Woodside Takes Over and Renames Driftwood LNG Development
Woodside has completed the acquisition of Tellurian Inc. and its US Gulf Coast Driftwood LNG development opportunity.
Woodside has acquired all issued and outstanding Tellurian common stock for approximately $1.00 per share to bring the value of the transaction to approximately $1,200 million.
Woodside has also renamed the Driftwood LNG development opportunity Woodside Louisiana LNG.
Woodside Louisiana LNG is an under-construction, pre-final investment decision (FID), LNG production and export terminal in Calcasieu Parish, Louisiana. It is a high-quality, scalable development opportunity, with a total permitted capacity of 27.6 million tonnes per annum.
Woodside CEO Meg O’Neill said: “This is a major growth opportunity that significantly expands our US LNG position, enabling us to better serve global customers and capture further marketing optimization opportunities across both the Atlantic and Pacific Basins.”
Woodside Louisiana LNG is fully permitted, front-end engineering design is complete, and site civil works are well advanced.
"Woodside is targeting FID readiness from the first quarter of 2025, with the experienced Tellurian team and engineering, procurement and construction contractor Bechtel having completed substantial work to advance the opportunity to this stage,” said O’Neill.
“We are also pleased with the inbounds received from multiple parties looking to enter the opportunity as a strategic partner.”
Reuters reports that the total permitted capacity of the Woodside Louisiana LNG could strengthen the position of the U.S. as the world's largest producer of LNG.
The acquisition is expected help solve Tellurian's financial troubles. The U.S. company has been searching for financial partners to fund the LNG facility, reports Reuters. In May, it said it would sell its upstream assets to pay off some of its debt.
