October 03 -- Tellurian Inc. has announced that it has updated its Driftwood LNG financing strategy to prioritise securing equity partners. Part of this strategy includes introducing flexibility in its LNG portfolio, with the termination of two current Sales and Purchase Agreements (SPAs).
President and CEO, Octávio Simões, said: “The potential corporate and strategic partners we are seeking may want LNG volumes that they can sell globally and now we have some capacity to offer that option. We have made good progress on our construction plan and will continue funding that with our cash and operating cash flow.”
Simões added: “What has not changed for Tellurian is that we are an operating natural gas producer with revenue from our gas sales. Last quarter, we produced 9 billion ft3 of natural gas and had over US$61 million in sales, and since then we have closed the EnSight acquisition. Currently, we have 11 natural gas wells in various stages of completion and therefore expect a significant increase in production and sales next quarter. In addition, we will add to our value when our fully permitted Driftwood LNG project is completed, and we can reach the global markets with LNG sales at global prices.”