HOUSTON—Tellurian Inc. announced June 29 that its wholly owned subsidiary Driftwood LNG LLC has exercised its long-term lease option with the Lake Charles Harbor and Terminal District on the 477-acre site in Sulphur, La. The ground lease agreement has an initial term of 20 years with extension options of up to 50 years.
Executive Vice President and COO Keith Teague said, “Tellurian is taking necessary steps to prepare for Driftwood LNG construction by entering into this long-term lease and executing certain projects such as road improvements and utility relocation. We have an active and productive relationship with Port of Lake Charles officials and they have been helpful partners from the early development and site selection of our liquefied natural gas export terminal. Tellurian appreciates and thanks the Lake Charles Harbor and Terminal District Board of Commissioners for their hard work and the ongoing role they will play in the success of Driftwood LNG.”
Carl J. Krielow, president of the Board of Commissioners of the Lake Charles Harbor and Terminal District commented, “Driftwood LNG will bring over 6,500 construction jobs, about 400 operational jobs and millions of dollars in tax revenue and spending to Southwest Louisiana. As a board, we will continue to support key developments in our dynamic deepwater seaport that enhance our community and citizens.”
January 2020 update: Two Woodford Wells Completed in Grady County, Okla., by Gulfport Energy
A new manufacturing process optimizes PDC cutter performance.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.