LNG

BP has secured an arbitration victory against Venture Global which was found in breach over its failure to deliver contracted cargoes from the Calcasieu Pass facility. Seeking over $1 billion in damages, BP stressed it will "vigorously defend" its position in subsequent proceedings.

Egypt is being obliged to pay over US$2 billion plus interest and legal costs after losing an international tribunal dispute to Union Fenosa Gas for the unilateral interruption of gas supply to UFG’s liquefaction plant in Damietta, near the Mediterranean port of Alexandria.

July 18 (LNGJ) - Kosmos Energy, the Dallas-based partner of BP of the UK in the development of floating LNG projects offshore Senegal and Mauritania in West Africa, has been successful in an arbitration case brought by its subsidiary in another West African country, Ghana, against Tullow of the UK. The dispute was over responsibility for expenditure stemming from termination of the West Leo drilling rig contract in Ghana. The tribunal’s final award in the arbitration was delivered to the parties by the International Chamber of Commerce. As a consequence of the arbitration award, Kosmos will not be required to fund its portion of Tullow’s liability to Seadrill, estimated by Tullow to be around $50.8 million. “Kosmos will also be reimbursed by Tullow for approximately $14 million plus interest, related to amounts previously paid under protest as well as certain costs and fees of pursuing the arbitration,” said the US company.