• Natural Gas News

    Tellurian wraps up Haynesville purchase

Summary

The company is targeting a boost in production to 250mn ft3/day.

by: NGW

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Complimentary, Natural Gas & LNG News, Americas, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, United States

Tellurian wraps up Haynesville purchase

US gas firm Tellurian Energy announced on August 1 that it had closed the acquisition of upstream assets in the Haynesville basin spreading across parts of Arkansas, Louisiana and Texas from private firms EnSight IV Energy Partners and EnSight Haynesville Partners for $125.5mn.

With the deal's closure, Tellurian is now producing 150mn ft3/day of gas from the Haynesville. The company also has 11 wells currently being drilled or completed that it expects to bring into commercial flow before the end of the year, boosting production to 250mn ft3/d.

"This closing represents significant progress for Tellurian and our business model," company CEO Octavio Simoes said in a statement. "By owning and operating upstream assets, a pipeline network and the Driftwood LNG terminal, Tellurian will have the ability to sell natural gas into domestic or international markets. This combination of assets represents a compelling value for our shareholders."

Tellurian is gathering together resources to underpin its 27.6mn metric ton/year Driftwood LNG plant in Lake Charles, Louisiana.