Tellurian mulling new Driftwood LNG stake deals

Tellurian mulling new Driftwood LNG stake dealsImage courtesy of Tellurian

US LNG export project developer, Tellurian said it is continuing its negotiations on the sale of liquefied natural gas and interests in Driftwood Holdings with several counterparties.

During the second quarter of the year, the company has signed a deal with Total for the latter to invest $500 million in Driftwood Holdings equity as well as for the purchase of LNG.

Along with Total’s previously announced agreement to purchase approximately $200 million of Tellurian common stock, Total’s aggregate investment in the Tellurian portfolio will be approximately $907 million at final investment decision (FID) for Driftwood, Tellurian said in its statement.

The company also said it has completed binding open seasons for the Permian Global Access Pipeline (PGAP), the Haynesville Global Access Pipeline (HGAP), and the Delhi Connector Pipeline (DCPL), all resulting in over-subscribed indications of interest.

Tellurian anticipates finalizing precedent agreements and beginning the pre-filing process with the Federal Energy Regulatory Commission (FERC) in the next quarter for PGAP.

Speaking of the developments during the quarter, Tellurian’s president and CEO Meg Gentle said, “Total’s commitment and investment in Tellurian has set an international standard for a joint venture partnership[…]. Tellurian has executed a thorough set of documents and we are using those as a template to secure further agreements with partners. We are preparing to launch the project finance debt syndication which we expect to take the remainder of the year.”

Tellurian ended its second quarter of 2019 with approximately $104.0 million of cash and cash equivalents and approximately $114.2 million in debt. Tellurian said it has a strong balance sheet consisting of approximately $417.4 million in assets.

Tellurian reported a net loss of approximately $40.5 million for the three months ended June 30, 2019.

Share this article

Follow LNG World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >