Woodside Energy has finalised the acquisition of Tellurian, a US-based LNG company, for $1.2bn, which includes the assumption of debt.
This deal, first announced in July, is set to strengthen Woodside’s standing as a leading independent LNG entity by incorporating the Driftwood LNG project into its portfolio.
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Concurrently, Woodside has announced that it has renamed the Driftwood LNG development Woodside Louisiana LNG.
Situated in Calcasieu Parish, Louisiana, this project is in the pre-final investment decision (FID) phase of construction.
It has a permitted capacity of 27.6 million tonnes per annum (mtpa).
Woodside aims to achieve FID readiness for the first phase of the project, which has an 11mtpa capacity, and the second phase, with a 5.5mtpa capacity, starting from the first quarter of 2025.
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By GlobalDataThe company has indicated that construction is under way, with foundational work progressing, which is expected to reduce risks related to the engineering, procurement and construction schedule and costs.
Woodside CEO Meg O’Neill said: “This is a major growth opportunity that significantly expands our US LNG position, enabling us to better serve global customers and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins. Our acquisition provides a new strategic direction for this development.
“Woodside Louisiana LNG is a competitively advantaged opportunity. It is fully permitted, front-end engineering design is complete, and site civil works are well advanced. We are also pleased with the inbounds received from multiple parties looking to enter the opportunity as a strategic partner.”
In a separate development, Woodside recently announced the completion of its acquisition of OCI Clean Ammonia from OCI for $2.35bn (A$3.49bn).
This acquisition is poised to consolidate Woodside’s presence in the emerging lower-carbon ammonia market, responding to the increasing demand for sustainable energy solutions.
The OCI Clean Ammonia project, located in Beaumont, Texas, is currently under development and is projected to commence ammonia production from natural gas by 2025.
With a design capacity of 1.1mtpa for the first phase, the following phase will aim to produce lower-carbon ammonia by integrating natural gas with carbon capture and storage technology, with a target start date in 2026.
