Portugal’s Galp has become the second buyer to win a contract arbitration against Venture Global over long-delayed cargoes from the Calcasieu Pass liquefied natural gas (LNG) terminal in Louisiana. In a filing with the US Securities and Exchange Commission, Venture Global said the ICC International Court of Arbitration informed its subsidiary on 7 October 2026 that a partial final award had been issued.
A majority of the three arbitrators found that Venture Global Calcasieu Pass breached its obligation under its long-term sales agreement with Galp Trading to declare the start of commercial operations in a timely way. One arbitrator dissented on that finding.
Money still to be decided
The award does not set damages. Those will be decided at a separate hearing that has not been scheduled and that Venture Global expects in 2027 or 2028. Under the award’s terms, any final sum will be subject to the $170 million aggregate liability cap in the contract, the company said.
Venture Global said it was disappointed, argued the majority’s view conflicts with earlier tribunals’ findings in cases brought by Shell and Repsol, and said it is evaluating its options. It added that it has delivered 20 cargoes to Galp since Calcasieu Pass began commercial operations on 15 April 2025.
A mixed record
Several European buyers, including Shell, Repsol and BP, began arbitration claims in 2023, accusing Venture Global of selling LNG at high spot prices after Russia’s invasion of Ukraine instead of supplying their contracts. Venture Global denies this. Shell lost its case, and in March 2026 a New York judge refused to overturn that award; Repsol also lost. BP won its case in October 2025, with damages still to be determined, Reuters reported via Insurance Journal.
The liability cap limits Galp’s upside, but a second adverse ruling makes Venture Global’s argument that its delays were blameless harder to sustain.
What to watch
- Whether Venture Global seeks to challenge the Galp award in court, as Shell did with its loss.
- The timing of the damages hearings in the Galp and BP cases.
