GE Oil & Gas has invested a $25 million equity stake in Tellurian Investment’s Driftwood liquefied natural gas project.
Driftwood is a joint effort between the two companies on which construction is scheduled to begin in 2018 and operations are to start in 2022, according to Tellurian.
“The 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,” Tellurian CEO Meg Gentle said in a statement. “GE Oil & Gas has provided technology for LNG facilities worldwide for over 25 years and is a pioneer in innovation and a leader in reliability. We look forward to a long and beneficial partnership with the GE team.”
Engineering and design work continues for the Driftwood LNG project, which in June received pre-filing approval from the Federal Energy Regulatory Commission. Tellurian officials said earlier this year that the new facility would be built near Lake Charles, La., and the company would raise $12 billion to finance the project.
Houston-based Tellurian was founded in early 2016 by ousted Cheniere Energy CEO Charif Souki and former Parallax Energy head Martin Houston. The company is working to develop LNG projects along the Gulf Coast.
In August, Tellurian acquired Magellan Petroleum Corp., a merger that Tellurian officials said is expected to close in the fourth quarter of this year.