Tellurian and Petronet LNG Limited INDIA (PLL) have signed a Memorandum of Understanding (MoU) to negotiate the purchase of up to 5 mtpa of LNG from Driftwood, concurrent with its equity investment. Tellurian and Petronet will endeavour to finalise the transaction agreements by 31 March 2020.
The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with Driftwood LNG, a proposed ~27.6 mtpa liquefaction export facility that will be located near Lake Charles, Louisiana on the U.S. Gulf Coast.
In April, the U.S. Federal Energy Regulatory Commission (FERC) issued the order granting authorisation for Driftwood LNG and the 96-mile Driftwood Pipeline, which will inter-connect the LNG terminal to the U.S. natural gas market.
President and CEO Meg Gentle said: “Petronet, India’s largest LNG importer, will be able to deliver clean, low-cost, and reliable natural gas to India from Driftwood. Increasing natural gas use will enable India to fuel its impressive economic growth to achieve Prime Minister Modi’s goal of a $5 trillion economy while contributing to a cleaner environment. It is an honor to sign the MOU with Petronet in the presence of H.E. Prime Minister Narendra Modi. At Tellurian, we look forward to a long and prosperous partnership with Petronet in the Driftwood project.”
For more information visit www.tellurianinc.com