Woodside Energy Group Ltd. has agreed to buy troubled LNG export project developer Tellurian Inc. for about $900 million in a bet on rapid growth in global demand for the fuel, Bloomberg reports.
Australia’s biggest oil and gas producer will pay about $1 a share in cash to take full control of Tellurian, including the proposed Driftwood LNG project near Lake Charles.
Woodside is targeting a final investment decision for the first phase of the Driftwood project in first quarter 2025. If all four phases are completed, the Louisiana facility would be able to export 27.6 million tons a year — almost triple Woodside’s current capacity.
Tellurian has been struggling to bring the facility to fruition since its 2016 founding by LNG industry pioneer Charif Souki. Read more.
