Shell and BP have sought the intervention of a U.S.-European task force to mediate in an ongoing dispute with Venture Global, a major liquefied natural gas (LNG) exporter based in the United States. The oil and gas giants allege that Venture Global has failed to fulfill contractual supply obligations, posing a potential threat to Europe’s energy security.
Although Shell and BP initiated this request last month, details have only recently come to light through news agencies Bloomberg and the Financial Times (FT). The companies accuse Venture Global of intentionally withholding shipments to sell them at a later date for a higher price.
FT also possesses a letter addressed to the Italian energy group Edison, revealing that Venture Global has reportedly earned over $17 billion. These earnings primarily stem from short-term sales, with long-term contracts involving Shell, BP, Edison, and others expected to generate $2.8 billion.
Venture Global has promptly refuted these allegations, categorizing them as “false” and describing the situation as a “strong-coordinated attack” orchestrated by European companies. A spokesperson for the LNG company claims that the task force has opted not to take any immediate action, deeming it a “contractual issue between commercial parties.”