Challenging Conventional Thinking with Proven Results in the LNG Industry
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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.”
Tellurian Inc. (Tellurian) (NASDAQ: TELL) received its draft environmental impact statement (EIS) today from the United States Federal Energy Regulatory Commission (FERC) for the Driftwood LNG terminal facility and the associated Driftwood pipeline (the Driftwood Project). The draft EIS has been prepared in compliance with the requirements of the National Environmental Policy Act (NEPA), the Council on Environmental Quality regulations for implementing NEPA, and FERC regulations. The draft EIS is the culmination of an extensive evaluation process, including months of assessment and feedback from federal and state agencies and the public with respect to the Driftwood Project.
President and CEO Meg Gentle said, “We appreciate the hard work the FERC, U.S. Coast Guard, PHMSA and supporting agencies have put forth to ensure the Driftwood Project can produce LNG safely and efficiently beginning in 2023. Publication of the draft EIS is a significant milestone in the regulatory process for the project and was completed ahead of the FERC’s recently updated schedule. We continue to work in partnership with all the regulatory agencies to complete the final environmental impact statement (FEIS) by January 2019 and begin construction of the Driftwood Project thereafter, with approximately $30 billion of infrastructure investment and nearly 50,000 direct and indirect jobs in at least 18 States.”