Tellurian explores sale of upstream business to finance Driftwood LNG
(Reuters) - Tellurian is exploring the sale of its Haynesville upstream business, the LNG firm said on Tuesday, as it looks to raise capital for its Driftwood LNG project.
The company has been trying to develop a 27.6 MMtpy LNG plant, which has suffered multiple delays, in Lake Charles, Louisiana, and earlier said it sought help with balance sheet management and commercial structures.
"By unlocking the full value of these high-quality assets, we aim to substantially reduce our debt, further reduce our general and administrative expenses, and provide additional cash, enabling us to develop Driftwood LNG," CEO Octávio Simões said.
Tellurian ousted its chairman and co-founder Charif Souki late last year after auditors raised doubts about the company's ability to cover future expenses.
At an investor presentation last year, the company had said it could sell the first six months' worth of its LNG output to help finance the Driftwood project.
The company said it has asked its financial advisor, Lazard, to explore opportunities for the sale.
Related News
Related News
- U.S. ethane exports to China hit new roadblock with license requirement
- Australia clears Woodside to run North West Shelf LNG plant to 2070
- Egypt agrees to buy up to 160 LNG cargoes through 2026
- Shell to add up to 12 MMt of additional LNG capacity by 2030
- Siemens and TURN2X join forces to scale up green energy production
Comments