Tellurian Completes $260 Million Asset Sale to Aethon to Boost Driftwood LNG Project
(P&GJ) — Tellurian Inc. has completed the sale of its upstream assets to Aethon Energy Management LLC for $260 million. This move significantly strengthens Tellurian's balance sheet as it advances the Driftwood liquefied natural gas (LNG) project.
The proceeds from the sale were used to retire $230 million of Senior Secured Notes due in 2025. Tellurian President Daniel Belhumeur stated, "With the retirement of the senior secured debt, Tellurian is in a much-improved commercial position as we work to advance Driftwood LNG."
Aethon Energy President Gordon Huddleston expressed enthusiasm for the acquisition, saying, "We are excited to integrate Tellurian's upstream and midstream assets into our extensive Haynesville position. Our goal is to generate compelling returns while supporting the communities we operate in and providing net zero natural gas to both domestic and international customers."
Tellurian Executive Chairman Martin Houston added, "This transaction is a significant step in securing our balance sheet and progressing Driftwood. The partnership with Aethon is vital as we continue securing buyers for Driftwood’s remaining capacity and advance its development. Our agreement underscores the role of U.S. LNG in the global energy transition and energy security."
The sale is a key milestone in Tellurian's strategy to bolster its financial position and support the development of its LNG project.
Related News
Related News
- Williams Scraps Northeast Pipeline Project While Pennsylvania Gas Transport Plan Advances
- Mexican President: Billionaire Slim Interested in Pemex Natural Gas Project
- Saudi Arabia to Reduce Crude Oil Supply to China by 5.8 Million Barrels in June, Sources Say
- U.S. Purchases 3.3 Million Barrels of Oil for Strategic Petroleum Reserve
- Mountain Valley Pipeline Repairs Leak, Proceeds with West Virginia-Virginia Gas Line Testing
- Pipeline Hydro Test Pressure Determination
- API Releases New Standard for Public Engagement in Pipeline Operations
- DeLa Express’ 690-Mile Permian-to-Louisiana Gas Pipeline Seeks FERC Approval, Targets 2028 Launch
- Japan Looks at Developing Domestic Pipelines Sector
- Shell Nigeria Inks $100 Million Gas Pipeline Deal with Oyo State
Comments