Venture Global LNG has told purchasers of capacity at its Plaquemines export terminal in Louisiana that it intends to begin delivering contracted cargoes on schedule and at prices already agreed in contract, according to a company letter reviewed by the newsroom. The developer signaled that Phase 1 remains committed to its previously announced timetable despite recent upward pressure on global gas prices tied to the U.S.-Israeli war on Iran.
In the letter, sent on Friday to buyers of Plaquemines Phase 1 - which include British major Shell and Poland's Orlen - Venture Global made clear it expects to start long-term deliveries from October 31. The company said the surge in global gas prices prompted by developments in the Middle East will not alter that plan.
"As global energy markets react to the critical developments surrounding Iran and the Middle East, we wanted to assure you that, as of today, Phase 1 remains on schedule," the letter stated.
The note to customers comes against a backdrop of strained relations between Venture Global and several of its former buyers. Companies including BP, Shell, Unipec, Edison, Galp, Repsol and Orlen previously took Venture Global to arbitration, alleging the developer withheld contracted cargoes during commissioning of its nearby Calcasieu Pass terminal in order to benefit from higher spot-market prices during the 2021-2023 energy crisis.
Venture Global has attributed the earlier delays at Calcasieu Pass to technical issues arising during commissioning. The company prevailed in its dispute with Shell, while BP is seeking at least $3.7 billion after winning its case, according to a Venture Global filing. Orlen's arbitration remains pending.
Addressing the recent market moves and its operational plan in a separate comment, a Venture Global spokesperson said, "To be clear, fluctuating market conditions have no impact on our previously communicated schedule." The spokesperson added that nearly 70% of the 2026 cargoes at Plaquemines are already contracted for and reaffirmed that Phase One remains on target to declare COD in Q4 2026.
The company is the second-largest U.S. LNG exporter and Plaquemines is its second export terminal. According to LSEG data cited by the company, Plaquemines shipped 2 million metric tons of LNG last month. Those shipments included early commissioning cargoes even while the terminal remains under development.
Market conditions have tightened in recent weeks after the U.S.-Israeli conflict with Iran and Tehran's attacks on neighboring Gulf states disrupted oil and gas flows from the Middle East. The regional disruptions have forced production stoppages, including in Qatar, which halted operations at some LNG facilities that are among the world's largest and collectively account for roughly 20% of global LNG supply.
Benchmark gas prices have responded. Dutch Title Transfer Facility futures have traded at around $21 per million British thermal units, a three-year high, while the Japan-Korea Marker has been near $16, a level close to a two-year high. Those price moves have intensified attention on supply commitments from major exporters, including U.S. projects under development.
Venture Global informed its customers it will begin developing its annual delivery program for the first contract year in early May, followed by scheduling for the second contract year in July. The company is continuing commissioning-related shipments from Plaquemines as it prepares for full-scale operations under long-term contracts.
Operational and contractual context
Venture Global's statement to buyers seeks to reassure contracted counterparties that the company will meet its delivery obligations at the agreed pricing and schedule. That assurance arrives while the firm navigates past arbitration disputes tied to commissioning activity at an adjacent U.S. export project, and as global LNG markets experience price spikes driven by disruptions in the Middle East.
The firm plans to formalize the delivery cadence for the first contract year in May and for the second contract year in July, a procedural step that precedes the start of long-term shipments scheduled for late October.