Tellurian builds Driftwood LNG momentum
US LNG export project developer, Tellurian has moved forward with its liquefied natural gas business closing 2019 with momentum on commercialization and development of its Driftwood LNG project.
Commenting on the progress, president and CEO Meg Gentle said, “In 2019, Tellurian secured equity partners for the Driftwood project, advanced engineering and site testing, and finalized critical permits, making Driftwood LNG shovel ready for 2020. We plan to complete our financing in the coming months and begin construction on the largest privately funded energy infrastructure project in the United States.”
Over the course of the year Driftwood LNG project received the United States Federal Energy Regulatory Commission (FERC) order granting authorization for the Driftwood terminal and Driftwood pipeline, and the United States Department of Energy order granting export authorization to non-free trade agreement countries, concluding the most significant permits required for construction and operation.
The engineering of the facility has reached 28 percent completion, Tellurian said in its report.
The company further noted it has drilled three new operated wells and increased average net production to approximately 38.1 million cubic feet per day.
Tellurian ended its 2019 fiscal year with approximately $64.6 million of cash and cash equivalents and approximately $136.6 million in debt. Tellurian has a strong balance sheet consisting of approximately $382.3 million in assets.