Shell & BP File Lawsuit Against Venture Global, Claim Billions Of Dollars Sales Loss: Report

Shell PLC SHEL and BP PLC BP have reportedly filed arbitration claims separately against the U.S. exporter, Venture Global LNG, for failure to supply contracted cargoes.

The lawsuit stated that Venture Global delivered to non-contract customers as prices escalated on Russia's gas-supply cuts to Europe, reported Reuters, citing people familiar with the matter.

According to the report, Shell and BP lost billions of dollars in revenues to Venture Global LNG due to not attaining the contracted fuel. 

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Earlier, other such cases were filed by Italian utility company Edison International EIX and Spanish energy firm Repsol SA REPYY against Venture Global.

Last week, Shell updated the production outlook to be 950 - 990 thousand boe/d (vs. 920 - 980 thousand boe/d expected earlier), and LNG liquefaction volumes of 6.9 - 7.3 MT (vs. 6.8 - 7.4 MT expected earlier). 

Also Read: BP Unit Slapped With $40M Fine For Air Pollution Charges At Indiana-Based Refinery

Price Action: SHEL shares are trading higher by 1.33% at $61.68, and BP shares are trading up 2.14% at $36.68 premarket on the last check Tuesday.