Houston’s Tellurian Inc. said Driftwood LNG phase one is making progress and the company has increased focused on taking a final investment decision on the project, according to the company’s first quarter results.

Driftwood, which has faced financial problems, received an extension through 2029 to complete the liquefaction facility with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.

“Over the past few months, our senior team has sharpened its focus on stability, financial discipline and execution, and we are laser-focused on bringing Driftwood to final investment decision,” said Tellurian’s Executive Chairman Martin Houston. “To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing.”

Tellurian generated approximately $25.5 million in natural gas revenues in first-quarter 2024, driven by decreased gas prices and production, compared to $50.9 million in first-quarter 2023, the company said.

As of March 31, Tellurian had approximately $1.3 billion in total assets, including approximately $51.8 million in cash and cash equivalents.

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