Woodside Completes Acquisition of Tellurian

(Reuters) – Woodside (OTC:WOPEY) Energy announced on Wednesday the completion of its acquisition of U.S. liquefied natural gas developer Tellurian (NYSE:TELL) for $1.2 billion, including debt.

Last week, Tellurian shareholders voted in favor of this acquisition by the Australian energy producer.

Woodside has renamed the Driftwood LNG development opportunity as Woodside Louisiana LNG. The company aims for final investment decision (FID) readiness by the first quarter of 2025. FID is the stage where the company greenlights future project development.

With a total permitted capacity of 27.6 million tonnes per annum, this opportunity could solidify the U.S. as the leading producer of liquefied natural gas.

This deal is expected to address Tellurian's financial issues, as the company has been seeking financial partners for the LNG facility. In May, Tellurian indicated it would sell its upstream assets to alleviate some of its debt.

"We are also pleased with the inbound interest from multiple parties looking to enter this opportunity as strategic partners," stated Woodside CEO Meg O'Neill.