Woodside makes US LNG push with Tellurian acquisition

The Australian firm’s purchase represents a significant move into US LNG by an international player and will boost the planned Driftwood project after years of uncertainty

Australia-based Woodside said in late July it had agreed to buy US LNG company Tellurian for $900m in cash, or $1.00 per share of outstanding Tellurian common stock. This puts the Houston-based company’s enterprise value at $1.2b including debt and working capital, and includes the fully permitted Driftwood LNG project, on which FID has not yet been taken. Driftwood is Tellurian’s core asset. Under the current development plan, the first phase of the project would have a capacity of 11mt/yr, with a second phase adding 5.5mt/yr. The entire project comprises four phases and five liquefaction trains with a combined capacity of 27.6mt/yr. Woodside immediately stated its intention to build the pr