Tellurian to be acquired by Woodside Energy Group in $900M all-cash payment
Published 10:36 am Monday, July 22, 2024
- Driftwood LNG, owned by Tellurian Inc., is developing a liquefied natural gas (LNG) production and export terminal on the west bank of the Calcasieu River, south of Lake Charles. (Special to the American Press)
Tellurian has agreed to be acquired by Woodside Energy Group. The transaction includes the Driftwood LNG development in the Carlyss area, and is targeting completion in the fourth quarter of the 2024 calendar year.
Woodside has entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian.
The consideration for the transaction is an all-cash payment of about $900 million.
“The all-cash acquisition price of $1 a share represents a 75 percent premium to Tellurian’s closing price on July 19, according to Jason French, director of McNeese LNG Center of Excellence.
Driftwood LNG is a fully permitted, pre-final investment decision (FID) development. The current development plan comprises five LNG trains through four phases, with a total permitted capacity of 27.6 Mtpa. The foundation development includes Phase 1 (11 Mtpa) and Phase 2 (5.5 Mtpa). Woodside is targeting FID readiness for Phase 1 of the Driftwood LNG development opportunity from the first quarter of 2025.
Woodside led the development of the LNG industry in Australia. With a focused portfolio, Woodside is recognized for its world-class capabilities as an integrated upstream supplier of energy.
