Woodside completes Tellurian acquisition for $1.2 billion

Woodside Energy announced on Wednesday that it had completed the acquisition, including the debt, of U.S. Gulf Coast Liquefied Natural Gas export project developer Tellurian.

Tellurian's shareholders voted last week in favor of the proposed acquisition by Australian energy producer.

Woodside has announced that it is renaming the Driftwood Louisiana LNG opportunity to Woodside Louisiana LNG.

The company stated that it aims to be ready for a final investment decision (FID), in the first quarter 2025, on the acquired project. FID is when a company gives its approval to the future development of a project.

The development opportunity, with a total allowed capacity of 27,6 million tonnes per year, could help the U.S. to become the largest producer in the world of super-cooled gas.

Tellurian is hoping that the agreement will help them overcome their financial problems. The U.S. firm has been looking for financial partners who can fund the LNG facility. It announced in May that it would sell some of its upstream assets in order to pay down its debt.

Woodside CEO Meg O'Neill stated in a press release that she was pleased by the interest shown from a number of parties who were interested in becoming a strategic partner.

(source: Reuters)