(Reuters) - Woodside (OTC:WOPEY) Energy said on Wednesday it has completed the acquisition of U.S. liquefied natural gas developer Tellurian (NYSE:TELL), including its U.S. Gulf Coast LNG export project, for $1.2 billion including debt.
Last week, Tellurian shareholders had voted in favour of its proposed acquisition by the Australian energy producer.
Woodside said it has renamed the Driftwood LNG development opportunity as Woodside Louisiana LNG.
The company said it is targeting final investment decision (FID) readiness from the first quarter of 2025 for the acquired project. FID is the point where a company approves the project's future development.
With the development opportunity having a total permitted capacity of 27.6 million tonnes per annum, it could strengthen the position of the U.S. as the world's largest producer of the superchilled gas.
The agreement is expected help solve Tellurian's financial woes. The U.S. company has been searching for financial partners to fund the LNG facility. In May, it said it would sell its upstream assets to pay off some of its debt.
"We are also pleased with the inbounds received from multiple parties looking to enter the opportunity as a strategic partner," Woodside CEO Meg O'Neill said in a statement.