Total Boosts Investment in Tellurian's Driftwood LNG Project
03 Abril 2019 - 12:04AM
Noticias Dow Jones
By Nathan Allen
Total SA (FP.FR) said Wednesday that it has signed several
agreements to develop Tellurian Inc.'s (TELL) Driftwood liquefied
natural gas project in Louisiana.
As part of the deal the French oil major said it will invest
$500 million in Tellurian's subsidiary Driftwood Holdings, and it
committed to buy 2.5 million tonnes a year of LNG from the project
via two separate offtake agreements.
Total will also increase its direct stake in Tellurian, buying
20 million shares for around $200 million. Total has been a
Tellurian shareholder since 2017, when it bought a 19% stake for
$207 million.
Tellurian is set to make a final investment decision on the $30
billion project in the first half of 2019, with production set to
begin in 2023, according to the project website.
Patrick Pouyanne, Total's chief executive, described Driftwood
as a "highly cost-competitive project that benefits from the low
gas production costs and prices in the U.S."
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
April 03, 2019 01:49 ET (05:49 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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