Tellurian Inc., formerly known as Magellan Petroleum Corporation, plans to build a natural gas business that includes 26 mtpa production from Driftwood LNG, trading of LNG cargoes, and development of new markets globally.
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Individual Trader on Seeking Alpha | January 22, 2021
The co-founder of U.S. LNG developer Tellurian said Thursday that the company is targeting this summer to begin construction of its US$16.8 billion Driftwood LNG export project in Louisiana as demand for the super-cooled fuel surges worldwide.
Earlier this month, oil giant ExxonMobil (NYSE: XOM) announced that it was going to take a massive $20 billion writedown. A substantial portion of that writedown is tied to a big investment the company made in natural gas a number of years ago that worked out terribly. At the same time, the company's management has decided to prioritize its capital investments going forward, focusing on oil assets it thinks will deliver the best returns.