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Total invests in Tellurian to develop integrated gas project

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LNG Industry,

Total has announced that it has reached an agreement to acquire approximately 23% of Tellurian Investments Inc. for US$207 million (US$5.85 per share) to develop an integrated gas project, from the acquisition of competitive gas production in the US to the delivery of LNG to international markets from the Driftwood LNG terminal.

The US Federal Energy Regulatory Commission (FERC) approved Driftwood LNG’s pre-filing request on 6 June 2016. Driftwood LNG is in the engineering design and pre-filing phase of the project. Tellurian is expecting to begin the construction of Driftwood LNG in 2018, and commence LNG production in 2022.

Meg Gentle, the President and CEO of Tellurian, said: “Total’s investment materially strengthens Tellurian’s position as a large infrastructure development company and is an important milestone in the growth of Tellurian’s LNG business, including the Driftwood LNG project in Calcasieu Parish, Louisiana. We welcome Total, one of the major global LNG operators, as a shareholder. We look forward to delivering low cost LNG to the global market.”

Philippe Sauquet, Total President of Gas, Renewables and Power, added: “We are happy to join forces with Tellurian, who has a very experienced team with a strong track record of developing and managing LNG assets in the US. Investing in Tellurian at an early stage will give us the opportunity to potentially strengthen our mid and long-term LNG portfolio thanks to a very cost competitive project.”

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