All articles tagged with #force majeure
Oracle sent a force majeure notice to Blue Owl Capital regarding its $18 billion New Mexico data center, Project Jupiter, to delay payments if the facility is not operational by 2028. The move, reported by Bloomberg and confirmed by CNBC, follows regulatory delays and local opposition. Oracle maintains the project is on schedule, but the notice highlights financial risks in AI infrastructure buildouts.
Oracle has invoked a force majeure clause to shield itself from financial liability regarding the stalled $18 billion Project Jupiter data center in New Mexico, a critical component of the Trump administration’s $500 billion Stargate AI initiative. The move, reported by Bloomberg, follows the failure to secure necessary development permits and a previous pivot to untested solid oxide fuel cells. Financial analysts view the notice as an attempt to avoid upcoming payments if the facility is not completed by 2028, signaling severe strain on the broader AI infrastructure megaproject.
A second LNG tanker loaded in Qatar, the GasLog Shanghai, was struck near the Strait of Hormuz, underscoring ongoing security risks and extending QatarEnergy’s force majeure deliveries, with insurance costs rising as Hormuz remains the critical export route.
QatarEnergy has declared force majeure on some long-term LNG supply contracts (including buyers in Italy, Belgium, South Korea and China) due to disruptions tied to the US–Israel war on Iran. Attacks damaged Ras Laffan, cutting about 17% of Qatar’s LNG export capacity and sidelining 12.8 million tonnes of production per year for 3–5 years, with an estimated $20 billion in lost annual revenue, contributing to higher energy prices and tighter supplies to Europe and Asia.
Shell has invoked force majeure on LNG cargoes it buys from QatarEnergy after a production halt at a Qatari facility, signaling broader supply disruptions as QatarEnergy and other buyers, including TotalEnergies and OQ, issue notices. QatarEnergy says it could take weeks to months to resume normal deliveries, with March shipments reportedly unaffected but April impact expected.
Bapco Energies declared force majeure after an Iranian strike damaged Bahrain's Al-Ma'ameer refinery, suspending oil shipments and signaling wider Gulf energy disruption, with Bahrain insisting domestic demand can be met even as neighbouring Gulf states also invoke force majeure amid ongoing attacks on energy infrastructure.
QatarEnergy declared force majeure on LNG exports after Ras Laffan disruptions tied to the Strait of Hormuz closure amid Middle East conflict. Restarting the world’s largest LNG hub will be slow—weeks to months—as storage fills and trains are brought back online sequentially to avoid thermal shock. Qatar accounts for about 20% of global LNG exports, and with U.S. capacity limited and European/Asian prices up around 50%, global gas markets could face a multi-week deficit before production normalizes. Several U.S. projects aim to add capacity by 2030 to mitigate future shocks.
Lukoil has declared force majeure at its West Qurna-2 oil field in Iraq due to U.S. sanctions, halting its operations and risking a complete exit if unresolved within six months, amid failed asset sales and broader energy sector instability.
Lukoil declared force majeure on oil shipments from its West Qurna 2 field in Iraq due to US sanctions, impacting its international operations and leading to canceled cargoes, with the field's operatorship transferred to Iraqi firms to maintain production.
Lukoil has declared force majeure at Iraq's West Qurna-2 oilfield due to US and UK sanctions disrupting its operations, leading to halted payments and potential exit from the project if issues persist beyond six months.
TotalEnergies has lifted the force majeure on its $20 billion Mozambique LNG project, signaling progress in the project’s development amidst the global energy transition.
Major Hollywood studios and streaming platforms are considering terminating some of their first look and overall deals with writers as early as August 1, under contractual force majeure clauses, as the SAG-AFTRA and Writers Guild of America strikes continue. These deals, which were suspended in May, provide financial support and distribution guarantees for writers' projects. While top talent has safeguards in their contracts, mid-range creatives are more vulnerable to force majeure. However, terminating these deals may not be straightforward due to legal and public relations concerns, and the studios are already saving money by suspending the deals.
The COVID-19 pandemic has led to confusion around force majeure events in Hollywood, with many writers' deals being suspended without reference to the term. While the WGA's collective bargaining agreement says a strike itself is justification for suspension, studios may still be looking for ways to cut costs. Attorneys say that most studios' standard terms and conditions give them the right to suspend and terminate without any waiting period, although some talent may have negotiated protections. There is also debate around whether a strike by a writer's own union invokes force majeure.
Ticket holders for the cancelled Imola F1 race will receive a full refund or have their 2023 tickets converted to next year's race instead. The event's organisers have confirmed that all buyers who have purchased tickets through the sales network and the ticketone.it purchasing platform will be eligible for a refund. As the event was called off due to force majeure, the Imola race promoters won't have to pay FOM the agreed fee, understood to be around $20 million.