Magellan Petroleum Corp. and Tellurian Investments Inc., a recently formed private company focused on developing a mid-scale liquefied natural gas (LNG) facility on the U.S. Gulf Coast, have agreed to merge. The boards of each company have approved the deal; shareholder and regulatory approvals are still required, with closing expected by the end of the year. Each share of Tellurian is to be converted into the right to receive 1.30 shares of Magellan. Magellan would issue 122 million shares of common stock to Tellurian shareholders, representing about 95% of pro forma outstanding common stock. Tellurian is developing Driftwood LNG, a 26-million tonne liquefaction project in Louisiana (see Daily GPI, May 13).
Bear Paw Pipeline Corp. Inc., a unit of Liquefied Natural Gas Ltd., has received Nova Scotia Utility and Review Board approval to construct a 39-mile natural gas pipeline from Goldboro, NS, to the proposed Bear Head LNG liquefied natural gas (LNG) export facility in Point Tupper, NS (see Daily GPI, June 17). Bear Paw would connect the Maritimes and Northeast Pipeline mainline, offshore gas, and other supplies near Goldboro to the Bear Head facility. The Goldboro to Point Tupper pipeline would connect Bear Head LNG to the North American natural gas pipeline network.
The U.S. Department of Energy (DOE) has granted final authorization for Lake Charles Exports LLC to export liquefied natural gas (LNG) from its proposed terminal in Calcasieu Parish, LA, to countries without free trade agreements (FTA) with the United States. DOE had previously granted conditional authorization for non-FTA exports from the terminal (see Daily GPI, Aug. 8, 2013). With final approval from the Federal Energy Regulatory Commission (see Daily GPI, Dec. 17, 2015), DOE has made its export authorization final. However, Royal Dutch Shell plc in July postponed indefinitely a final investment decision on the project (see Daily GPI, July 28).