Tellurian’s Driftwood LNG Receives Authorization for LNG Exports
HOUSTON--(BUSINESS WIRE)-- Tellurian (NASDAQ: TELL) announced today that the United States (U.S.) Department of Energy (DOE) Office of Fossil Energy has issued the long-term authorization for Driftwood LNG to export domestically produced liquefied natural gas from its proposed export facility to non-free trade agreement countries.
U.S. Secretary of Energy Rick Perry said, “I am pleased to announce the order signed today authorizing Driftwood, owned by Tellurian Inc., to export up to 3.88 billion cubic feet per day of natural gas as LNG, to any country that does not have a free trade agreement (FTA) with the United States. The United States is now in its third consecutive year as a net exporter of natural gas, now exporting domestic LNG to 35 countries. I applaud the American private sector for continuing to reach new milestones and look forward to continued growth in this sector.”
“Tellurian thanks the U.S. Administration, Secretary Perry and the DOE staff for their diligence in authorizing this order that is crucial to global LNG trade. The U.S. will become a top three LNG exporter and Tellurian intends to do our part in creating U.S. jobs while delivering a cleaner energy supply source to the world,” said Tellurian President and CEO Meg Gentle.
On April 18, 2019, Tellurian completed another regulatory milestone as the U.S. Federal Energy Regulatory Commission (FERC) issued an order granting authorization for Driftwood LNG, a proposed ~27.6 million tonnes per annum (mtpa) liquefaction export facility near Lake Charles, Louisiana, and the associated Driftwood pipeline, a 96-mile proposed pipeline connecting to the facility (collectively, the Driftwood project).
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About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
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,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the construction, capacity, timing and impact of the Driftwood project, including the final investment decision relating to the 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 the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2018, and other filings of Tellurian with the Securities and Exchange Commission, 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 May 2, 2019