Woodside to Acquire Tellurian in $900 Million Bet on Gas
- Australian gas producer acquires US LNG project developer
- Woodside expects more gas is needed to complement renewables
Woodside Energy Group will make an all-cash payment of about $1 a share for all of Tellurian’s stock
Photographer: Philip Gostelow/BloombergThis article is for subscribers only.
Woodside Energy Group Ltd. has agreed to buy troubled US liquefied natural gas export project developer Tellurian Inc. for about $900 million in a bet on rapid growth in global demand for the fuel.
Australia’s biggest oil and gas producer will pay about $1 a share in cash to take full control of Tellurian, including the proposed US Gulf Coast Driftwood LNG project, it said Monday. Woodside’s shares fell 2.1% in Sydney, their biggest one-day drop since May 1, after the news was announced. Tellurian shares rose over 65% Monday morning in New York.