U.S. LNG developer Tellurian Inc. plans to start construction on its $16.8 billion Driftwood LNG plant in Louisiana in April, Chairman Charif Souki said on Feb. 1.
The company has access to enough capital to handle the first year of plant construction, Souki told Reuters in an interview.
“You’re going to have to wait until we put our financial statements out in about two weeks,” he said in response to a question on capital available to finance the work.
The first phase of Driftwood construction is designed to process 11 million tonnes per year (mtpa) of LNG. First delivery could take place in 2026, Souki said. Future phases would bring the plant's full capacity to 27.6 mpta.
Project financing of $12 billion for the next five years will consist of about two-thirds debt and one-third equity, Souki said.
“Given everything that is happening in the world, it is critical that the [LNG] projects are accelerated as much as possible,” Souki said.
Recommended Reading
CEO: Ovintiv Passes on Permian Prices for More Montney Condensate
2024-11-14 - Rumored to be a potential buyer in the Permian Basin, Ovintiv instead struck a deal for lower-cost oil and condensate assets in Alberta’s Montney Shale.
'A Renewed Look': Central Basin Platform's Old Rock Gains New Interest
2024-10-29 - As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
Exclusive: Surge Energy Seeks Midland M&A with $1.3B in Dry Powder
2024-11-19 - Surge Energy is one of the largest private oil producers in the Permian Basin. With $1.3 billion in dry powder to put to work, Surge is scouring the northern Midland Basin for M&A, executive Travis Guidry told Hart Energy.
Harold Hamm: ‘Drill, Baby, Drill’ Faces Geology Barriers, Even Under Trump
2024-11-18 - Harold Hamm, Continental Resources founder and major Trump donor, says the U.S. faces real barriers to expanding production growth—even with Republicans controlling D.C.—as major shale basins mature.
Diamondback Touts Land, Cheap Gas to Lure Data Centers to Permian
2024-11-05 - With 65,000 land acres, cheap natural gas and an abundant produced water supply, Diamondback wants to lure power-hungry data centers to West Texas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.