from other customers.
Analysts say the company can earn more than double the revenue selling on the spot market, where prices remain elevated. Fitch Ratings downgraded its outlook to “negative,” warning that legal damages could strain finances.
Meanwhile, the Federal Energy Regulatory Commission approved Venture Global’s request to delay Plaquemines’ in-service date to late 2027—raising customer concerns that the company could again postpone fulfilling its long-term contract commitments.
