Tellurian notes progress on Driftwood LNG project

Tellurian notes progress on Driftwood LNG project

Tellurian, the US LNG player formed through the merger between Magellan Petroleum and Tellurian Investment, reported significant progress on its Driftwood LNG project during the first quarter of 2017. 

The company said it has issued 23 percent of its common stock to Total for $207 million, closed its merger with Magellan and received authorization to export LNG to free trade agreement countries.

It has also submitted the application with the Federal Energy Regulatory Commission (FERC) to construct and operate the Driftwood project and engaged Société Générale as a financial advisor. The company expects to receive construction authorization in mid-2018 when it also plans to reach financial clause for the project.

The company did report a net loss of $141 million for the period under review.

President and CEO Meg Gentle said, “We recently began marketing LNG to potential customers and we have received positive feedback and interest in our Driftwood Project which we expect to produce first LNG in 2022.”

According to Tellurian’s timeline for the Driftwood LNG project, the lump sum turnkey EPC contract is expected to be signed in mid-2017 with LNG sales and purchase deals to be firmed up in the first half of next year.

Construction on the 26 mtpa export plant near Lake Charles, Louisiana is expected to start in mid-2018, the statement reads.

Share this article

Follow LNG World News


<< Oct 2019 >>
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 >