The arbitration cases are currently pending with the International Chamber of Commerce and the London Court of International Arbitration. Credit: pcruciatti/Shutterstock.

Pending arbitration claims against US-based LNG exporter Venture Global LNG have reached nearly $6bn, according to a report by Bloomberg.

The claims involve eight companies, including some oil majors, and stem from Venture Global’s first LNG plant in Louisiana, Calcasieu Pass.

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The Calcasieu Pass LNG facility began production in early 2022, supplying cargoes in the spot market but has not yet fulfilled long-term contract deliveries.

Among the customers awaiting contract deliveries are Shell and BP. Contractor Kiewit has also filed an arbitration claim related to the plant’s construction.

A spokesperson for Venture Global told the publication that there is no contractual or other basis for the arbitration cases and the company intends to uphold its contractual rights.

The arbitration cases are currently pending with the International Chamber of Commerce and the London Court of International Arbitration.

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In a related development, Shell was recently denied access to older non-public commissioning documents of the Calcasieu Pass facility by a US regulator, marking a setback in its dispute over cargo access.

BP, Edison, Galp, Orlen, Repsol and Shell have been involved in arbitration cases in the US and Europe regarding the plant’s status and the inability to obtain contract cargoes for more than two years.

The companies involved have reportedly lost billions in profits due to gas promised under long-term contracts not being delivered.

Last week, Reuters reported that Venture Global LNG is planning to raise approximately $3bn through an initial public offering (IPO) in New York.

The company is working with banks such as Goldman Sachs and JPMorgan Chase for the IPO, which could materialise this year.

Furthermore, Venture Global is also nearing the start-up of its second plant, Plaquemines LNG, also in Louisiana, and plans to develop two more projects, CP2 and Delta LNG, which are currently in the permitting phase.