Tellurian Inc (TELL)

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Tellurian seeking two or three equity partners for Driftwood LNG project
REUTERS 2:59 PM ET 7/10/2023
By Nia Williams

VANCOUVER, July 10 (Reuters) - U.S. liquefied natural gas developer Tellurian Inc(TELL) is seeking two or three equity partners for its proposed 27.6 million metric tons per annum Driftwood LNG project in Louisiana, CEO Octávio Simões said on Monday.

The Driftwood project, which would convert natural gas to LNG, has seen a number of setbacks, including the cancellation of some supply deals after two major potential customers last year raised concerns about Tellurian's ability to finish the project.

Simões said his company is investing $1.5 billion, around 45% of the equity, and is looking for partners to provide an additional $1.8 billion that would entitle them to 6 million metric tons of LNG offtake.

"If you're looking (at) two or three (customers), that's about the right level," Simões said, speaking on the sidelines of an LNG conference in Vancouver.

Simões said Tellurian was in conversation with a number of players including oil majors and trading houses, and expected to announce equity partners in the second half of 2023. (Reporting by Nia Williams; editing by Jonathan Oatis)