Woodside to Acquire Tellurian for Approximately $900M
7/22 7:21 AM
Woodside to Acquire Tellurian for Approximately $900M
OAKHURST, N.J. (DTN) --- Woodside has entered into a definitive agreement to
acquire all issued and outstanding common stock of Tellurian including its
owned and operated US Gulf Coast Driftwood LNG development opportunity for
all-cash payment of approximately $900 million. The transaction closing is
targeted for the fourth quarter.
"The acquisition of Tellurian and its Driftwood LNG development opportunity
positions Woodside to be a global LNG powerhouse," said Woodside CEO Meg
O'Neill. "It adds a scalable US LNG development opportunity to our existing
approximately 10 Mtpa of equity LNG in Australia. Having a complementary US
position would allow us to better serve customers globally and capture further
marketing optimization opportunities across both the Atlantic and Pacific
Basins."
Driftwood LNG is a fully permitted, pre-final investment decision (FID)
development opportunity located near Lake Charles, Louisiana. The current
development plan comprises five LNG trains through four phases, with a total
permitted capacity of 27.6 Mtpa.
O'Neill continued, "The Driftwood LNG development opportunity is
competitively advantaged. Woodside expects to leverage its global LNG expertise
to unlock this fully permitted development and expand our relationship with
Bechtel which is the EPC contractor for both Driftwood LNG and our Pluto Train
2 project in Australia. Through this acquisition, we are delivering on our
strategy to thrive through the energy transition. Woodside believes that LNG
will play a key role in the energy transition and is well positioned to deliver
the energy the world needs while delivering significant value to our
shareholders."
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