BP wants at least $3.7 Billion from Venture Global arbitration, a filing states

Venture Global's yearly report shows that BP wants at least $3.7billion from its arbitration victory against?Venture Global, in a case involving liquefied?gas (LNG).

According to the report released this week, BP is seeking a range of'remedies', including damages ranging between $3.7 billion and potentially exceeding $6.0 billion as well as costs, interest, and attorney fees.

BP declined to comment. A Venture Global spokesperson stated that the British 'oil majors' requested damages were "unserious" and "not supported by evidence or governing law".

BP, Shell and Unipec all brought Venture Global before a?arbitration panel in one of the largest disputes?in?the history of the LNG industry.

In October, BP was successful in its lawsuit against Venture Global for failing to deliver LNG as per a long-term agreement that was supposed to begin late in 2022.

Venture Global stated in a regulatory submission at the time that The International Chamber of Commerce's (ICC) International Court of Arbitration determined that Venture Global had breached their obligations to declare in a timely fashion commercial operations at?the Calcasieu Pass Plant and?act in a "reasonable" and "prudent" manner.

Venture 'Global, the U.S.'s second-largest LNG exporter, won two of three arbitrations?brought against it.

Shell brought an arbitration against it. It won the case and Shell was forced to appeal. (Reporting and editing by Toby Chopra, Jason Neely, and Stephanie Kelly)

(source: Reuters)