US — Woodside Energy Group Ltd has successfully completed its acquisition of Tellurian Inc. and its Driftwood LNG development project in a deal valued at approximately $1.2 billion.
The Australian energy giant acquired all issued and outstanding Tellurian common stock for $1.00 per share in an all-cash transaction totalling around $900 million.
The acquisition marks a significant expansion of Woodside’s presence in the U.S. LNG market.
CEO Meg O’Neill emphasised the strategic importance of the deal, stating: “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.”
As part of the acquisition, Woodside has renamed the Driftwood LNG project to Woodside Louisiana LNG.
The development, located in Calcasieu Parish, Louisiana, is an under-construction, pre-final investment decision (FID) LNG production and export terminal with a total permitted capacity of 27.6 million tonnes per annum.
O’Neill highlighted the project’s advantages, noting: “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.”
Woodside is targeting FID readiness from the first quarter of 2025, leveraging the work already completed by the Tellurian team and engineering, procurement, and construction contractor Bechtel.
The company is confident in its ability to unlock the development’s potential, citing its world-class expertise in project execution, operations, and marketing.
Additionally, Woodside has reported significant interest from potential strategic partners, with O’Neill mentioning: “We are also pleased with the inbounds received from multiple parties looking to enter the opportunity as a strategic partner.”
This acquisition positions Woodside as a major player in the global LNG market, enhancing its ability to meet growing energy demands and capitalise on opportunities in both the Atlantic and Pacific basins.