The Houston-based LNG export project developer Tellurian is moving towards the start of the construction of its Driftwood LNG during the first half of next year.
During the second quarter of the year, the company secured $115.2 million to fund the project, received a coastal use permit from Louisiana Department of Natural Resources and Air Permits from the Louisiana Department of Environmental Quality.
Tellurian’s president and CEO Meg Gentle said, “All the pieces of the integrated project are coming together as planned, and we remain on schedule to announce our partners in the third or fourth quarter, begin construction of Driftwood LNG in first half 2019, and deliver LNG to the global market in 2023.”
The company has also advanced the sale of LNG and Driftwood Holdings’ partnership interest with approximately 25 customer/partners conducting due diligence. It has also completed two open seasons on proposed feeder pipelines receiving interest in excess of available capacity.
Tellurian ended its second quarter of 2018 with approximately $196.8 million of cash and cash equivalents and no debt.
“We have a strong balance sheet consisting of approximately $373.5 million in assets, of which approximately $90.3 million represents our proved natural gas properties,” the company said.
Tellurian reported a net loss of approximately $35.9 million for the three months ended June 30, 2018.