GE Invests in Tellurian

Tellurian Investments, the US LNG start-up firm launched earlier this year by Charif Souki and Martin Houston, said November 28 that GE Oil & Gas has made a $25mn preferred equity investment in the company at an implied price of $5.94 per Tellurian share.

Tellurian CEO Meg Gentle said, “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.” Driftwood LNG is in the engineering design and pre-filing phase of the project. US regulator FERC approved Driftwood LNG’s pre-filing request on June 6, 2016. Tellurian aims to begin construction in 2018 and the project to become operational in 2022.

Tellurian President and CEO Meg Gentle (Photo credit: Tellurian)

Tellurian entered into a merger agreement with Magellan Petroleum on August 2 and expects that agreement to close this quarter.

A month ago, GE Oil & Gas and Baker Hughes announced their intention to merge.

Mark Smedley