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Woodside Energy (WDS) said Sunday evening that it has agreed to acquire liquefied natural gas developer Tellurian (NYSE:TELL) for $1.2 billion in cash, including debt.
Woodside (WDS) said the acquisition of Tellurian (TELL), the developer of the 27.6 million metric tons/year The Driftwood LNG export project in Lake Charles, Louisiana, is positioning itself as “a global LNG powerhouse.”
The Driftwood LNG development is fully permitted and recently received a permit extension from the Federal Energy Regulatory Commission. Construction has begun, with the piles for Trains 1 and 2 completed, foundation work underway, and the piles for the LNG tanks under construction.
Woodside (WDS) said it will provide Tellurian (TELL) with a loan of up to $230 million to ensure operations at the Driftwood LNG site maintain momentum before the deal closes.
Woodside (WDS) said it “expects to leverage its global LNG expertise to unlock this fully permitted development and expand its relationship with Bechtel, the largest player in LNG. [engineering, procurement and construction] “We are a contractor for both Driftwood LNG and our Pluto Train 2 project in Australia,” the company said.