Tellurian Investments on Monday said that GE Oil & Gas made a US$25 million equity investment in the company at an implied price of $5.94 per share.
The company’s president and CEO Meg Gentle said, “This investment represents another step forward in the development of Driftwood LNG, where we are working together with GE to design the lowest cost liquefaction for the global market.”
Tellurian, a company established by former CEO of Cheniere, Charif Souki and Martin Houston, former COO of BG Group, now owned by Shell is in the engineering design and pre-filing phase of the Driftwood LNG project.
It expects construction on Driftwood LNG to begin in 2018 and the project to become operational in 2022. The facility will be located on the west side of the Calcasieu River in Calcasieu Parish, Louisiana, approximately five miles south of the town of Carlyss, and will have a liquefaction capacity of 26 mtpa.
The company noted in its statement, that its merger agreement with Magellan Petroleum is expected to close in the fourth quarter of this year.