Total Buys Tellurian's 23% Stake For $207 Mln To Develop Integrated Gas Project

(RTTNews) - Total SA (TOT, TTA.L) announced Tuesday that it is acquiring about 23 percent of Tellurian Investments Inc. at $5.85 per share for an amount of $207 million.

Houston, Texas-based Tellurian is a private company developing natural gas liquefaction export projects.

With the acquisition, Total expects to develop an integrated gas project, from the acquisition of competitive gas production in the US to the delivery of LNG to international markets from the Driftwood LNG terminal.

Driftwood LNG is in the engineering design and pre-filing phase of the project. The Federal Energy Regulatory Commission approved Driftwood LNG's pre-filing request on June 6, 2016. Tellurian expects to commence construction of Driftwood LNG in 2018 and produce LNG in 2022.

Tellurian President and CEO Meg Gentle said, "Total's investment materially strengthens Tellurian's position as a large infrastructure development company and is an important milestone in the growth of Tellurian's LNG business, including the Driftwood LNG project in Calcasieu Parish, Louisiana."