French Total acquired approximately 23 percent of the U.S. group
Tellurian at $5.85 per share for $207 million, the company announced on
Tuesday.
Total said that it is acquiring the share to develop an
integrated gas project, from the acquisition of competitive gas
production in the U.S. to the delivery of LNG to international markets
from the Driftwood LNG terminal.
Driftwood LNG is in the engineering design and pre-filing phase of the project.
"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," Meg Gentle, Tellurian president and CEO
said.
Gentle said the company is looking forward to delivering low cost LNG to the global market.
"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," said Philippe Sauquet, Total president
of gas, renewables and power.
The Federal Energy Regulatory
Commission (FERC) approved Driftwood LNG’s pre-filing request on June 6,
2016. Tellurian expects to commence construction of Driftwood LNG in
2018 and produce LNG in 2022.
Tellurian is a private company developing natural gas liquefaction export projects, based in Houston, Texas.
(Anadolu Agency, December 20, 2016)