Latest news with #GaslogWellington
Reuters
16-04-2025
- Business
- Reuters
BP begins loading its first LNG cargo from Venture Global's Calcasieu Pass plant
April 16 (Reuters) - BP Plc (BP.L), opens new tab will begin loading its first shipment of liquefied natural gas from Venture Global's (VG.N), opens new tab Calcasieu Pass plant in Louisiana on Wednesday, according to LSEG data. The BP-chartered vessel British Mentor was about to dock at the Calcasieu Pass port. It is the first cargo BP is receiving from the export facility under its supply contract, more than three years after Venture Global started selling LNG from the plant on the spot market. Galp Energia ( opens new tab said earlier on Wednesday that it had lifted its first cargo from Calcasieu Pass, signaling the start of the 20-year supply agreement signed in 2018 for 1 million tonnes per annum of LNG from the plant. Galp's cargo was loaded onto the Gaslog Wellington, LSEG data showed. The two cargos are the first since Venture Global finished commissioning Calcasieu Pass on April 15. Shares of Venture Global jumped more than 10% in early afternoon trading. Venture Global is the second largest LNG producer in the U.S. and has helped make the U.S. the world's largest exporter of the supercooled gas. Venture Global's years-long delay in providing cargoes to contracted customers of the Calcasieu Pass led to a contentious battle with companies including BP, Galp, Shell (SHEL.L), opens new tab, Orlen ( opens new tab, Edison ( opens new tab and Repsol ( opens new tab. They accused Venture Global of dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global has blamed the global pandemic, two hurricanes and a force majeure event triggered by issues with the facility's power island for the extended commissioning. Commissioning, or making sure a new plant's systems are functioning as designed, takes just months at many LNG facilities.
Yahoo
15-04-2025
- Business
- Yahoo
Venture Global LNG starts commercial operations at Calcasieu Pass plant
By Curtis Williams HOUSTON (Reuters) - Venture Global LNG has begun commercial operations at its Calcasieu Pass plant in Louisiana, ending a more than a three-year commissioning process at the plant, the company said on Tuesday. Venture Global will now sell LNG to its long-term customers at lower prices rather than test cargoes to the highest bidders in the red-hot global market. Just a startup five years ago, Venture Global is the country's second-largest LNG producer, helping the U.S. lead the world in LNG exports. Commissioning, or making sure a new plant's systems are functioning as designed, takes months at many LNG facilities but the process dragged on at Calcasieu Pass due to several unforeseen circumstances. These included the global pandemic, two hurricanes, and a force majeure event triggered by issues with the facility's power island, the company based in Arlington, Virginia, said on Tuesday. "Having completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, Calcasieu Pass is now ready to operate safely and reliably," Venture Global said in a statement. Shell, BP, Orlen, Edison and Repsol filed arbitration claims saying Venture Global LNG deliberately failed to fulfill their supply contracts, dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global argued that a faulty power system delayed normal operations. The Gaslog Wellington tanker is the first vessel to receive LNG from the Calcasieu Pass plant and was at its port loading 170,000 cubic meters of the supercooled gas, according to LSEG cargo flows. It was not immediately clear which of Venture Global's long-term customers would get the first shipment but Orlen has said it expects its first cargo on April 23, with Shell expected to receive its cargo at the end of the month, a person familiar with Shell's timeline told Reuters. Shell and BP declined to comment. Venture Global's stock price was down by 1%, at $8.38 in late-afternoon trading. It has declined by 66% since the company went public in January. The move to commercial operations is unlikely to stop ongoing arbitration cases brought by the long-term customers against Venture Global as Shell, Orlen and Repsol have all said they will pursue their legal battle with Venture Global even after they start receiving cargoes. Venture Global is also likely to keep profiting from strong global spot market prices, as its newer and larger Plaquemines facility ramps up production. Sign in to access your portfolio
Reuters
15-04-2025
- Business
- Reuters
Venture Global LNG starts commercial operations at Calcasieu Pass plant
HOUSTON, April 15 (Reuters) - Venture Global LNG (VG.N), opens new tab has begun commercial operations at its Calcasieu Pass plant in Louisiana, ending a more than a three-year commissioning process at the plant, the company said on Tuesday. Venture Global will now sell LNG to its long-term customers at lower prices rather than test cargoes to the highest bidders in the red-hot global market. Just a startup five years ago, Venture Global is the country's second-largest LNG producer, helping the U.S. lead the world in LNG exports. Commissioning, or making sure a new plant's systems are functioning as designed, takes months at many LNG facilities but the process dragged on at Calcasieu Pass due to several unforeseen circumstances. These included the global pandemic, two hurricanes, and a force majeure event triggered by issues with the facility's power island, the company based in Arlington, Virginia, said on Tuesday. "Having completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, Calcasieu Pass is now ready to operate safely and reliably," Venture Global said in a statement. Shell (SHEL.L), opens new tab, BP (BP.L), opens new tab, Orlen ( opens new tab, Edison ( opens new tab and Repsol ( opens new tab filed arbitration claims saying Venture Global LNG deliberately failed to fulfill their supply contracts, dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global argued that a faulty power system delayed normal operations. The Gaslog Wellington tanker is the first vessel to receive LNG from the Calcasieu Pass plant and was at its port loading 170,000 cubic meters of the supercooled gas, according to LSEG cargo flows. It was not immediately clear which of Venture Global's long-term customers would get the first shipment but Orlen has said it expects its first cargo on April 23, with Shell expected to receive its cargo at the end of the month, a person familiar with Shell's timeline told Reuters. Shell and BP declined to comment. Venture Global's stock price was down by 1%, at $8.38 in late-afternoon trading. It has declined by 66% since the company went public in January. The move to commercial operations is unlikely to stop ongoing arbitration cases brought by the long-term customers against Venture Global as Shell, Orlen and Repsol have all said they will pursue their legal battle with Venture Global even after they start receiving cargoes. Venture Global is also likely to keep profiting from strong global spot market prices, as its newer and larger Plaquemines facility ramps up production.
