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Total invests in proposed Driftwood LNG facility

11/07/2019
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Total SA have agreed to buy one million tonnes per annum (mtpa) of LNG from Tellurian Inc’s proposed Driftwood production and export terminal, planned to be built in Lake Charles, Louisiana. The oil and gas major will also be investing $500 million in Driftwood Holdings LP and agreed to purchase an additional 1.5mtpa from Tellurian's offtake volumes.

A FID on the planned Driftwood LNG facility is expected later this year
(Image via Driftwood)

The Driftwood facility is a $30 billion project being developed by Tellurian, that aims to produce 27.6 mtpa of LNG, or about 4 billion cubic feet per day (bcfd) of natural gas and export it worldwide. Tellurian are aiming to make a final investment decision (FID) on construction of the plant later this year.

The investment and agreement with Total will be a significant boost towards achieving that FID on schedule.

“The agreements we have executed with Total confirm the business model for the Driftwood project, establishing it as an LNG joint venture partnership with an implied value of $13.8 billion,” Tellurian President and Chief Executive Meg Gentle said in the statement.

Located in Lake Charles, Louisiana, the Driftwood LNG facility is expected to produce and export 27.6 million tonnes of LNG per year
(Image via Driftwood)

This latest investment follows Total’s agreement in April to buy shares of Tellurian common stock for $200 million, subject to closing conditions including a final investment decision. According to Tellurian, Total’s aggregate investment in their portfolio will be around $907 million by the time the FID is made.

Other partners of the Driftwood project include Vitol, Petronet LNG Ltd, General Electric Co and Bechtel - who have a $15.2 billion contract to build the facility. If the FID goes ahead this year as planned, construction will begin immediately with the plant expected to enter service in 2023.

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Total invests in proposed Driftwood LNG facility - Time to read 2 min
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