On January 21, 2026, the International Chamber of Commerce (ICC) International Court of Arbitration informed Venture Global’s unit Venture Global Calcasieu Pass that a final award had been issued in the previously disclosed arbitration proceedings with Repsol LNG regarding LNG sales from the Calcasieu project.
The award issued by the arbitration tribunal found that VGCP had acted as a “reasonable and prudent operator” in accordance with the SPA in declaring COD on April 15, 2025, and denied Repsol’s claims in their entirety, Venture Global said in a SEC filing.
Additionally, the arbitration tribunal awarded fees to VGCP, the firm said.
“Multiple proceedings have now affirmed what the company has stated from the outset: VGCP has fully honored the clear and mutually agreed-upon terms of its long-term contracts without exception,” Venture Global said.
Repsol has a 20-year contract for 1 mtpa from the Calcasieu Pass LNG plant.
LNG Prime invited Repsol to comment on the arbitration award.
Calcasieu Pass produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, while the first commissioning cargo left the facility on March 1, 2022.
In April 2025, Venture Global launched commercial operations at its Calcasieu Pass LNG terminal, some 68 months from its final investment decision and 38 months after production start.
Shell, BP, and others
In August, Venture Global announced that it had won an arbitration case against UK-based LNG giant Shell over LNG sales from the Calcasieu Pass plant.
However, Shell is challenging its loss in the arbitration case against Venture Global, and it filed an application in the New York Supreme Court to set aside the Tribunal’s liability award.
This move followed UK-based energy giant BP winning an arbitration case against Venture Global over the same issue.
Among other remedies, BP is seeking damages in excess of $1 billion, as well as interest, costs and attorneys’ fees.
In addition to Shell and BP, other Calcasieu Pass customers include Edison, Galp, Orlen, Sinopec’s unit Unipec, and CNOOC.
Portuguese energy firm Galp previously said that it does not expect a decision in its arbitration proceedings with Venture Global before 2026.
Remedies
Venture Global said in its third-quarter results report that the remedies originally sought by these customers included damages ranging between $6.7 billion and $7.4 billion.
“Following the positive resolution of two arbitration proceedings, the Calcasieu project remains involved in arbitration proceedings with five of its post-COD SPA customers. The remedies sought by these customers include damages ranging between $4.8 billion and $5.5 billion,” Venture Global said.
The remedies sought by BP include damages in excess of $1 billion, as well as interest, costs, and attorneys’ fees.
Venture Global said the remedies sought by the remaining four Calcasieu project post-COD customers in arbitration proceedings include “damages ranging between $3.8 billion and $4.5 billion in the aggregate, rather than the termination of the post-COD SPA.”
“We believe these disputes are subject to the relevant seller aggregate liability limitation under the applicable post-COD SPA, which amount to $765 million in the aggregate,” the company said.
“However, these customers are also disputing whether the liability limitations in such post-COD SPAs are applicable, and therefore are claiming damages in excess of the liability limitations,” Venture Global said.
