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.

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