Challenging Conventional Thinking with Proven Results in the LNG Industry
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December 6, 2018 Tellurian and Vitol sign MOU for 15-year LNG sale on JKM
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that its subsidiary, Tellurian Trading UK Ltd. (Tellurian Trading), has entered into a Memorandum of Understanding (MOU) with Vitol Inc. (Vitol) to supply 1.5 million tonnes per annum of liquefied natural gas (LNG) from Tellurian Trading’s LNG offtake capacity at the proposed Driftwood LNG export terminal. The transaction price is based on the Platts Japan Korea Marker (JKM) and is for a minimum term of 15 years.
Under the MOU, Tellurian and Vitol have agreed to negotiate a LNG Sale and Purchase Agreement (SPA) under which Vitol will purchase LNG free on board (FOB). The SPA will contain certain conditions precedent, including Tellurian’s receipt of regulatory approvals and a final investment decision to construct the Driftwood LNG export terminal.
In addition, Vitol is evaluating a potential equity investment in the Driftwood Holdings partnership.
President and CEO Meg Gentle said, “The LNG business is evolving into a true commodity market, which includes LNG purchases and sales based on actual LNG prices rather than indexing to other energy products. JKM has emerged as the most liquid and transparent pricing mechanism for LNG. Tellurian is proud to work with Vitol, who has long been known for its innovation and creativity in the energy commodity markets, to lead LNG market transformation with a long-term LNG sale at the market index.”
Pablo Galante Escobar, Head of LNG, Vitol added, “We are very pleased to have concluded this agreement with Tellurian, which is at the forefront of LNG in the U.S. Tellurian’s integrated Driftwood project offers a unique value proposition, which we are pleased to participate in as off takers and potential equity investors.”
November 7, 2018 Tellurian reports third quarter 2018 results
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its global natural gas business during the third quarter of 2018. Notable Tellurian achievements:
Received its draft environmental impact statement (EIS) on September 14, 2018, from the United States Federal Energy Regulatory Commission (FERC) for the Driftwood LNG terminal facility and the associated Driftwood pipeline (the Driftwood Project).
Secured financing for certain drilling and development activities in the form of a three-year senior secured term loan (the Term Loan).
Advanced the sale of LNG and Driftwood Holdings’ partnership interests, with approximately 35 customer/partners conducting due diligence.
President and CEO Meg Gentle said, “Completing the draft EIS is a significant milestone in the LNG terminal regulatory process and reflects FERC’s commitment to deliver the final EIS in January. Tellurian has improved the efficiency of the Driftwood financing, reducing partners’ equity obligation to $500/tonne. We expect to announce partners by the end of 2018, begin construction in the first half of 2019, and produce LNG by 2023.”