Driftwood LNG files formal FERC application
HOUSTON, TX -- (Marketwired) -- 04/03/17 -- Tellurian Inc. (NASDAQ: TELL) (Tellurian) announced today that its wholly owned subsidiaries, Driftwood LNG LLC and Driftwood Pipeline LLC have completed the pre-filing phase and collectively submitted a formal application with the Federal Energy Regulatory Commission (FERC) to construct and operate an approximately 26 million tonnes per annum (mtpa) liquefied natural gas (LNG) export facility near Lake Charles, Louisiana and a 96-mile pipeline connecting the facility to interstate pipelines (the Driftwood LNG project). Tellurian expects to begin construction of the Driftwood LNG project in 2018 and produce first LNG in 2022, with full operations beginning in 2025.
Tellurian President and CEO Meg Gentle said, "Throughout the pre-filing phase, the representatives at FERC, the Department of Energy and the US Coast Guard have been well-organized, thorough, and proficient in ensuring that Driftwood LNG is designed and permitted with a priority on safety, reliability, and efficiency. We look forward to continuing to work with FERC and other agencies on a timely approval process and beginning construction in 2018."
The Driftwood LNG project will require approximately 6,400 workers during the construction phase, and will create nearly 400 new permanent jobs when fully operational. Tellurian expects that engineering, procurement, and construction costs will be approximately $13 - $16 billion for the Driftwood LNG export facility and expects to make a final investment decision to begin construction following regulatory approval in mid-2018.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. The employees and contractors of Tellurian are experienced industry experts developing low-cost liquefied natural gas (LNG) projects along the United States Gulf Coast. The team intends to deliver results using a repeatable and simple design, off-the-shelf equipment and multiple production units to enhance reliability. The team has been delivering cost-leading LNG projects for more than 50 years. They are focusing their collective knowledge and expertise to establish a new global standard and intend to deliver low cost LNG to customers from the proposed Driftwood LNG project, which includes an approximately 26 million tonnes per annum LNG export facility expected to begin operations in 2022.
For more information, please visit www.tellurianinc.com.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the performance, timing and permitting of Tellurian's Driftwood LNG project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about the development and performance of the Driftwood LNG project, other matters discussed in the "Risk Factors" section of Exhibit 99.1 to the Current Report on Form 8-K/A filed by Tellurian with the Securities and Exchange Commission (the "SEC") on March 15, 2017, and other filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
SVP Public Affairs and Communication
Director, Investor Relations
Source: Tellurian, Inc.
Released April 3, 2017