BP LNG Terminals: Tangguh, GTA & a $3.7bn Dispute

BP LNG terminals and supply portfolio span four continents — Indonesia, West Africa, Trinidad and the Gulf Coast of the US — and the company is pursuing at least $3.7 billion in damages from Venture Global over withheld Calcasieu Pass cargoes. With its Greater Tortue Ahmeyim FLNG project now in production and Tangguh’s third train fully online, BP’s LNG footprint in 2026 is larger and more complex than at any previous point in its history.

BP’s Global LNG Portfolio: Equity Assets and Scale

BP targets a supply portfolio of 25 million tonnes per annum (mtpa), built from a combination of equity production and a large merchant book. The company reached approximately 23 mtpa in 2023 after adding volumes from the Coral FLNG project in Mozambique and the Freeport LNG terminal in Texas. Equity assets anchor the portfolio and provide long-term supply certainty; merchant volumes allow BP’s trading operation to optimise against spot market conditions.

The core equity positions sit in three locations: Tangguh LNG in Indonesia (operator, ~40% interest), Atlantic LNG in Trinidad and Tobago (majority shareholder), and the newly producing Greater Tortue Ahmeyim (GTA) project straddling the Mauritania-Senegal maritime border. Together these three assets represent the backbone of BP’s upstream LNG production capacity.

BP also holds receiving and regasification access across Europe and Asia, including a 30% equity stake in the Guangdong Dapeng LNG terminal in China (6.8 mtpa capacity), and participates in a new receiving terminal at Jiangsu, Lianyungang, which entered service in 2026. These downstream positions allow BP to deliver directly into high-demand markets without relying solely on third-party terminals.

Tangguh LNG, Indonesia

BP operates the Tangguh LNG facility in Papua Barat province, Indonesia, with a consolidated interest of approximately 40%. The plant runs three liquefaction trains with a combined nameplate capacity of 11.4 mtpa following the completion of Train 3 — a 3.8 mtpa addition that BP took final investment decision on several years ago. The third train delivered its first cargo in 2024, lifting Tangguh into the top tier of BP’s equity supply sources.

The Tangguh reservoir underpins decades of production. The six gas fields — located in Wiriagar, Berau and Muturi production sharing contracts in Bintuni Bay — hold 14.4 trillion cubic feet of certified proved reserves. Key offtake contracts supply buyers in Japan, South Korea, and China, with a portion of Train 3 gas allocated to meet Indonesian domestic power demand. BP’s Tangguh UCC integrated project, currently in execution under EPCI contract, underpins the next development phase.

Greater Tortue Ahmeyim: First Production in 2025

The Greater Tortue Ahmeyim (GTA) Phase 1 project, operated by BP with a 56% working interest, achieved first gas on 31 December 2024. First LNG followed in February 2025, with the first export cargo shipped in April 2025. The $4.8 billion development sits on one of the deepest offshore gas fields in Africa, in water depths of up to 2,850 metres, approximately 120 kilometres offshore the Mauritania-Senegal border.

The Phase 1 infrastructure uses a mid-water FPSO — capable of processing more than 500 million standard cubic feet of gas per day — feeding gas via pipeline to the Gimi FLNG vessel, a converted 125,000m³ LNG carrier operated by Golar LNG under a 20-year lease. Nameplate capacity of the FLNG is approximately 2.3–2.5 mtpa. GTA has been designated a project of strategic national importance by both the Mauritanian and Senegalese governments. Phase 2 development planning, targeting an additional 2.5–3 mtpa, is already under way.

BP Gas Marketing holds exclusive offtake rights for the investor partners’ share of GTA Phase 1 LNG — a position secured through an ICC arbitration ruling against Kosmos Energy. This makes BP the commercial gatekeeper for GTA volumes entering the global market. For broader context on the global LNG infrastructure surge, GTA represents Africa’s emerging role as a new supply corridor alongside more established Atlantic Basin producers.

Atlantic LNG, Trinidad and Tobago

BP is the largest oil and gas producer in Trinidad and Tobago and holds the largest single stake in Atlantic LNG — one of the largest LNG plants in the Western Hemisphere. The facility runs four liquefaction trains and has been a cornerstone of BP’s Atlantic Basin supply for more than two decades.

In 2024, BP, Shell, and the government of Trinidad and Tobago completed a restructuring deal for Atlantic LNG, described by BP CEO Murray Auchincloss as enabling the next wave of upstream projects in Trinidad and securing long-term equity offtake. The restructuring positions Atlantic LNG for extended operational life and opens the path to incremental capacity additions. BP also signed new LNG offtake agreements with Oman LNG and Woodfibre LNG — the latter a Canadian project expected to produce 1.95 mtpa from 2027 — adding merchant diversity to its supply slate.

The Venture Global Dispute: $3.7 Billion and Rising

BP’s most prominent LNG legal action concerns Venture Global’s Calcasieu Pass terminal in Louisiana. In October 2025, the ICC International Court of Arbitration ruled in BP’s favour, finding that Venture Global had breached its contractual obligations by failing to declare the commercial operation date in a timely manner and by not acting as a reasonable and prudent operator. Venture Global had been selling cargoes on the spot market at elevated prices while withholding supply from long-term contract holders.

BP is now seeking at least $3.7 billion in damages — up from an initial claim of more than $1 billion — according to Venture Global’s annual report filed with the SEC. The damages hearing has not been scheduled but is expected to take place in 2026 or 2027, with a final award to follow. The company has indicated the claim could exceed $6 billion including interest, costs and legal fees. Venture Global, which won a parallel arbitration against Shell, has described BP’s claims as without merit and is contesting the damages figure.

The case is the largest single arbitration dispute in BP’s recent history and forms part of a broader wave of claims — from Shell, Galp, Repsol, Orlen, and Edison — against Venture Global over the same facility. BP’s successful liability argument, centred on unreasonable operator conduct rather than contractual interpretation alone, has since been studied closely by other claimants’ legal teams. See our full ranking of the world’s top LNG terminals in 2026 for context on where Calcasieu Pass sits in the global supply picture.

BP LNG Trading and Regasification Access

Beyond equity production, BP operates one of the world’s most active LNG trading desks, integrating equity and merchant supply to optimise value across changing market conditions. The company holds or accesses regasification capacity at multiple European terminals. A 10-year LNG supply agreement signed with OMV, for instance, routes volumes through the Gate LNG terminal in Rotterdam or other European import facilities where OMV holds capacity. This access-light, contract-heavy model allows BP to serve European customers without owning physical receiving infrastructure across the continent.

In Asia, BP supplies buyers in Japan, South Korea, Singapore, Taiwan, Kuwait, and Australia under long-term offtake contracts, and holds the 30% stake at Guangdong Dapeng — a 6.8 mtpa terminal operational since 2006 — as a direct market access point in southern China. QatarEnergy’s use of the Isle of Grain terminal in the UK demonstrates how competing LNG majors are also competing for European import access; BP’s approach is to build commercial relationships rather than fixed terminal equity across this market. For more on European LNG receiving infrastructure, see our coverage of QatarEnergy’s Isle of Grain operations.

BP LNG Strategy in 2026: 30 mtpa Target and Upstream Growth

BP’s 2025 capital markets update set a new target of 30 mtpa by 2030, up from the 25 mtpa target set for 2025. The growth roadmap includes incremental merchant volumes, the ramp-up of GTA Phase 1, continued development at Tangguh, and new Oman and UAE upstream positions that EVP William Lin has flagged as providing additional LNG feedstock opportunities in the Middle East.

The company also holds an option on Woodfibre LNG in British Columbia — 1.95 mtpa from 2027 — and has been exploring further incremental equity additions. The 30-by-30 strategy prioritises value over volume: BP has publicly stated it will not chase mtpa targets at the cost of margin, and its merchant portfolio flexibility allows it to pull back from low-value spot exposure when conditions deteriorate.

The Venture Global damages hearing and ongoing Middle East upstream buildout will both be material variables in BP’s LNG outlook over the next 24 months. The bp lng terminals network — from Bintuni Bay to Boffa Basin — now spans more than six active and ramping supply origins, with one of the most aggressive arbitration claims in LNG history running in parallel.