Full speed ahead for Tellurian LNG

Tellurian Inc of Houston, which has proposed constructing a $30B liquefied natural gas (LNG) export terminal in Calcasieu Parish, La., announced April 28 that it has taken steps to lift its cash reserves to $100.7M in an effort to position itself “for a strong emergence from COVID-19 restrictions," CEO Meg Gentle told NOLA.com. Tellurian has restructured its business while laying off about 40 percent of its workforce. The firm also looks to sign a customer agreement with Petronet LNG Ltd, a state-controlled company based in New Delhi, India, over a long-term supply deal related to Tellurian’s $30B Driftwood LNG project near Lake Charles. The proposed Driftwood project has been estimated to be able to export 25.6M tons of LNG by 2023, drawing natural gas assets from the Permian Basin of Texas. The project is estimated to support 6,700 construction jobs and 300 permanent jobs in Louisiana. Even though the collapse of price futures, and crude oil storage running low, Tellurian remains confident in the near-future demand for LNG. "We remain bullish on long-term natural gas demand growth, underscoring the acute need for Driftwood LNG," Gentle said. (Source: NOLA.com 04/27/20) https://www.nola.com/news/business/article_5f2328c8-597e-11ea-b7f1-27ae2f9fd0fa.html.