Tellurian Inc. (Tellurian) (NASDAQ: TELL) concluded its second year as a public company, building a global natural gas business with the following notable achievements:
- Attained regulatory milestones for the Driftwood project (terminal and pipeline)
- Received a Coastal Use Permit from the Louisiana Department of Natural Resources and Air Permits from the Louisiana Department of Environmental Quality.
- Received the final Environmental Impact Statement (EIS) from the United States Federal Energy Regulatory Commission (FERC) on January 18, 2019.
- Achieved financial goals
- Generated approximately $5.9 million in revenue from liquefied natural gas (LNG) marketing and approximately $4.4 million from natural gas sales.
Received a $50 million investment from Bechtel.
- Generated approximately $129.7 million in proceeds from public offerings of common stock.
- Progressed commercial strategy of Driftwood
- Advanced the sale of LNG and Driftwood Holdings’ partnership interests, with approximately 35 customer/partners conducting due diligence.
- Entered into a Memorandum of Understanding (MOU) with Vitol S.A. to supply 1.5 million tonnes per annum (mtpa) of LNG from Tellurian’s offtake capacity at
- Driftwood, with the price based on the Platts Japan Korea Marker (JKM) for a minimum term of 15 years.
- Entered into an MOU with Petronet LNG Limited INDIA for Petronet to explore equity investment in the Driftwood project.
- Closed two open seasons on proposed pipelines – the Permian Global Access Pipeline and the Haynesville Global Access Pipeline – receiving non-binding indications of interest for both projects in excess of available capacity.
President and CEO Meg Gentle said, “Tellurian distinguished itself in the market through our innovative equity interest investment strategy, and by introducing a new pricing benchmark for LNG agreements. We recently received our final Environmental Impact Statement for Driftwood LNG and look forward to receiving our Federal Energy Regulatory Commission order to proceed. Tellurian is well positioned to take a final investment decision and begin construction of Driftwood in the first half of 2019, and deliver first LNG in 2023.”