Woodside has completed the acquisition of Tellurian Inc. (Tellurian) and its US Gulf Coast Driftwood LNG development opportunity. Woodside has acquired all issued and outstanding Tellurian common stock for approximately $900 million cash, or $1.00 per share. The implied enterprise value is approximately $1,200 million.
Woodside is pleased to also announce it has renamed the Driftwood LNG development opportunity Woodside Louisiana LNG.
Woodside Louisiana LNG is an under-construction, pre-final investment decision (FID), LNG production and export terminal in Calcasieu Parish, Louisiana. It is a high-quality, scalable development opportunity, with a total permitted capacity of 27.6 million tonnes per annum.
Woodside CEO Meg O'Neill said bringing Woodside Louisiana LNG into the global portfolio represented a significant new chapter for the company.
"This is a major growth opportunity that significantly expands our US LNG position, enabling us to better serve global customers and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins.
"Our acquisition provides a new strategic direction for this development. Woodside's world class expertise in project execution, operations and marketing means we are well-positioned to unlock the development and generate value.
"Woodside Louisiana LNG is a competitively advantaged opportunity. It is fully permitted, front-end engineering design is complete, and site civil works are well advanced.
"Woodside is targeting FID readiness from the first quarter of 2025, with the experienced Tellurian team and engineering, procurement and construction contractor Bechtel having completed substantial work to advance the opportunity to this stage.
"We are also pleased with the inbounds received from multiple parties looking to enter the opportunity as a strategic partner."
