US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, has made changes to its management following the appointment of its co-founder Martin Houston as chairman of the board.
Last week, Tellurian said that its co-founder and chairman, Charif Souki, will no longer serve as an executive or officer of the company or hold any managerial responsibilities.
Tellurian’s board of directors named Houston to be the company’s chairman while Souki remains a member of the board.
The Driftwood LNG developer announced in a statement on Monday that it has named former general counsel Daniel Belhumeur as president of Tellurian, and former deputy general counsel Meredith Mouer as general counsel and chief compliance officer of the company.
Belhumeur has served as the general counsel of Tellurian since February 2017 and as CCO since March 2017, and Mouer has served as deputy general counsel since February 2017.
“The board and I are confident in Tellurian’s ongoing leadership and would like to thank Charif Souki for his leadership and contributions to Tellurian. He holds a special place in the industry and the founding of US LNG,” Houston said.
CEO Octavio Simoes said this is “an important moment for Tellurian as we navigate several key initiatives.”
“We are focused on unlocking shareholder value via execution of potential development and commercial partners at Driftwood LNG, while also evaluating options to refinance our existing debt, streamline costs, and improve our balance sheet,” he said.
He said these management changes “ensure alignment and continuity.”
“I look forward to working with Daniel as he oversees key functions while I prioritize bringing Driftwood LNG, now with growing commercial momentum, to final investment decision,” Simoes said.
Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.
However, the company is still working to secure financing for the project.
Tellurian previously said it expects the first phase to cost about $14.5 billion with about $6 billion equity investment.