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In October 2024, Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per share. The implied enterprise value is about $1.2 billion.
Woodside also renamed Tellurian’s Driftwood LNG project Woodside Louisiana LNG.
In December 2024, Woodside signed a revised engineering, procurement, and construction (EPC) contract with US engineering and construction firm Bechtel for the Louisiana LNG export project.
The lump sum turnkey deal is for the three-train 16.5 million tonnes per annum foundation development of Louisiana LNG.
Woodside said total Louisiana LNG expenditure from December 2024 to the end of the first quarter of 2025 is forecast to be up to $1.3 billion, which is included in the overall estimated cost for the foundation development.
According to the February 2024 construction report filed with the US FERC, the Louisiana LNG project continued site preparation, excavation and backfill, storm water management, mud mat installation, dry excavation, pile driving, and vegetation burning activities.
Louisiana LNG also continued earth work activities for south berm, installation of MOF tieback wall, rebar/formwork in Plant 1 and tanks, foundation pours in Plant 1, wick drain installation,
and installation of site roads.
In addition, Louisiana LNG continued activities for water wells as a non-jurisdictional activity under the early works program.
During March, Louisiana LNG will continue construction activities including maintenance and installation of site roads and drainage efforts, storm water management activities, mud mat installation, foundation pours in Plant 1, dry excavation, complete batch plant earth works, continue rebar installation, continue earth work activities for south berm, continue pile driving in Plant 2, and continue installation of MOF tie-back wall and commence combi wall.
FID
Woodside CEO Meg O’Neill recently said that Woodside is in “well advanced” negotiations with “high-quality counterparts” to sell up to 50 percent of its Louisiana LNG project.
O’Neill said during Woodisde’s earnings call that the company has “a number of high-quality counterparties with whom we are negotiating as we speak. The pricing point we will communicate in due course.”
She said the “key thing that we’re focused on with the sell-down is making sure we have those co-investors to share the capital investment. There is still quite a bit of spend facing us ahead as we move forward into this investment.”
During the call, O’Neill was also asked about the final investment decision and its relation to the sell-down.
“It’s worth noting what we’ve said is we want to be FID-ready from the first quarter of this year, and the teams are working very hard to that objective,” she said.
“But we would not take FID without confidence that we have partners either signed up already or extremely close to signing up. I think Scarborough Pluto Train 2 is a fantastic analogy,” she said.
“So, with the whole Scarborough development, we were able to secure a sell-down of 49 percent of Pluto Train 2, kind of coincidence with FID. And then we were patient to bring in other partners to the offshore resource,” O’Neill said.