Tellurian Secures Three-Year Permit Extension for Driftwood LNG Plant Construction
(Reuters) — Cash-strapped Tellurian Inc. on Thursday won a three-year permit extension to complete construction of its Driftwood LNG export plant, a boost for the long-delayed liquefied natural gas project.
Shares rose 15% on the news, to about 81 cents apiece, rebounding from 36 cents apiece earlier this month.
The company has spent years and hundreds of millions of dollars trying to finance and build a 27.6 million metric ton per annum (mtpa) LNG terminal near Lake Charles, Louisiana. Last week, it put its natural gas production operations on the block to help raise cash to salvage the project.
Tellurian had warned investors last fall that continued operating losses and dwindling cash reserves might not be last a year given operating and debt costs. The going-concern warning preceded its ouster of Chairman Charif Souki.
Thursday's Federal Energy Regulatory Commission (FERC) permit extension gives the company to April 2029 to complete the ongoing construction.
Driftwood has an existing Department of Energy permit to export the proposed plant's superchilled gas to countries that do not have free trade agreements with the U.S.
Related News
Related News

- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
Comments