Shell and BP Seek US-European Task Force Mediation in Venture Global LNG Dispute Threatening Europe’s Energy Security

Nov 12, 2023 at 10:30 PM Update: 3 hours ago

Shell and BP have asked a US-European task force to mediate in a dispute with Venture Global, an exporter of liquefied natural gas (LNG) from the United States.

According to the oil and gas groups, Venture Global has failed to meet contract deliveries, which would threaten Europe’s energy security.

Shell and BP already made the call last month, but the call is only now in the hands of the press agency, among others Bloomberg and business newspaper Financial Times (FT). The groups accuse Venture Global of withholding cargoes in order to sell them for a higher price.

FT also has a letter from the Italian energy group Edison, which states that Venture Global has earned more than 17 billion dollars. This concerns short-term sales; the long-term contracts with Shell, BP and Edison, among others, would yield $2.8 billion.

Venture Global previously responded that the accusations are “false”, with the company speaking of a “highly coordinated attack” by the European companies. According to a spokesperson for the LNG company, the task force also decided not to take action. It would concern “a contractual matter between commercial parties”.

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2023-11-12 21:30:15
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