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Tellurian release details of Bechtel agreement and Q3 results

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LNG Industry,

Tellurian Inc. has continued to build its global natural gas business.

Notably, during the third quarter of 2017, Tellurian:

  • Engaged Bechtel Oil, Gas and Chemicals, Inc. to conduct additional engineering for the Driftwood LNG facility, intended to advance engineering to approximately 20% by 2018.
  • Agreed to purchase natural gas producing assets and undeveloped acreage in northern Louisiana from Rockcliff Energy Operating LLC, including approximately 4 million ft3/d of natural gas production, approximately 1.3 trillion ft3 of gas resource, and approximately 138 drilling locations, which are able to be produced and delivered to market for an estimated US$2.25 per mmBtu, providing Tellurian access to low-cost supply.
  • Arranged a six-month charter contract with Maran Gas Maritime Inc. for a LNG vessel, allowing for participation in the LNG marketplace.

Tellurian reported a net loss of approximately US$22.9 million, or US$0.12 per share (basic and diluted), for the three months ended 30 September 2017.

President and CEO Meg Gentle said, "Tellurian will have access to gas supply for a low cost of approximately US$2.25 per mmBtu and the capability to deliver LNG to the global market. We are putting in place the pieces of an integrated, global gas business, and welcome customers to become our partners in the ~27.6 mtpa Driftwood Project. We look forward to executing the EPC agreement with Bechtel and confirming our regulatory schedule with the FERC."

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