Tellurian to tie Driftwood LNG partners by year end

Tellurian to tie Driftwood LNG partners by year endThe proposed Driftwood LNG (Image courtesy of Tellurian)

US LNG Export project developer, Tellurian, continued making strides forward with its Driftwood LNG project expecting to name project partners soon.

During the third quarter of the year, Tellurian received a draft environmental impact statement (EIS) from the United States Federal Energy Regulatory Commission (FERC) for the Driftwood LNG terminal facility and the associated Driftwood pipeline.

The company has also secured financing for certain drilling and development activities and advanced the sale of LNG and Driftwood Holdings’ partnership interests, with approximately 35 customer/partners conducting due diligence.

President and CEO Meg Gentle said, “Completing the draft EIS is a significant milestone in the LNG terminal regulatory process and reflects FERC’s commitment to deliver the final EIS in January.” 

She added that company expects to announce partners for the Driftwood LNG project by the end of 2018, with the construction set to start in the first half of 2019 and production of LNG to start by 2023.

Tellurian ended its third quarter of 2018 with approximately $172.3 million of cash and cash equivalents.

Tellurian reported a net loss of approximately $33.2 million for the three months ended September 30, 2018.

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