GE Oil & Gas is making a $25 million preferred equity investment in liquefied natural gas (LNG) export terminal developer Tellurian Investments Inc. Tellurian’s first project is Driftwood LNG, which is to be sited on the west bank of the Calcasieu River south of Lake Charles in Calcasieu Parish, LA. “This investment represents another step forward in the development of Driftwood LNG, where we are working together with GE to design the lowest-cost liquefaction for the global market,” said Tellurian CEO Meg Gentle. Driftwood LNG is in the engineering design and pre-filing phase. The Federal Energy Regulatory Commission approved Driftwood LNG’s pre-filing request last June. Tellurian expects construction to begin in 2018 and the project to become operational in 2022. Tellurian entered into a merger agreement with Magellan Petroleum Corp. on Aug. 2 and said it expects the agreement to close by the end of the year.
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