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On Wednesday, BP p.l.c. (NYSE:BP) reportedly informed federal regulators that, after reviewing confidential commissioning documents, it does not believe Venture Global LNG requires additional time to start commercial production.
The documents include confidential filings related to ongoing repairs of a heat recovery steam generator, as well as more than 124 weekly commissioning and site inspection reports, reported Reuters.
Venture Global LNG’s Calcasieu Pass plant has been central to a prolonged dispute between energy companies, including BP and Shell plc (NYSE:SHEL), regarding access to liquefied natural gas from the facility.
As per the report, this new facility will be its second LNG plant and will bolster the U.S.’s position as the leading LNG exporter globally.
By the end of the year, Venture Global is expected to become the second-largest U.S. exporter of liquefied natural gas (LNG) with its new plant, which has a capacity of 20 million metric tons per annum (MTPA).
Calcasieu Pass plant has been producing and shipping LNG for over two years but hasn’t supplied contract customers, citing incomplete operational status.
Venture Global sought an extension from the Federal Energy Regulatory Commission to start commercial operations of its Calcasieu Pass LNG facility next year. Customers said they need access to confidential documents to support this extension.
Also Read: BP and ADNOC Target Eastern Mediterranean Gas Riches: Report
Investors can gain exposure to the stock via Direxion Hydrogen ETF (ARCA: HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX).
Price Action: BP shares are up 0.77% at $33.96 premarket at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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