(WO) — Woodside has finalized the acquisition of Tellurian Inc. and its U.S. Gulf Coast Driftwood LNG development for approximately $900 million in cash, or $1.00 per share, with an implied enterprise value of $1.2 billion.
The Driftwood LNG project has been renamed Woodside Louisiana LNG. Located in Calcasieu Parish, Louisiana, it is a pre-final investment decision (FID) LNG production and export terminal with a total permitted capacity of 27.6 million tonnes per annum.
Woodside CEO Meg O’Neill highlighted the acquisition as a major growth step that significantly expands Woodside’s U.S. LNG portfolio. “This is a major growth opportunity that enables us to better serve global customers and capture further marketing optimization opportunities across both the Atlantic and Pacific Basins,” she said.
Woodside aims for FID readiness by the first quarter of 2025. The project has made considerable progress, with engineering design complete and civil works well advanced.
O’Neill added that Woodside is exploring partnerships, as multiple parties have shown interest in entering the project as strategic partners.
This article was originally posted at www.worldoil.com
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