BP won an arbitration case against US LNG exporter Venture Global over the supplier’s failure to deliver liquefied natural gas (LNG) cargoes from its Calcasieu Pass plant.
Venture Global was found to have breached its obligations by failing to declare the plant’s commercial operation date in a timely manner and failing to act as a “reasonable and prudent operator”.
BP is reportedly seeking over $1 billion in damages. The verdict sent Venture Global’s stock plunging.
North Sea project startup
BP announced the start-up of production at its Murlach field in the UK North Sea. Murlach is BP’s sixth major upstream project to come online in 2025. The redevelopment project is a two-well subsea tieback and is expected to add a peak net production of about 15,000 barrels of oil equivalent per day (boed).
The new production contributes to BP’s goal of adding 250,000 boed of peak net production by 2027.
Note by Alessandro Bazzoni