Tellurian’s Driftwood LNG Begins Construction
March 28 2022 - 6:45AM
Business Wire
Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today
that it has issued a limited notice to proceed to Bechtel Energy
Inc. (Bechtel) under its executed Engineering, Procurement and
Construction (EPC) contract to begin construction of phase one of
the Driftwood LNG terminal, a liquefied natural gas (LNG) export
facility near Lake Charles, Louisiana.
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Tellurian's Driftwood LNG (Photo:
Business Wire)
President and CEO Octávio Simões said, “Energy security is a
leading concern in many countries today and the United States must
do our part to supply LNG to the global market as quickly as
possible. Beginning construction now allows Tellurian to deliver
upon our robust schedule for first LNG in 2026 while we complete
the project financing. We are well advanced in Driftwood LNG’s
detailed engineering and major equipment orders, and we have
completed all the owners’ projects required for us to turn the site
over to Bechtel.”
Craig Albert, Chief Operating Officer of Bechtel, said, “We are
very proud and honored to continue our long partnership with
Tellurian on the Driftwood LNG project. It is as apparent as ever
that the world needs this reliable source of energy from the USA.
And we are excited to now shift our focus to the field to begin
construction.”
“We are pleased to continue our longstanding partnership with
Tellurian as we deliver cleaner and more affordable energy for
communities around the world. We are honored to help bring their
vision to a reality by commencing the major field work on a project
of this magnitude,” added Paul Marsden, President of Bechtel
Energy.
Bechtel’s first activities include demolition, civil site
preparation and construction of critical foundations, and Baker
Hughes will progress manufacturing two of the natural gas turbines
required for phase one of the project.
Driftwood LNG is an approximately 27.6 mtpa liquefaction export
facility. Phase one will include two LNG plants with an export
capacity of up to 11 million tonnes per annum (mtpa). Driftwood has
received all the major permits required for construction and
operation, has progressed detailed engineering to approximately 30%
complete, and has finalized the purchase and lease of approximately
1,200 acres of real estate ensuring an ideal construction site with
ample laydown and deepwater access for shipping.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a
low-cost, global natural gas business, profitably delivering
natural gas to customers worldwide. Tellurian is developing a
portfolio of natural gas production, LNG marketing and trading, and
infrastructure that includes an ~ 27.6 mtpa LNG export facility and
an associated pipeline. Tellurian is based in Houston, Texas, and
its common stock is listed on the NYSE American under the symbol
“TELL”.
For more information, please visit www.tellurianinc.com. Follow
us on Twitter at twitter.com/TellurianLNG
About Bechtel
Bechtel is a trusted engineering, construction and project
management partner to industry and government. Differentiated by
the quality of our people and our relentless drive to deliver the
most successful outcomes, we align our capabilities to our
customers’ objectives to create a lasting positive impact. Since
1898, we have helped customers complete more than 25,000 projects
in 160 countries on all seven continents that have created jobs,
grown economies, improved the resiliency of the world's
infrastructure, increased access to energy, resources, and vital
services, and made the world a safer, cleaner place.
Bechtel serves the Energy; Infrastructure; Nuclear, Security
& Environmental; and Mining & Metals markets. Our services
span from initial planning and investment, through start-up and
operations. www.bechtel.com
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “initial,” “intend,” “may,” “plan,” “potential,”
“project,” “proposed,” “should,” “will,” “would,” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements herein relate to, among other things,
the capacity, timing, and other aspects of the Driftwood LNG
project, financing and construction activities relating to
Driftwood LNG and the timing of delivery of LNG from the Driftwood
LNG project. These statements involve a number of known and unknown
risks, which may cause actual results to differ materially from
expectations expressed or implied in the forward-looking
statements. These risks include the matters discussed in Item 1A of
Part I of the Annual Report on Form 10-K of Tellurian for the
fiscal year ended December 31, 2021 filed by Tellurian with the
Securities and Exchange Commission (the SEC) on February 23, 2022,
and other Tellurian filings with the SEC, all of which are
incorporated by reference herein. The forward-looking statements in
this press release speak as of the date of this release. Although
Tellurian may from time to time voluntarily update its prior
forward-looking statements, it disclaims any commitment to do so
except as required by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220328005232/en/
Media: Joi Lecznar EVP Public and Government Affairs
Phone +1.832.962.4044 joi.lecznar@tellurianinc.com
Investors: Matt Phillips Vice President, Investor Relations
Phone +1.832.320.9331 matthew.phillips@tellurianinc.com
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