Tellurian Investments Inc. (Tellurian) and Total have announced that Total is acquiring approximately 23% of Tellurian at US$5.85 per share for an amount of US$207 million to develop an integrated gas project, from the acquisition of competitive gas production in the US to the delivery of LNG to international markets from the Driftwood LNG terminal.
Tellurian President and CEO Meg Gentle said, “Total’s investment materially strengthens Tellurian’s position as a large infrastructure development company and is an important milestone in the growth of Tellurian’s LNG business, including the Driftwood LNG project in Calcasieu Parish, Louisiana. We welcome Total, one of the major global LNG operators, as a shareholder. We look forward to delivering low cost LNG to the global market.”
Total President of Gas, Renewables and Power Philippe Sauquet said, “We are happy to join forces with Tellurian, who has a very experienced team with a strong track record of developing and managing LNG assets in the US. Investing in Tellurian at an early stage will give us the opportunity to potentially strengthen our mid and long term LNG portfolio thanks to a very cost competitive project.”
Driftwood LNG is in the engineering design and pre-filing phase of the project. The Federal Energy Regulatory Commission (FERC) approved Driftwood LNG’s pre-filing request on 6 June 2016. Tellurian expects to commence construction of Driftwood LNG in 2018 and produce LNG in 2022.
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