Gastech 2024: Woodside expects acquisition of Tellurian to close in October

Woodside Energy's acquisition of Tellurian Inc. is expected to close in October, on track with the fourth-quarter 2024 timeline provided by the company when it announced the deal in July. With that announcement, chief executive officer and managing director Meg O’Neill said the acquisition would position Woodside to be “a global LNG powerhouse.”

O’Neill noted the October timeline at the Gastech conference in Houston Sept. 17, Reuters reported. O’Neill was part of a panel discussing natural gas, LNG, and hydrogen.  

Earlier this year, the company agreed to acquire Tellurian for $900 million for ownership of the fully permitted Driftwood LNG plant under pre-final investment decision (FID) development in Louisiana. The implied total enterprise value of the deal, including net debt, is about $1.2 billion.

The current development plan for the Driftwood LNG plant comprises five LNG trains through four phases. The foundation development includes Phase 1 with 11 million tonnes/year (tpy) and Phase 2 adding 5.5 million tpy.

Woodside is targeting FID readiness for Phase 1 from first-quarter 2025, and would like to see construction complete and first LNG from the project by 2028, O’Neill said.

The current development plan for the Driftwood LNG plant comprises five LNG trains through four phases. The foundation development includes Phase 1 (11 million tpy) and Phase 2 (5.5 million tpy).

Woodside is targeting FID readiness for Phase 1 from first-quarter 2025, and would like to see construction complete and first LNG from the project by 2028, O’Neill said.

A second site next to Driftwood could be used for blue ammonia, O’Neill added.